Money Matters

It’s certainly a lovely place, but even with a good job Bermuda can seem expensive. Here’s a guide to help you budget.

Living on an island in the middle of the Atlantic Ocean means things inevitably will be more expensive than you might be used to. But the lifestyle you’ll enjoy here, more than makes up for the high prices.

It is a great place to bring up small children but there is a price to pay for kids.

You have the choice here of putting him or her through the free Government education system, from which many Bermudians and others have gone on to great careers. But the truth is that, given the choice, most parents here would opt for private education. A private education will cost up to about $24,000 a year. Add another $2,000 to $4,000 for uniform, books, afterschool care and other school-related expenses.

There are lots of daycare, nurseries and pre-schools. Costs vary between $800 and $1,400 month. There are also free public nurseries that are worth investigating.

The good news for homeseekers is that rents being asked by landlords have declined between 20% and 30% over the past few years, and there is a surplus of apartments and houses on the market now.

The more bedrooms you require, the more you obviously will pay. Everything is subjective but an ‘okay’ two bedroom, one bathroom apartment in an ‘okay’ area within 20 minutes of Hamilton will likely not be less than $3,000 a month. Prices vary widely, and sometimes you can be lucky.

Grocery prices can be a bit of a on page 17 for a clearer picture of particular items. Per month, you may need up to $600 per person to cover individual and household needs, so $2,400 a month for a family of four.

As for utilities, that same family might pay $600 a month on electricity in the winter and double that in the summer if they use airconditioning.

A modest used car that will get you around safely and reliably for three years could be as little as $12,000 while fuel, maintenance, insurance and fees might amount to $200 a month.

Did you know ?

Bermuda Waterworks provides a public water supply via an underground pipeline network system. It is distributed from Devonshire going west to Sandys.

visit www.bwl.bm.

PURE WATER & PURE ICE VENDINGMACHINE IS OPEN 24 HOURS

HOURS OF OPERATION MONDAY - FRIDAY: 8 a.m. – 5 p.m. p.m.

) (OFFICE, RETAIL SHOP & DRIVE THRU) SATURDAY: 9 a.m. – 1 p.m.

(DRIVE THRU ONLY)

32 Parsons Lane, Devonshire TEL: 299-PURE E-MAIL: purewater@bwl.bm WEB: www.bwl.bm