Cost Of Living For a Family in Mali 2024

Average monthly spending for families in Mali

We consider a family to be a member of four members, two adults and two children. This is the most common type of family. From the figures below, it should be fairly easy to calculate the average spending for families of different sizes.

How much money does a family need in a month to survive in Mali?

Families in Mali spend around 510,000 XOF per month on average. Depending on the lifestyle, a family can survive with a monthly budget as low as 180,000 XOF or as high as 3.3M XOF. Location and income are very important factors and have a huge influence on expenditure and budget.

Family expenditure to income ratio in Mali

Analysing the how affordable it is for families to live in Mali

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. Families usually spend a larger chunk of their income than other population groups. A typical and healthy expenditure percentage for a family of four ranges between 70% to 80%.

Families in Mali spend around 91% of their monthly income. Some families spend as low as 84% of their income while some as high as 100%.

How do families spend their money in Mali?

We asked thousands of families about their spending habits and expenditure break down.

Housing and accomodation expenditure for families

Families in Mali typically spend from 21% to 36% of their total monthly expenditure on housing with 26% being the average. The average monthly spend on housing is 160,000 XOF with expenditure ranging from 57,000 XOF to 1.1M XOF. This cost mainly goes for rent but it also includes other accommodation-related expenses.

Electricity, utilities, energy, water, internet, and mobile expenditure for families

Utility expenditure like electricity, water, and gas in Mali ranges from 3% to 8% of total expenses with 5% being the average for most families. The average monthly cost of utilities is 25,000 XOF with 8,900 XOF and 170,000 XOF being the upper and lower limits for a family of four.

Transport, fuel, and commute expenditure for families

Fuel consumption and cost of transport depend heavily on whether a family resides near school and work, but roughly speaking a family would expect to spend from 18,000 XOF to 330,000 XOF in a month on commuting with 51,000 XOF being the norm for most families. This means that money spent on transport constitutes about 5% of total spending on average but can go as low as 3% or as high as 7%.

Food, groceries, and basic shopping expenditure for families

The average outlay on groceries and basic houshold items for a typical family in a month in Mali is 92,000 XOF. The cost of groceries can range between 32,000 XOF to 600,000 XOF. Families spend on average about 21% on food and groceries with upper and lower bounds of 14% and 27% respectively.

Healthcare and medical services expenditure for families

Families in Mali allocate 7% to 16% of their total monthly expenditure to healthcare including health insurance and out-of-pocket medical expenses. The average spending on medical services and clinic visits is around 11%. The range of medical expenses range from 16,000 XOF to 260,000 XOF with 51,000 XOF being the norm for most families.

Leisure and shopping expenditure for families

This category mostly contains discretionary or non-essential expenses but also some non-discretionary spending like furniture for example. The monthly expenses range from 8,900 XOF to 170,000 XOF with 25,000 XOF being the average. Speaking of percentages, that equates to 1% to 7% of total expenses with an average of 3% for most families.

Education and schooling expenditure for families

Spending on education can vary drastically between different families. On average, education constitutes 13% of the monthly expenditure of families with 6% and 21% being the lower and upper bounds respectively. The average reported education cost is 71,000 XOF per month with 25,000 XOF being the minimum spent amount and 460,000 XOF being the maximum.

What percentage of families in Mali are able to save money and how much can they save?

Percentage of families that reported their ability to save money

Almost 48% of surveyed families in Mali said that they can save some money at the end of each month while 52% reported that they have to utilize their whole income to survive.

How much money do families manage to add to their savings?

Saving to Income Ratio

Average Monthly Saved Amount

Savings to income distribution levels for families

Interpretation and Analysis

Families that are able to save money can put anywhere from 8% to 27% of their monthly income to their savings, with 15% being the average for most families. The average monthly amount of money that families can put aside is 150,000 XOF with 54,000 XOF and 1,000,000 XOF being the minimum and maximum respectively.

Saving Challenges in Mali

Reasons that make it difficult for families to save money

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

Around 5% of the families said that their salary is too low to accommodate a portion for savings while 8% said that the high cost of living leaves little room for savings. 14% of the residents said that they are burdened with debt and find it challenging to save money. 11% 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. 11% of families blamed impulsive spending as the reason for saving inability. Around 7% said that unexpected expenses like medical bills or car repairs are derailing their savings goals. 6% bluntly said that they don't see the purpose of it and prefer to live each day to the fullest. 20% 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. 13% 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, 2% blamed market instability and price fluctuations.

Typical saving choices for families in Mali

Where do people choose to put their savings?

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

Affordable living in Mali

Income and cost of living compatibility

We asked families one simple question and recorded their answers.

Is it affordable or economical to live in Mali?

Around 50% of surveyed families think that living in Mali is affordable with proper budgeting while 50% reported that it is just too expensive and not affordable even with frugality and thriftness.

Low-cost alternatives in Mali

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 families how easily cost-cutting is and the answers were distributed as follows:

Plenty of low-cost options55%

Few low-cost options45%

Based on the survey, 55% of the families living in Mali have no problem finding low-cost alternatives to support a frugal lifestyle while 45% think that thriftness is difficult due to scarcity in discount markets and secondhand outlets.

Emergency Funds For Families

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 families of Mali whether they have an emergency fund and the answers were as follows.

Yes49%

No51%

Based on the survey, 51% of the families living in Mali said that they don't have an emergency fund while 49% said that they do.

Financial Literacy in Mali

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 Leteracy45%

We asked family guardians and parents in Mali whether they acquired any adequate personal financial training in their lives. Approximately 55% 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 45% 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 families of Mali have problems or difficulties in managing their expenditures and savings so we asked people one simple question: do you struggle with your personal finances? 49% of the participants reported that they indeed struggle in creating budgets and in organizing their finances while 51% said that they have everything under control.

Struggles with finance49%

Easily manages finances51%

Financial goals of families in Mali

In an attempt to understand the economic situation in Mali, 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.

Around 8% of families said that their main goal is to establish an emergency fund to cover unexpected expenses while 42% said their number one priority is to pay off high-interest debt or loans and improve credit. 10% of surveyed people confirmed that saving for retirement to ensure a comfortable lifestyle in the final years is their main target. Around 7% reported that their priority is saving for the tuition fees and education costs of their children while 18% choose to buy a home or pay off existing mortgage before other things. 7% of the population would like to build wealth through investments such as stocks, bonds, mutual funds, or real estate. For 7% of people, saving for vacations or upgrading their lifestyle is the number one concern. Approximately 13% of the residents said that saving for healthcare expenses including insurance premiums is their main goal.

Debt, loans, and mortgages in Mali

Percentage of families who are in debt

According to the survey, 29% of the families in Mali have some kind of debt, loan, mortgage, or credit card payments while 71% reported that they don't have financial obligations to banks.

Debt-to-income ratio in Mali

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 32% of a family's monthly income in Mali goes to debt settlement.

Debt levels

Monthly debt settlement payment as percentage of monthly income

According to our data, 3% of the debtors in Mali pay 60%+ of their income as debt settlement while 17% of the people pay 50% to 60% of their income for the same, which is quite an alarming financial situation for those individuals. 14% of people in debt dedicate 40% to 50% of their income to loan and mortgage payments while 16% dedicated 30% to 40% of income for same. Things are looking brighter for 11% of individuals as they only pay 20% to 30% of their income for loan and credit card repayment.

Distribution by type of debt in Mali

9% of debtors in Mali confirm that real estate mortgages constitutes the main part of their outstanding debt while 29% say that credit card payments are the reason they are in debt. Auto loans were the main type of debt for 16% of people and personal loans rose at 42%. Lastly, student loans are the main source of debt for 4% of debtors in Mali.

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 Mali

Besides measuring the loan-to-income ratio, we asked families of Mali 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.

Housing costs, accommodation, and housing affordability in Mali

Rent Cost in Mali

Monthly Rent Prices

Studio apartment monthly rent cost

28,000 XOF

41,000 XOF

110,000 XOF

MINIMUM

AVERAGE

MAXIMUM

$46

$68

$180

1-bedroom apartment monthly rent cost

41,000 XOF

66,000 XOF

170,000 XOF

MINIMUM

AVERAGE

MAXIMUM

$68

$110

$270

2-bedroom apartment monthly rent cost

55,000 XOF

83,000 XOF

220,000 XOF

MINIMUM

AVERAGE

MAXIMUM

$91

$140

$370

3-bedroom apartment monthly rent cost

66,000 XOF

110,000 XOF

300,000 XOF

MINIMUM

AVERAGE

MAXIMUM

$110

$180

$500

Furnished apartment monthly rent cost

130,000 XOF

330,000 XOF

660,000 XOF

MINIMUM

AVERAGE

MAXIMUM

$220

$550

$1,100

Townhouse monthly rent cost

110,000 XOF

170,000 XOF

470,000 XOF

MINIMUM

AVERAGE

MAXIMUM

$180

$270

$780

House monthly rent cost

130,000 XOF

330,000 XOF

660,000 XOF

MINIMUM

AVERAGE

MAXIMUM

$220

$550

$1,100

Villa monthly rent cost

170,000 XOF

410,000 XOF

660,000 XOF

MINIMUM

AVERAGE

MAXIMUM

$270

$680

$1,100

The monthly rental cost of a studio apartment in Mali ranges between 28,000 XOF and 110,000 XOF, meanwhile the cost of monthly rental of a one-bedroom apartment can be anywhere from 41,000 XOF to 170,000 XOF. Two-bedroom rentals rate ranges between 55,000 XOF and 220,000 XOF per month. The monthly rental for a three-bedroom apartment ranges from 66,000 XOF to 300,000 XOF. The average rent of a townhouse in Mali is around 170,000 XOF while house rental costs can be as high as 330,000 XOF per month. Finally, if you want to rent a villa, expect to pay anywhere from 170,000 XOF to 660,000 XOF per month.

Apartment and house prices in Mali

Cost of buying a property

Studio apartment price

5.5M XOF

8.3M XOF

17M XOF

MINIMUM

AVERAGE

MAXIMUM

$9,100

$14,000

$27,000

1-bedroom apartment price

6.6M XOF

11M XOF

41M XOF

MINIMUM

AVERAGE

MAXIMUM

$11,000

$18,000

$68,000

2-bedroom apartment price

11M XOF

33M XOF

66M XOF

MINIMUM

AVERAGE

MAXIMUM

$18,000

$55,000

$110,000

3-bedroom apartment price

37M XOF

55M XOF

170M XOF

MINIMUM

AVERAGE

MAXIMUM

$61,000

$91,000

$270,000

Townhouse price

47M XOF

110M XOF

410M XOF

MINIMUM

AVERAGE

MAXIMUM

$78,000

$180,000

$680,000

House price

55M XOF

330M XOF

470M XOF

MINIMUM

AVERAGE

MAXIMUM

$91,000

$550,000

$780,000

Villa price

66M XOF

370M XOF

550M XOF

MINIMUM

AVERAGE

MAXIMUM

$110,000

$610,000

$910,000

The average price of a studio apartment in Mali can range from 5.5M XOF to 17M XOF depending on location. One bedroom cost can be anywhere from 6.6M XOF to 41M XOF. A villa can cost you 370M XOF on average with prices ranging from 66M XOF to 550M XOF.

House / apartment prices to income ratio

Property prices in Mali can be x88 to x193 multiples of the monthly income depending on the property and the income of the person. On average, property prices are approximately x88 multiples of the average monthly salary in Mali.

Rent to income ratio

The average rent-to-income ratio in Mali is around 29%. This means that people pay 29% of their income for rent. Those figures can range from 19% to 39% depending on the salary, location, and type of property.

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.

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.

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.

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 Mali

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

Utility Bill Cost / Electricity + Water + Gas / Family

8,900 XOF

25,000 XOF

170,000 XOF

MINIMUM

AVERAGE

MAXIMUM

$15

$42

$270

Internet and cable cost

1,700 XOF

3,300 XOF

4,400 XOF

MINIMUM

AVERAGE

MAXIMUM

$2.7

$5.5

$7.3

Mobile phone bill and charges

1,300 XOF

2,200 XOF

6,600 XOF

MINIMUM

AVERAGE

MAXIMUM

$2.2

$3.7

$11

The average monthly energy and water consumption of families is around 25,000 XOF. The cost of internet and WiFi ranges from 1,700 XOF to 4,400 XOF with 3,300 XOF being the average internet bill. Finally, the average monthly mobile charges is around 2,200 XOF but can range between 1,300 XOF and 6,600 XOF depending on consumption. Mobile charges include both calling minutes as well as data packages.

Energy / Utility expense to income ratio

The average utility-to-income ratio in Mali is around 6%. This means that people pay 6% of their income for energy, water, internet, and mobile charges. Those figures can range from 3% to 10% depending on salary and location.

Food Prices, Dining Expenses, and Grocery Costs in Mali

Prices and cost of goods and services in Mali

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

Fast food combo meal price

330 XOF

660 XOF

1,100 XOF

MINIMUM

AVERAGE

MAXIMUM

$0.55

$1.1

$1.8

The average price of a regular combo meal at a fast food outlet or chain like McDonald's, Pizzahut, or KFC in Mali is approximatly 660 XOF with meal cost ranging from 330 XOF to 1,100 XOF. The typical combo meal consists of a burger, french fries, and a drink.

Restaurant meal for one price

1,100 XOF

1,700 XOF

3,300 XOF

MINIMUM

AVERAGE

MAXIMUM

$1.8

$2.7

$5.5

If you are planning to have a nice meal at a mid-range restaurant, expect to pay anywhere between 1,100 XOF and 3,300 XOF with 1,700 XOF being the average price of a plate for one person at a regular restaurant in Mali.

Fine dining meal for one price

2,200 XOF

3,300 XOF

13,000 XOF

MINIMUM

AVERAGE

MAXIMUM

$3.7

$5.5

$22

The price range of a meal at fine-dining restaurant is 2,200 XOF to 13,000 XOF with the average cost being 3,300 XOF for one person. This is what you would expect to pay a top-tier diner in Mali.

Beverage prices, cappuccino, latte etc..

280 XOF

440 XOF

660 XOF

MINIMUM

AVERAGE

MAXIMUM

$0.46

$0.73

$1.1

The average price of a regular beverage like cappuccino or latte at Starbucks, Costa, or similar coffee shops and cafes in Mali is around 440 XOF. Price ranges between 280 XOF and 660 XOF depending on the type of beverage, the size, and optional add-ons.

Grocery and market costs

Large bottle of milk price

220 XOF

260 XOF

330 XOF

MINIMUM

AVERAGE

MAXIMUM

$0.37

$0.44

$0.55

The average price of a large bottle of milk in Mali is 260 XOF. The maximum what you would pay for milk is 330 XOF and the minimum being 220 XOF depending on the brand of milk and other properties.

12 eggs price

170 XOF

220 XOF

330 XOF

MINIMUM

AVERAGE

MAXIMUM

$0.27

$0.37

$0.55

A dozen eggs costs around 220 XOF on average with 170 XOF and 330 XOF being the lower and upper limits respectively.

Fresh whole chicken price

380 XOF

490 XOF

690 XOF

MINIMUM

AVERAGE

MAXIMUM

$0.62

$0.81

$1.1

The price range of a fresh whole chicken in Mali is between 380 XOF and 690 XOF depending on the size of the chicken and whether it is oraganic or not. The average price is approximatly 490 XOF.

Pack of beef price

440 XOF

660 XOF

1,300 XOF

MINIMUM

AVERAGE

MAXIMUM

$0.73

$1.1

$2.2

The price of a regular pack of beef or meat is around 660 XOF. A pack of beef contains around 1Kg or 1lb depending on packing.

Medium bag of rice price

180 XOF

240 XOF

340 XOF

MINIMUM

AVERAGE

MAXIMUM

$0.29

$0.40

$0.57

A bag of rice in Mali costs around 240 XOF on average with prices rangeing between 180 XOF and 340 XOF depending on the brand and quality.

Bag of tomatos price

66 XOF

88 XOF

170 XOF

MINIMUM

AVERAGE

MAXIMUM

$0.11

$0.15

$0.27

A bag of tomatoes costs anywhere from 66 XOF to 170 XOF. A bag of tomatoes denotes 1Kg or 1lb depending on location.

Bag of apples price

120 XOF

150 XOF

250 XOF

MINIMUM

AVERAGE

MAXIMUM

$0.20

$0.26

$0.42

A bag of apples costs 150 XOF on average. A bag of apples denotes 1Kg or 1lb depending on location.

Grocery and food expenditure to income ratio

The average grocery-to-income ratio in Mali is around 27%. This means that families spend 27% of their income on grocery and basic household items. The expenditure can range from 19% to 33% depending on salary and location.

Expenditure on food and grocery for families