Cost of Living – Couple With Children

Raising children in the Cayman Islands is expensive, but what an amazing environment to raise your family!  Cayman is by far one of the safest countries in the Caribbean, if not the world, plus we are spoiled with first class infrastructure and services. It is also a melting pot of 130 different nationalities and religions all getting on in harmony. Here Cayman Resident gives you some figures to ponder if you are wondering what your expenses will be if you and your family move to Cayman.

These expenses are based on an Accountant earning CI$6,500 per month and an Administrator earning CI$3,500 per month. This couple has two children: a two and four year old. They have a second hand SUV and a second car and they live in a three bedroom apartment in George Town/South Sound. Other expenses include dinner and a movie once per week and children’s activities.

The single largest expense, after your mortgage or rent, for most couples with a family will be health insurance. By law your employer is required to pay 50% of your personal coverage, but they also have to ensure that your dependents are covered, although they have no obligation to pay any of the premiums beyond your 50%. So for an example [Cayman Resident editor speaking here] the Britcay Premier health insurance costs for our family are US$1027 for my husband and US$1770 for me and our two children per month. If I was not also working then my husband would be required to pay 50% of his premium (US$513.50) per month plus 100% of my premium (US$1770). Taking US$2283.50 out of your salary for health insurance costs alone can be a huge hit for anyone.  Now, we are an unusual case as our team at Acorn is very small (so our premiums are high) plus we choose to get one of the best health insurance plans available on the Island, but unless money is no object, I would HIGHLY recommend that you discuss health insurance costs with your employer well before you commit to working in Cayman.

For the single parent moving to Cayman, who cannot rely on a second salary to help with expenses, things could be even tighter. Again, working out your health insurance costs (as you will probably have to pay 100% of the cost of your children’s health insurance coverage) will be crucial. Also do a budget factoring in your 5% pension deduction, the cost of running a car, rent, school fees, after-school-care costs (or extra curricular activities), groceries, utility bills (electricity, water, phone, internet etc), new clothes, flights off the island and savings.

 

MOTOR VEHICLE COSTS (in Cayman dollars)
Purchase of 2 vehicles$17,000
Motor vehicle insurance$1,000
Drivers licences x 2$250
Vehicle licensing/inspection$450
Total initial vehicle setup cost$18,700

APARTMENT COSTS (in Cayman dollars)
Apartment deposit$2,500
First month’s rent$2,500
Water deposit$80
Electricity deposit$300
Telephone deposit$200
Total initial apartment setup cost$5,580

MONTHLY LIVING EXPENSES (in Cayman dollars)
Apartment rent$2,500
Telephone + mobile$120
Water$90
Electricity$450
Internet$80
Petrol$350
Groceries$1,100
Preschool fees (half-day)$575
Prep school fees$1,070
Domestic help (full time)$1,500
Domestic help health insurance$160
Entertainment/Other$500
Total monthly living expenses$8,495

MONTHLY TOTALS with additional compulsory expenses
Pension 5%$500
Health Insurance $900
Total Monthly Income $10,000
Total Monthly Expenses$9,895