Cost Of Living in Barbados 2024

cost of living chart - average monthly expenditure in Barbados

Average monthly spending for singles, couples, students, and families in Barbados

Whether you're living in Barbados or planning to move there, it is very important to know the cost of living and the prices of things. Here we list the average spending for the four main population groups.

Average Monthly Expenditure

Currency: BBD
170 2,200 22,000
MINIMUM AVERAGE MAXIMUM
$84 $1,100 $11,000

Monthly Expenditure ▶ Single

Currency: BBD
210 1,500 10,000
MINIMUM AVERAGE MAXIMUM
$110 $760 $5,100

Monthly Expenditure ▶ Couple

Currency: BBD
840 2,500 14,000
MINIMUM AVERAGE MAXIMUM
$420 $1,300 $6,800

Monthly Expenditure ▶ Family

Currency: BBD
1,200 3,400 22,000
MINIMUM AVERAGE MAXIMUM
$590 $1,700 $11,000

Monthly Expenditure ▶ Student

Currency: BBD
170 1,100 7,400
MINIMUM AVERAGE MAXIMUM
$84 $560 $3,700
The figures displayed here are inclusive of everything: housing, travel, groceries, healthcare, etc.

Singles

The average monthly expense for a single person living in Barbados is 1,500 BBD. Expenses can range from 210 BBD at the minimum level to 10,000 BBD at the highest end.


Couples

The average monthly spending of couples in Barbados is 2,500 BBD. Expenditure can range from 840 BBD to 14,000 BBD per month.


Families

The average cost of living for families in Barbados is 3,400 BBD per month. Families spend anywhere from 1,200 BBD to 22,000 BBD.


Students

The average monthly expenditure for students in Barbados is 1,100 BBD. Students spend from 170 BBD to 7,400 BBD per month.


Spending behavior can change drastically from one person to another. It is best to consider the minimum, average, and maximum spending together.



Prices and cost of goods and services in Barbados


Chart showing the prices and cost of grocery, food, restaurant meals, market, and beverages in Barbados

Dining, food, and beverages costs


Fast food combo meal

2.3 BBD 4.5 BBD 7.6 BBD
MINIMUM AVERAGE MAXIMUM
$1.1 $2.3 $3.8

Restaurant meal for one

7.6 BBD 11 BBD 23 BBD
MINIMUM AVERAGE MAXIMUM
$3.8 $5.7 $11

Fine dining meal for one

15 BBD 23 BBD 91 BBD
MINIMUM AVERAGE MAXIMUM
$7.6 $11 $45

Cappuccino or latte

1.9 BBD 3 BBD 4.5 BBD
MINIMUM AVERAGE MAXIMUM
$0.95 $1.5 $2.3

Grocery and market costs


Milk large bottle

1.5 BBD 1.8 BBD 2.3 BBD
MINIMUM AVERAGE MAXIMUM
$0.76 $0.91 $1.1

12 eggs

1.1 BBD 1.5 BBD 2.3 BBD
MINIMUM AVERAGE MAXIMUM
$0.57 $0.76 $1.1

Fresh whole chicken

2.6 BBD 3.3 BBD 4.7 BBD
MINIMUM AVERAGE MAXIMUM
$1.3 $1.7 $2.4

Pack of beef

3 BBD 4.5 BBD 9.1 BBD
MINIMUM AVERAGE MAXIMUM
$1.5 $2.3 $4.5

Medium bag of rice

1.2 BBD 1.7 BBD 2.4 BBD
MINIMUM AVERAGE MAXIMUM
$0.61 $0.83 $1.2

Bag of tomatos

0.45 BBD 0.61 BBD 1.1 BBD
MINIMUM AVERAGE MAXIMUM
$0.23 $0.30 $0.57

Bag of apples

0.81 BBD 1.1 BBD 1.7 BBD
MINIMUM AVERAGE MAXIMUM
$0.41 $0.53 $0.87
Chart showing the prices and cost of commute, travel, and transportation in Barbados

Commute, travel, and transportation costs


20 minutes taxi ride

1.9 BBD 2.3 BBD 4.5 BBD
MINIMUM AVERAGE MAXIMUM
$0.95 $1.1 $2.3

Average car full tank

11 BBD 15 BBD 30 BBD
MINIMUM AVERAGE MAXIMUM
$5.7 $7.6 $15

Average car 1-day rental

11 BBD 15 BBD 23 BBD
MINIMUM AVERAGE MAXIMUM
$5.7 $7.6 $11

Average car price

5,700 BBD 11,000 BBD 15,000 BBD
MINIMUM AVERAGE MAXIMUM
$2,800 $5,700 $7,600

Bus ticket one way

0.38 BBD 0.57 BBD 1.1 BBD
MINIMUM AVERAGE MAXIMUM
$0.19 $0.28 $0.57

Car Service

15 BBD 23 BBD 45 BBD
MINIMUM AVERAGE MAXIMUM
$7.6 $11 $23
Chart showing the prices and cost of utility, energy, water, and gas for a family in Barbados

Utility cost (monthly)


Utility Bill - Individual

13 BBD 91 BBD 610 BBD
MINIMUM AVERAGE MAXIMUM
$6.4 $46 $300

Utility Bill - Couple

34 BBD 110 BBD 740 BBD
MINIMUM AVERAGE MAXIMUM
$17 $57 $370

Utility Bill - Family

59 BBD 170 BBD 1,100 BBD
MINIMUM AVERAGE MAXIMUM
$30 $84 $550

Internet and cable

11 BBD 23 BBD 30 BBD
MINIMUM AVERAGE MAXIMUM
$5.7 $11 $15

Mobile phone charges

9.1 BBD 15 BBD 45 BBD
MINIMUM AVERAGE MAXIMUM
$4.5 $7.6 $23

Leisure and activities costs


Movie ticket

5.7 BBD 7.6 BBD 11 BBD
MINIMUM AVERAGE MAXIMUM
$2.8 $3.8 $5.7

One month gym membership

18 BBD 23 BBD 45 BBD
MINIMUM AVERAGE MAXIMUM
$9.1 $11 $23
Chart showing the prices and cost of clothing and accessories in Barbados

Cloths and accessories costs


Pair of jeans or pants

13 BBD 19 BBD 28 BBD
MINIMUM AVERAGE MAXIMUM
$6.7 $9.5 $14

Woman dress

13 BBD 17 BBD 57 BBD
MINIMUM AVERAGE MAXIMUM
$6.3 $8.7 $28

Woman shoes

12 BBD 16 BBD 38 BBD
MINIMUM AVERAGE MAXIMUM
$6 $8.1 $19

Men's shoes

10 BBD 13 BBD 25 BBD
MINIMUM AVERAGE MAXIMUM
$5.2 $6.3 $13

Men suit

11 BBD 14 BBD 76 BBD
MINIMUM AVERAGE MAXIMUM
$5.7 $7.1 $38

Regular t-shirt

5.7 BBD 7.6 BBD 23 BBD
MINIMUM AVERAGE MAXIMUM
$2.8 $3.8 $11
Chart showing the prices and cost of housing, accommodation, and rent in Barbados

Housing costs / monthly rent


Studio apartment

190 BBD 280 BBD 760 BBD
MINIMUM AVERAGE MAXIMUM
$95 $140 $380

1-bedroom apartment

280 BBD 450 BBD 1,100 BBD
MINIMUM AVERAGE MAXIMUM
$140 $230 $570

2-bedroom apartment

380 BBD 570 BBD 1,500 BBD
MINIMUM AVERAGE MAXIMUM
$190 $280 $760

Housing costs / Buying


Studio apartment

38,000 BBD 57,000 BBD 110,000 BBD
MINIMUM AVERAGE MAXIMUM
$19,000 $28,000 $57,000

1-bedroom apartment

45,000 BBD 76,000 BBD 280,000 BBD
MINIMUM AVERAGE MAXIMUM
$23,000 $38,000 $140,000

2-bedroom apartment

76,000 BBD 230,000 BBD 450,000 BBD
MINIMUM AVERAGE MAXIMUM
$38,000 $110,000 $230,000
Chart showing the prices and cost of furniture in Barbados

Furniture Costs


King Size Bed

230 BBD 280 BBD 380 BBD
MINIMUM AVERAGE MAXIMUM
$110 $140 $190

Double Bed

150 BBD 230 BBD 280 BBD
MINIMUM AVERAGE MAXIMUM
$76 $110 $140

Single Bed

130 BBD 170 BBD 230 BBD
MINIMUM AVERAGE MAXIMUM
$67 $87 $110

Living Room

250 BBD 320 BBD 1,100 BBD
MINIMUM AVERAGE MAXIMUM
$130 $160 $570

Dining Table

110 BBD 150 BBD 280 BBD
MINIMUM AVERAGE MAXIMUM
$57 $76 $140

Sofa or Couch

150 BBD 210 BBD 450 BBD
MINIMUM AVERAGE MAXIMUM
$76 $100 $230
Chart showing the prices and cost of electronic devices and appliances in Barbados

Electronics and House Appliance Costs


TV Set

150 BBD 230 BBD 450 BBD
MINIMUM AVERAGE MAXIMUM
$76 $110 $230

Fridge or Freezer

130 BBD 210 BBD 280 BBD
MINIMUM AVERAGE MAXIMUM
$67 $100 $140

Washing Machine

170 BBD 250 BBD 450 BBD
MINIMUM AVERAGE MAXIMUM
$87 $130 $230

Stove or Cooker

160 BBD 210 BBD 280 BBD
MINIMUM AVERAGE MAXIMUM
$81 $100 $140

Mobile Phone

190 BBD 230 BBD 320 BBD
MINIMUM AVERAGE MAXIMUM
$95 $110 $160

Laptop or Computer

210 BBD 250 BBD 450 BBD
MINIMUM AVERAGE MAXIMUM
$100 $130 $230

Expenditure to Income Ratio in Barbados

One of the most definite ways to determine how affordable a place is measuring the ratio of expenses to salary. A high expense-to-income to ratio indicates a high cost-of-living index while a low expenditure-to-salary ratio means the place is affordable to live in.

Cost of living and expenditure to income ratio in Barbados

Spending to Income Ratio

84%

76% to 93%

( expenditure / income ) x 100


Expense to income distribution levels

Spending To Income Ratio% People
< 50%6%
50% - 60%11%
60% - 70%18%
70% - 80%26%
80% - 90%16%
90% - 100%9%
100% - 110%5%
110% - 120%3%
120% - 130%2%
130% - 140%2%
> 140%1%

Interpretation and Analysis

The average spending-to-salary ratio in Barbados is 84% This means that on average, people spend around 84% of their income for living. According to the distribution table, 18% of the population spend approximately 60% to 70% of their income every month.


How can spending be more than income?

A value higher than 100% means that the expenditure of those people is higher than their income. They are spending more than what they earn. This is possible in two scenarios. They are either borrowing from their savings to survive or they are borrowing from other sources (relatives, friends, banks, etc.). More about this in the debt section.



Individual
76%
Spending-Income-Ratio
68%
84%

Couple
80%
Spending-Income-Ratio
72%
88%

Family
88%
Spending-Income-Ratio
80%
98%
Distribution of monthly cost of living expenses in Barbados

How do people spend their money in Barbados?

We asked thousands of people about their spending habits and expenditure breaks. Below are their answers.

The percentage figures in this section are percentages of total spending not income. If you would like to see the percentage of expenses as related to income or salary, see other sections.

Housing Expenditure26%

26% of total expenses on average (15% to 34%)

LOW$25   51 BBD
AVERAGE$330   660 BBD
HIGH$3,300   6,600 BBD
Per Month

People living in Barbados typically spend from 15% to 34% of their total monthly expenditure on housing with 26% being the average. The average spend on housing is 660 BBD with expenditure ranging from 51 BBD to 6,600 BBD. This cost mainly goes for rent but it also includes other accommodation-related expenses. Housing costs are highest for families and lowest for students as expected.

Utilities, Electricity, Water, Internet, Mobile6%

6% of total expenses on average (3% to 10%)

LOW$4.2   8.4 BBD
AVERAGE$55   110 BBD
HIGH$550   1,100 BBD
Per Month

Utility expenditure like electricity, water, and gas in Barbados ranges from 3% to 10% of total expenses with 6% being the average. The average monthly cost of utilities is 110 BBD with 8.4 BBD and 1,100 BBD being the upper and lower limits.

Transport, Fuel, Commute8%

8% of total expenses on average (4% to 12%)

LOW$8.4   17 BBD
AVERAGE$110   220 BBD
HIGH$1,100   2,200 BBD
Per Month

Fuel consumption and cost of transport depend heavily on whether you live near your work or school, but roughly speaking you would expect to spend from 17 BBD to 2,200 BBD on commuting with 220 BBD being the norm for most people in one month. This means that money spent on transport constitutes about 8% of total spending on average but can go as low as 4% or as high as 12%.

Food and Groceries Cost27%

27% of total expenses on average (19% to 33%)

LOW$21   42 BBD
AVERAGE$270   550 BBD
HIGH$2,700   5,500 BBD
Per Month

The average outlay on groceries in a month in Barbados is 550 BBD. The cost of groceries can range between 42 BBD to 5,500 BBD. People spend on average about 27% on food and groceries with upper and lower bounds of 19% and 33% respectively.

Healthcare and Medical Services9%

9% of total expenses on average (4% to 12%)

LOW$5.9   12 BBD
AVERAGE$77   150 BBD
HIGH$770   1,500 BBD
Per Month

People in Barbados allocate 4% to 12% of their total monthly expenditure to healthcare including health insurance and out-of-pocket medical expenses. The average spending is around 9%. The range of medical expenses range from 12 BBD to 1,500 BBD with 150 BBD being the norm.

Leisure and Shopping6%

6% of total expenses on average (3% to 10%)

LOW$3.4   6.8 BBD
AVERAGE$44   88 BBD
HIGH$440   880 BBD
Per Month

This category mostly contains discretionary or non-essential expenses but also some non-discretionary spending like furniture for example. The monthly expenses range from 6.8 BBD to 880 BBD with 88 BBD being the average. Speaking of percentages, that equates to 3% to 10% of total expenses with an average of 6% for most residents.

Education and Schooling6%

6% of total expenses on average (4% to 12%)

LOW$5.1   10 BBD
AVERAGE$66   130 BBD
HIGH$660   1,300 BBD
Per Month

Spending on education can vary drastically between different people. While working singles can spend 0% on education, families and students' expenditure can reach up to 22%. On average, education constitutes 6% of the monthly expenditure with 4% and 12% being the lower and upper bounds respectively. The average reported education cost is 130 BBD per month with 10 BBD being the minimum spent amount and 1,300 BBD being the maximum.

Other Expenses12%

12% of total expenses on average (7% to 19%)

LOW$11   22 BBD
AVERAGE$140   290 BBD
HIGH$1,400   2,900 BBD
Per Month
Percentage of people who manage to save money from their income every month in Barbados

How much money can you save in Barbados every month?

We asked thousands of people what percentage of their income can they save in a month. Below are the answers.


What percentage of people in Barbados manage to save money from their income every month?


Saving Money
58%
Not Saving
42%

Almost 58% of the surveyed people in Barbados said that they can save some money at the end of each month while 42% said that aren't saving anything.


Percentage of people saving money by population group in Barbados

GroupSaversNon Savers
Singles64%36%
Couples59%41%
Families54%46%

Savings-to-Income Ratio

The savings-to-income ratio is measured as the percentage of income that people save over a specific period and it is simply calculated by dividing the saved money by total income and then multiplying the result by 100. (Savings / Income) x 100.


Savings to income ratio in Barbados

Saving to Income Ratio

12% 20% of income 32%
MINIMUM AVERAGE MAXIMUM

Average Monthly Saved Amount

58 BBD
$29
750 BBD
$380
7,500 BBD
$3,800
MINIMUM AVERAGE MAXIMUM

For most people, 12% to 32% of their monthly income is what they can allocate to their savings, with 20% being the average. The amount of money that people can save is approximately 750 BBD on average with savings ranging from 58 BBD to 7,500 BBD.

64% of surveyed singles reported some of their income going to savings while 59% of couples said the same. 54% of families confirmed their ability to save money.


How much money do people actually save in Barbados?

The amount of money that people can afford to save depends hugely on their income. It is better to focus on the percentage when trying to understand saving patterns.


Singles

Saving to Income Ratio

15% 24% of income 34%
MINIMUM AVERAGE MAXIMUM

Average Monthly Saved Amount

58 BBD
$29
520 BBD
$260
3,500 BBD
$1,700
MINIMUM AVERAGE MAXIMUM

Savings to income distribution levels for singles

Saving To Income Ratio% Singles
0% - 10%29%
10% - 20%23%
20% - 30%16%
30% - 40%16%
40% - 50%12%
> 50%4%

Interpretation and Analysis

Singles who can afford to save reported that they allocate from 15% to 34% of their monthly income to savings, with 24% being the average for most singles. The average amount of money that singles are able to save is 520 BBD with 58 BBD and 3,500 BBD being the minimum and maximum respectively.


Couples

Saving to Income Ratio

13% 22% of income 33%
MINIMUM AVERAGE MAXIMUM

Average Monthly Saved Amount

290 BBD
$140
870 BBD
$430
4,600 BBD
$2,300
MINIMUM AVERAGE MAXIMUM

Savings to income distribution levels for couples

Saving To Income Ratio% Couples
0% - 10%33%
10% - 20%25%
20% - 30%19%
30% - 40%11%
40% - 50%9%
> 50%3%

Interpretation and Analysis

Couples who confirmed their ability to save reported saving equivalent to 13% to 33% of their monthly income, with 22% being the average for most couples. The average amount of money that couples can save is 870 BBD with 290 BBD and 4,600 BBD being the minimum and maximum respectively.


Families

Saving to Income Ratio

11% 19% of income 29%
MINIMUM AVERAGE MAXIMUM

Average Monthly Saved Amount

410 BBD
$200
1,200 BBD
$580
7,500 BBD
$3,800
MINIMUM AVERAGE MAXIMUM

Savings to income distribution levels for families

Saving To Income Ratio% Families
0% - 10%36%
10% - 20%28%
20% - 30%20%
30% - 40%8%
40% - 50%6%
> 50%2%

Interpretation and Analysis

Families in Barbados can save anywhere between 11% to 29% of their monthly income, with 19% being the average for most families. The average amount of money that families can put aside is 1,200 BBD with 410 BBD and 7,500 BBD being the minimum and maximum respectively.

Reasons that make it difficult for people to save money in Barbados

Saving Challenges in Barbados

Reasons that make it difficult for people to save money

We wanted to understand what is stopping people from maximizing their savings in Barbados. Listed below are the answers given by the survey participants.


Reason% People
Low Income6%
High Expenses9%
Debt and Loans18%
Lack of Budgeting Skills10%
Impulsive Spending10%
Financial Emergencies6%
Living the moment7%
Will do it later17%
Inflation11%
Social Pressure3%
Market Instability3%

Around 6% of the people said that their salary is too low to accommodate a portion for savings while 9% said that the high cost of living leaves little room for savings. 18% of the residents said that they are burdened with debt and find it challenging to save money. 10% reported that they just don't have the knowledge or discipline to create and stick to a budget, leading to overspending and an inability to save. 10% blamed impulsive spending as the reason for saving inability. Around 6% said that unexpected expenses like medical bills or car repairs are derailing their savings goals. 7% bluntly said that they don't see the purpose of it and prefer to live each day to the fullest. 17% reported that they understand the value of saving but are putting off saving for the future, thinking they have plenty of time to start later. 11% blamed inflation, saying that every time they save some money they end up using it immediately. A surprising 3% said that social pressure and keeping up with peers or social expectations makes them overspend. Lastly, 3% blamed market instability and price fluctuations.

Where do people choose to put their savings in Barbados

Typical saving choices for people in Barbados

Where do people choose to put their savings?


Saving Type% People
Emergency Funds11%
Gold10%
Savings Accounts17%
Retirement Accounts11%
Cash Savings16%
Real Estate10%
Investment6%
Stocks6%
Bonds6%
Mutual Funds3%
Certificates of Deposit3%
A typical and healthy budgeting structure. The 50-30-20 rule

A typical and healthy budgeting structure

The 50/30/20 rule

Spending among different people can vary significantly based on factors such as their income, lifestyle, location, and personal preferences. A commonly used guideline for budgeting is the 50/30/20 rule, which suggests allocating your income into three main categories in the following percentages.

  • 50% for needs and financial obligations

    This category includes essential expenses like housing, utilities, groceries, transportation, and healthcare.

  • 30% for wants and discretionary spending

    This category covers discretionary spending on non-essential items, such as dining out, entertainment, travel, and other lifestyle choices.

  • 20% for savings and emergency fund

    This is the percentage that must be allocated to savings, emergency funds, and retirement accounts.

About financial planning, money management, and household budgeting

The 50/30/20 rule is used as a general guideline but may not be the best choice for all people. There are in fact many budgeting plans out there like the 70/20/10 and the 60/20/20 rules, all claiming to be the best. More important than all of this is to establish financial discipline by creating a budget tailored to your specific financial goals and situation. It is very important that your financial outflow be less than your income to maintain a healthy cash flow.

Income and cost of living compatibility. Is it affordable or economical to live in Barbados

Affordable living in Barbados

Income and cost of living compatibility

We asked residents one simple question and recorded their answers.

Is it affordable or economical to live in Barbados?


Yes
60%
No
40%

Around 60% of surveyed residents think that living in Barbados is affordable with proper budgeting while 40% reported that it is just too expensive and not affordable even with frugality and thriftness.

How easily is cost-cutting. Are there plenty of low-cost options in Barbados

Low-cost alternatives in Barbados

People are always looking for ways to cut down expenses and reduce expenditures. The hallmark of any affordable place is the availability of discount stores, bargain deals, smart or secondhand shopping, refurbished items, and couponing. We asked residents how easily cost-cutting is and the answers were distributed as follows:

Plenty of low-cost options56%

Few low-cost options44%


Based on the survey, 56% of the people living in Barbados have no problem finding low-cost alternatives to support a frugal lifestyle while 44% think that thriftness is difficult due to scarcity in discount markets and secondhand outlets.

Emergency Funds

An emergency fund is a financial safety net comprised of easily accessible savings set aside to cover unexpected expenses or financial emergencies, typically amounting to three to six months' worth of living expenses. We asked residents of Barbados whether they have an emergency fund and the answers were as follows.

Yes57%

No43%


Based on the survey, 43% of the people living in Barbados said that they don't have an emergency fund while 57% said that they do.

Financial literacy and difficulty in budgeting and financial planning in Barbados

Financial Literacy in Barbados

Financial literacy is the knowledge of concepts and principles related to personal finance that allow individuals to make informed decisions regarding their money such as budgeting, saving, investing, borrowing, managing debt, financial risk management, and planning.

Financial Leteracy55%


We asked residents of Barbados whether they acquired any adequate personal financial training in their lives. Approximately 45% of the people who participated in the survey said that they are not well informed about the topics of budgeting, saving, etc., and just manage things based on their own experience, while 55% said that they know about the general principles of personal finance from sources other than their own experience.


Difficulty in Budgeting and Financial Planning

We wanted to understand whether residents of Barbados have problems or difficulties in managing their expenditures and savings so we asked people one simple question: do you struggle with your personal finances? 44% of the participants reported that they indeed struggle in creating budgets and in organizing their finances while 56% said that they have everything under control.

Struggles with finance44%

Easily manages finances56%

Financial goals and targets of people living in Barbados

Financial goals of people in Barbados

In an attempt to understand the economic situation in Barbados, we asked participants about their financial targets. By knowing what the population in general is trying to achieve, we can shed light on the economic outlook, cost of living, and quality of life in general.


Financial Goal% People
Emergency Fund7%
Debt Reduction34%
Retirement Savings8%
Education Funding8%
Homeownership17%
Investing8%
Travel or Lifestyle10%
Healthcare Expenses9%
Financial Independence8%

Around 7% of those who participated in the survey said that their main goal is to establish an emergency fund to cover unexpected expenses while 34% said their number one priority is to pay off high-interest debt or loans and improve credit. 8% of surveyed people confirmed that saving for retirement to ensure a comfortable lifestyle in the final years is their main target. Around 8% reported that their priority is saving for the tuition fees and education costs of their children while 17% choose to buy a home or pay off existing mortgage before other things. 8% of the population would like to build wealth through investments such as stocks, bonds, mutual funds, or real estate. For 10% of people, saving for vacations or upgrading their lifestyle is the number one concern. Approximately 9% of the residents said that saving for healthcare expenses including insurance premiums is their main goal.

Retirement, pension plans, and life after work in Barbados

What does the retirement lifestyle look like in Barbados and how much retirement savings are required?

Retirement age

The retirement age for most employees in Barbados is 65 years. Specific retirement ages can vary based on factors like occupation, gender, years of contribution, and location. It is not entirely unlikely for people to retire either before or after this age.

Retirement planning and savings

There are many retirement saving options, some are personally initiated and others are government-sponsered. Regardless of the source of savings, the minimum amount of money that needs to be put aside to ensure a peaceful and comfortable retirement at each age can be found in the table below. This data is largely approximated and can vary drastically based on individual needs and situations. Treat these figures as a general guideline.


The typical saved amount of money you should have at every age as multiples of monthly salary:
AgeAmount
255x monthly salary at age 25
3010x monthly salary at age 30
3515x monthly salary at age 35
4025x monthly salary at age 40
4532x monthly salary at age 45
5048x monthly salary at age 50
5556x monthly salary at age 55
6064x monthly salary at age 60
6578x monthly salary at age 65

The typical average saved amount of money you should have at every age in Barbados:
AgeAmount
255,900 BBD
3012,000 BBD
3521,000 BBD
4029,000 BBD
4544,000 BBD
5062,000 BBD
5574,000 BBD
6091,000 BBD
65110,000 BBD

Retirement Income Distribution

We asked residents of Barbados about their retirement income sources and below are the results.

Source% People
Pensions13%
Savings22%
Investments13%
Social Security8%
Annuities8%
Part-time Job10%
Real Estate17%
Dividends and Interest8%

Retirement Monthly Expenses in Barbados

120 BBD
$62
1,100 BBD
$560
7,400 BBD
$3,700
MINIMUM AVERAGE MAXIMUM
Chart showing the percentage of people who are in debt in Barbados

Debt, loans, and mortgages in Barbados


Percentage of people who are in debt


In Debt
31%
Debt Free
69%

According to the survey, 31% of the people in Barbados have some kind of debt, loan, mortgage, or credit card payments while 69% reported that they don't have financial obligations to banks.


Chart showing debt-to-income ratio in Barbados

Debt-to-income ratio in Barbados

Debt to income ratio

29%

20% to 38%

( monthly debt payment / monthly income ) x 100

Interpretation

The debt-to-income ratio measures the percentage of income being paid as debt settlement across the population. It is calculated by dividing the monthly debt settlement payment of an individual by their monthly income. Based on collected data, approximately 29% of the people's monthly income in Barbados goes to debt settlement.


Debt levels

Monthly debt settlement payment as percentage of monthly income

Debt-to-income ratio% People
> 60%3%
50% - 60%12%
40% - 50%12%
30% - 40%14%
20% - 30%15%
10% - 20%18%
0% - 10%27%

According to our data, 3% of the debtors in Barbados pay 60%+ of their income as debt settlement while 12% of the people pay 50% to 60% of their income for the same, which is quite an alarming financial situation for those individuals. 12% of people in debt dedicate 40% to 50% of their income to loan and mortgage payments while 14% dedicated 30% to 40% of income for same. Things are looking brighter for 15% of individuals as they only pay 20% to 30% of their income for loan and credit card repayment.


Distribution by type of debt in Barbados

Debt% People
Real Estate Mortgage13%
Auto Loan22%
Student Loan3%
Credit Card25%
Personal Loan37%

13% of debtors in Barbados confirm that real estate mortgages constitutes the main part of their outstanding debt while 25% say that credit card payments are the reason they are in debt. Auto loans were the main type of debt for 22% of people and personal loans rose at 37%. Lastly, student loans are the main source of debt for 3% of debtors in Barbados.


About credit score and debt management

Managing debt is a critical aspect of maintaining a favorable credit score. Debt reduction is the first thing you should do improve your financial situation. Getting rid of debt takes precedence over saving money because of interest rates.

Good debt vs. Bad debt

Not all debt is bad. Good debt typically refers to borrowing money for investments that can increase in value or generate income over time like purchasing a home or acquiring student loans. On the other hand, bad debt involves borrowing for things that fail to generate lasting value like high-interest credit card debt used for non-essential expenses like luxury items or vacations.


Loan Affordability Index in Barbados

Besides measuring the loan-to-income ratio, we asked residents of Barbados how many times in a year they defaulted or were unable to pay their due credit card or loan payments on time. Understanding how often people default on their due payments is one of the indicators of the cost of living and economic situation.

Frequency and percentage of people who failed to pay their monthly credit card or loan payments on time last year.

Frequency% People
Never55%
Once a year22%
Twice a year11%
Three times a year8%
Four times a year4%
Housing and accommodation affordability, property price to income ratio, rent to income ratio, and housing affordability index chart in Barbados

Housing costs, accommodation, and housing affordability in Barbados

Rental costs and house/apartment prices can vary drastically between different areas and locations.


Rent Cost in Barbados

Monthly Rent Prices

Studio apartment monthly rent cost

190 BBD 280 BBD 760 BBD
MINIMUM AVERAGE MAXIMUM
$95 $140 $380

1-bedroom apartment monthly rent cost

280 BBD 450 BBD 1,100 BBD
MINIMUM AVERAGE MAXIMUM
$140 $230 $570

2-bedroom apartment monthly rent cost

380 BBD 570 BBD 1,500 BBD
MINIMUM AVERAGE MAXIMUM
$190 $280 $760

3-bedroom apartment monthly rent cost

450 BBD 760 BBD 2,100 BBD
MINIMUM AVERAGE MAXIMUM
$230 $380 $1,000

Furnished apartment monthly rent cost

910 BBD 2,300 BBD 4,500 BBD
MINIMUM AVERAGE MAXIMUM
$450 $1,100 $2,300

Townhouse monthly rent cost

760 BBD 1,100 BBD 3,200 BBD
MINIMUM AVERAGE MAXIMUM
$380 $570 $1,600

House monthly rent cost

910 BBD 2,300 BBD 4,500 BBD
MINIMUM AVERAGE MAXIMUM
$450 $1,100 $2,300

Villa monthly rent cost

1,100 BBD 2,800 BBD 4,500 BBD
MINIMUM AVERAGE MAXIMUM
$570 $1,400 $2,300

The monthly rental cost of a studio apartment in Barbados ranges between 190 BBD and 760 BBD, meanwhile the cost of monthly rental of a one-bedroom apartment can be anywhere from 280 BBD to 1,100 BBD. Two-bedroom rentals rate ranges between 380 BBD and 1,500 BBD per month. The monthly rental for a three-bedroom apartment ranges from 450 BBD to 2,100 BBD. The average rent of a townhouse in Barbados is around 1,100 BBD while house rental costs can be as high as 2,300 BBD per month. Finally, if you want to rent a villa, expect to pay anywhere from 1,100 BBD to 4,500 BBD per month.



Apartment and house prices in Barbados

Cost of buying a property

Studio apartment price

38,000 BBD 57,000 BBD 110,000 BBD
MINIMUM AVERAGE MAXIMUM
$19,000 $28,000 $57,000

1-bedroom apartment price

45,000 BBD 76,000 BBD 280,000 BBD
MINIMUM AVERAGE MAXIMUM
$23,000 $38,000 $140,000

2-bedroom apartment price

76,000 BBD 230,000 BBD 450,000 BBD
MINIMUM AVERAGE MAXIMUM
$38,000 $110,000 $230,000

3-bedroom apartment price

250,000 BBD 380,000 BBD 1.1M BBD
MINIMUM AVERAGE MAXIMUM
$130,000 $190,000 $570,000

Townhouse price

320,000 BBD 760,000 BBD 2.8M BBD
MINIMUM AVERAGE MAXIMUM
$160,000 $380,000 $1.4M

House price

380,000 BBD 2.3M BBD 3.2M BBD
MINIMUM AVERAGE MAXIMUM
$190,000 $1.1M $1.6M

Villa price

450,000 BBD 2.5M BBD 3.8M BBD
MINIMUM AVERAGE MAXIMUM
$230,000 $1.3M $1.9M

The average price of a studio apartment in Barbados can range from 38,000 BBD to 110,000 BBD depending on location. One bedroom cost can be anywhere from 45,000 BBD to 280,000 BBD. A villa can cost you 2.5M BBD on average with prices ranging from 450,000 BBD to 3.8M BBD.


If you're leasing or purchasing, housing costs in Barbados will probably constitute your biggest expenditure, yet it's an area where you wield considerable influence. This is due to the substantial variance in housing prices across communities. Keep in mind the location of your workplace and the accessibility of essential amenities to prevent negating the savings from lower rental rates with increased transportation expenses.

House / apartment prices to income ratio


Property price to income ratio

( average property price / average monthly income ) x 100


39 x113 monthly income 208
MINIMUM AVERAGE MAXIMUM

Property prices in Barbados can be x113 to x208 multiples of the monthly income depending on the property and the income of the person. On average, property prices are approximately x113 multiples of the average monthly salary in Barbados.



Rent to income ratio


Rent to income ratio

( monthly rental / monthly income ) x 100


21% 31% of income 41%
MINIMUM AVERAGE MAXIMUM

The average rent-to-income ratio in Barbados is around 31%. This means that people pay 31% of their income for rent. Those figures can range from 21% to 41% depending on the salary, location, and type of property.


The housing-to-income ratio is a very important metric to evaluate and measure how affordable living is in a particular area, city, or country since housing comprises the biggest chunk of expenditure. A higher housing to income ratio means that the place is relatively expensive. The figure by itself does tell much. It only starts to make sense when comparing the housing to income ratio across different locations.

Housing affordability index

The housing affordability index measures how affordable accommodation is in a particular place. This can measured in multiple ways, the most common being housing expenditure to total expenditure ratio and the rent to income ratio. The housing expenditure ratio is a figure reported by individuals on the percentage they allocate for housing. Rent to income ratio is calculated by dividing the average monthly rent by the average income. Because these values are both percentages, we can find their average and get the best of the two worlds.

Housing Affordability Index
29%

Property Taxes

Real estate owners pay property taxes to local tax authorities, which are determined by the assessed value of their property. Typically, these taxes are paid once a year. Property tax funds contribute to community development, financing infrastructure improvements, public services, and local education initiatives.


FROM
2.1%
AVERAGE
3.1%
TO
4.1%

Home Maintenance Costs

Home maintenance costs encompass various expenses associated with the upkeep and repair of a residence. These expenditures include regular tasks such as lawn care, pest control, and HVAC system servicing, as well as occasional repairs and renovations like fixing leaks, painting, or replacing appliances.


3.4 BBD 44 BBD 440 BBD
MINIMUM AVERAGE MAXIMUM

Urban vs. rural living costs

Urban living typically entails higher housing and transportation costs due to demand and limited space, while rural areas generally offer lower housing expenses but may have higher prices for goods and services. The differnce in rental rates between urban areas and rural areas can be as high as 300% in some cases.

Monthly costs and expenses of energy and basic utilities in Barbados

Utilities expenditure can vary slightly between different areas and locations.


Energy, electricity, water, gas, internet, and mobile cost in Barbados

Utility Bill Cost / Electricity + Water + Gas / Individual

13 BBD 91 BBD 610 BBD
MINIMUM AVERAGE MAXIMUM
$6.4 $46 $300

Utility Bill Cost / Electricity + Water + Gas / Couple

34 BBD 110 BBD 740 BBD
MINIMUM AVERAGE MAXIMUM
$17 $57 $370

Utility Bill Cost / Electricity + Water + Gas / Family

59 BBD 170 BBD 1,100 BBD
MINIMUM AVERAGE MAXIMUM
$30 $84 $550

Internet and cable cost

11 BBD 23 BBD 30 BBD
MINIMUM AVERAGE MAXIMUM
$5.7 $11 $15

Mobile phone bill and charges

9.1 BBD 15 BBD 45 BBD
MINIMUM AVERAGE MAXIMUM
$4.5 $7.6 $23

Because most utility bills club electricity, water, and gas costs in one bill, we can't provide a breakup for each type of utility and will display electricity, gas, and water as single cost.


The average monthly expenditure for individuals on electricty, water, and gas in Barbados ranges between 13 BBD and 610 BBD with average being 91 BBD, meanwhile the expenditure of couples is slightly higher at 110 BBD with 34 BBD and 740 BBD being the upper and lower limits respectively. As expected, the energy and water consumption of families is the highest among the three groups with an average of 170 BBD. The cost of internet and WiFi is unchanged among the three groups and ranges from 11 BBD to 30 BBD with 23 BBD being the average internet bill. Finally, the average monthly mobile charges is around 15 BBD but can range between 9.1 BBD and 45 BBD depending on consumption. Mobile charges include both calling minutes as well as data packages.


Energy / Utility expense to income ratio


( monthly utility expenses / monthly income ) x 100


2% 5% of income 9%
MINIMUM AVERAGE MAXIMUM

The average utility-to-income ratio in Barbados is around 5%. This means that people pay 5% of their income for energy, water, internet, and mobile charges. Those figures can range from 2% to 9% depending on salary and location.

Food Prices, Dining Expenses, and Grocery Costs in Barbados

Grocery / Food expenditure and prices can vary drastically between different areas and locations.


Prices and cost of goods and services in Barbados

Dining out, food, and beverages costs. Price variations for common food items.

Fast food combo meal price

2.3 BBD 4.5 BBD 7.6 BBD
MINIMUM AVERAGE MAXIMUM
$1.1 $2.3 $3.8

The average price of a regular combo meal at a fast food outlet or chain like McDonald's, Pizzahut, or KFC in Barbados is approximatly 4.5 BBD with meal cost ranging from 2.3 BBD to 7.6 BBD. The typical combo meal consists of a burger, french fries, and a drink.

Restaurant meal for one price

7.6 BBD 11 BBD 23 BBD
MINIMUM AVERAGE MAXIMUM
$3.8 $5.7 $11

If you are planning to have a nice meal at a mid-range restaurant, expect to pay anywhere between 7.6 BBD and 23 BBD with 11 BBD being the average price of a plate for one person at a regular restaurant in Barbados.

Fine dining meal for one price

15 BBD 23 BBD 91 BBD
MINIMUM AVERAGE MAXIMUM
$7.6 $11 $45

The price range of a meal at fine-dining restaurant is 15 BBD to 91 BBD with the average cost being 23 BBD for one person. This is what you would expect to pay a top-tier diner in Barbados.

Beverage prices, cappuccino, latte etc..

1.9 BBD 3 BBD 4.5 BBD
MINIMUM AVERAGE MAXIMUM
$0.95 $1.5 $2.3

The average price of a regular beverage like cappuccino or latte at Starbucks, Costa, or similar coffee shops and cafes in Barbados is around 3 BBD. Price ranges between 1.9 BBD and 4.5 BBD depending on the type of beverage, the size, and optional add-ons.



Grocery and market costs

Large bottle of milk price

1.5 BBD 1.8 BBD 2.3 BBD
MINIMUM AVERAGE MAXIMUM
$0.76 $0.91 $1.1

The average price of a large bottle of milk in Barbados is 1.8 BBD. The maximum what you would pay for milk is 2.3 BBD and the minimum being 1.5 BBD depending on the brand of milk and other properties.

12 eggs price

1.1 BBD 1.5 BBD 2.3 BBD
MINIMUM AVERAGE MAXIMUM
$0.57 $0.76 $1.1

A dozen eggs costs around 1.5 BBD on average with 1.1 BBD and 2.3 BBD being the lower and upper limits respectively.

Fresh whole chicken price

2.6 BBD 3.3 BBD 4.7 BBD
MINIMUM AVERAGE MAXIMUM
$1.3 $1.7 $2.4

The price range of a fresh whole chicken in Barbados is between 2.6 BBD and 4.7 BBD depending on the size of the chicken and whether it is oraganic or not. The average price is approximatly 3.3 BBD.

Pack of beef price

3 BBD 4.5 BBD 9.1 BBD
MINIMUM AVERAGE MAXIMUM
$1.5 $2.3 $4.5

The price of a regular pack of beef or meat is around 4.5 BBD. A pack of beef contains around 1Kg or 1lb depending on packing.

Medium bag of rice price

1.2 BBD 1.7 BBD 2.4 BBD
MINIMUM AVERAGE MAXIMUM
$0.61 $0.83 $1.2

A bag of rice in Barbados costs around 1.7 BBD on average with prices rangeing between 1.2 BBD and 2.4 BBD depending on the brand and quality.

Bag of tomatos price

0.45 BBD 0.61 BBD 1.1 BBD
MINIMUM AVERAGE MAXIMUM
$0.23 $0.30 $0.57

A bag of tomatoes costs anywhere from 0.45 BBD to 1.1 BBD. A bag of tomatoes denotes 1Kg or 1lb depending on location.

Bag of apples price

0.81 BBD 1.1 BBD 1.7 BBD
MINIMUM AVERAGE MAXIMUM
$0.41 $0.53 $0.87

A bag of apples costs 1.1 BBD on average. A bag of apples denotes 1Kg or 1lb depending on location.


Grocery and food expenditure to income ratio


( monthly grocery expenses / monthly income ) x 100


18% 26% of income 32%
MINIMUM AVERAGE MAXIMUM

The average grocery-to-income ratio in Barbados is around 26%. This means that people spend 26% of their income on grocery and basic household items. The expenditure can range from 18% to 32% depending on salary and location.


Expenditure on food and grocery for every population group

A single person living alone spends approximately 240 BBD per month on grocery and food with expenditure fluctuating between 34 BBD and 1,600 BBD depending on location and the type of person. The average cost of food and groceries for a couple is around 350 BBD per month. That number can be get as low as 120 BBD or a high as 1,900 BBD. Families' spending on grocery ranges from 210 BBD to 4,000 BBD with the location, income, and size of the family being the most determinite factors.


Single
Spending habits, consumption analysis, and expenditure patterns for a single person living in Barbados

Housing cost for a single person32%

32% of total expenses on average (20% to 44%)

LOW$39   77 BBD
AVERAGE$270   550 BBD
HIGH$1,800   3,600 BBD
Per Month

Utilities, Electricity, Water, Internet, Mobile7%

7% of total expenses on average (3% to 12%)

LOW$6.4   13 BBD
AVERAGE$46   91 BBD
HIGH$300   610 BBD
Per Month

Transport and Fuel Cost6%

6% of total expenses on average (4% to 12%)

LOW$8.6   17 BBD
AVERAGE$61   120 BBD
HIGH$410   810 BBD
Per Month

Food and Groceries Cost18%

18% of total expenses on average (12% to 23%)

LOW$17   34 BBD
AVERAGE$120   240 BBD
HIGH$810   1,600 BBD
Per Month

Healthcare Cost11%

11% of total expenses on average (5% to 15%)

LOW$9.6   19 BBD
AVERAGE$68   140 BBD
HIGH$460   910 BBD
Per Month

Leisure and Shopping Expenditure4%

4% of total expenses on average (3% to 7%)

LOW$5.4   11 BBD
AVERAGE$38   76 BBD
HIGH$250   510 BBD
Per Month

Education Cost2%

2% of total expenses on average (1% to 4%)

LOW$2.1   4.3 BBD
AVERAGE$15   30 BBD
HIGH$100   200 BBD
Per Month

Other Expenses20%

20% of total expenses on average (12% to 24%)

LOW$19   39 BBD
AVERAGE$140   270 BBD
HIGH$910   1,800 BBD
Per Month


Couple
Average monthly living expenditure breaks and spending patterns for couples in Barbados

Housing cost for a couple29%

29% of total expenses on average (22% to 39%)

LOW$140   290 BBD
AVERAGE$430   860 BBD
HIGH$2,300   4,600 BBD
Per Month

Utilities, Electricity, Water, Internet, Mobile6%

6% of total expenses on average (4% to 10%)

LOW$17   34 BBD
AVERAGE$57   110 BBD
HIGH$370   740 BBD
Per Month

Transport and Fuel Cost10%

10% of total expenses on average (4% to 15%)

LOW$51   100 BBD
AVERAGE$150   300 BBD
HIGH$810   1,600 BBD
Per Month

Food and Groceries Cost16%

16% of total expenses on average (11% to 21%)

LOW$59   120 BBD
AVERAGE$180   350 BBD
HIGH$950   1,900 BBD
Per Month

Healthcare Cost13%

13% of total expenses on average (7% to 17%)

LOW$46   93 BBD
AVERAGE$140   280 BBD
HIGH$740   1,500 BBD
Per Month

Leisure and Shopping Cost5%

5% of total expenses on average (2% to 8%)

LOW$25   51 BBD
AVERAGE$76   150 BBD
HIGH$410   810 BBD
Per Month

Education Cost2%

2% of total expenses on average (1% to 4%)

LOW$8.4   17 BBD
AVERAGE$25   51 BBD
HIGH$140   270 BBD
Per Month

Other Expenses19%

19% of total expenses on average (13% to 25%)

LOW$72   140 BBD
AVERAGE$220   430 BBD
HIGH$1,100   2,300 BBD
Per Month


Family
Average monthly expenses and break out of spending for families living in Barbados

Housing cost for a family28%

28% of total expenses on average (23% to 38%)

LOW$190   380 BBD
AVERAGE$540   1,100 BBD
HIGH$3,500   7,000 BBD
Per Month

Utilities, Electricity, Water, Internet, Mobile4%

4% of total expenses on average (2% to 7%)

LOW$30   59 BBD
AVERAGE$84   170 BBD
HIGH$550   1,100 BBD
Per Month

Transport and Fuel Expenses6%

6% of total expenses on average (4% to 8%)

LOW$59   120 BBD
AVERAGE$170   340 BBD
HIGH$1,100   2,200 BBD
Per Month

Food and Groceries Cost20%

20% of total expenses on average (13% to 26%)

LOW$110   210 BBD
AVERAGE$300   610 BBD
HIGH$2,000   4,000 BBD
Per Month

Healthcare Expenses10%

10% of total expenses on average (6% to 15%)

LOW$53   110 BBD
AVERAGE$170   340 BBD
HIGH$880   1,800 BBD
Per Month

Leisure and Shopping Cost4%

4% of total expenses on average (2% to 8%)

LOW$30   59 BBD
AVERAGE$84   170 BBD
HIGH$550   1,100 BBD
Per Month

Education Cost14%

14% of total expenses on average (7% to 22%)

LOW$83   170 BBD
AVERAGE$240   470 BBD
HIGH$1,500   3,100 BBD
Per Month

Other Expenses14%

14% of total expenses on average (7% to 19%)

LOW$47   95 BBD
AVERAGE$140   270 BBD
HIGH$880   1,800 BBD
Per Month


Student
Cost of living and expenses break down for students living in Barbados

Housing costs for Student20%

20% of total expenses on average (15% to 26%)

LOW$20   41 BBD
AVERAGE$130   270 BBD
HIGH$890   1,800 BBD
Per Month

Utilities, Electricity, Water, Internet, and Mobile Expenses5%

5% of total expenses on average (3% to 9%)

LOW$3.4   6.8 BBD
AVERAGE$22   44 BBD
HIGH$150   300 BBD
Per Month

Transport and Fuel Cost5%

5% of total expenses on average (5% to 11%)

LOW$5.9   12 BBD
AVERAGE$39   78 BBD
HIGH$260   520 BBD
Per Month

Food and Groceries Expenditure22%

22% of total expenses on average (16% to 26%)

LOW$17   34 BBD
AVERAGE$110   220 BBD
HIGH$740   1,500 BBD
Per Month

Healthcare Cost8%

8% of total expenses on average (5% to 11%)

LOW$5.1   10 BBD
AVERAGE$33   67 BBD
HIGH$220   440 BBD
Per Month

Leisure and Shopping Cost4%

4% of total expenses on average (2% to 8%)

LOW$4.2   8.4 BBD
AVERAGE$28   56 BBD
HIGH$190   370 BBD
Per Month

Education Cost19%

19% of total expenses on average (12% to 24%)

LOW$16   32 BBD
AVERAGE$110   210 BBD
HIGH$700   1,400 BBD
Per Month

Other Expenses17%

17% of total expenses on average (11% to 23%)

LOW$13   25 BBD
AVERAGE$83   170 BBD
HIGH$560   1,100 BBD
Per Month
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