Cost Of Living For a Student in Mali 2024
Average Monthly Expenditure
Currency: XOF
Average monthly spending for students in Mali
How much money does a student need in a month to survive in Mali?
Students in Mali spend around 170,000 XOF per month on average. Depending on the lifestyle, a student can survive with a monthly budget as low as 25,000 XOF or as high as 1.1M XOF. Location is a very important factor and has a huge influence on expenditure and budget.
Prices and cost of goods and services in Mali
Dining, food, and beverages costs
Fast food combo meal
| 330 XOF | 660 XOF | 1,100 XOF |
Restaurant meal for one
| 1,100 XOF | 1,700 XOF | 3,300 XOF |
Fine dining meal for one
| 2,200 XOF | 3,300 XOF | 13,000 XOF |
Cappuccino or latte
Grocery and market costs
Milk large bottle
12 eggs
Fresh whole chicken
Pack of beef
| 440 XOF | 660 XOF | 1,300 XOF |
Medium bag of rice
Bag of tomatos
Bag of apples
Commute, travel, and transportation costs
20 minutes taxi ride
Average car full tank
| 1,700 XOF | 2,200 XOF | 4,400 XOF |
Average car 1-day rental
| 1,700 XOF | 2,200 XOF | 3,300 XOF |
Average car price
| 830,000 XOF | 1.7M XOF | 2.2M XOF |
Bus ticket one way
Car Service
| 2,200 XOF | 3,300 XOF | 6,600 XOF |
Utility cost (monthly)
Utility Bill - Student
| 1,000 XOF | 6,800 XOF | 45,000 XOF |
Internet and cable
| 1,700 XOF | 3,300 XOF | 4,400 XOF |
Mobile phone charges
| 1,300 XOF | 2,200 XOF | 6,600 XOF |
Leisure and activities costs
Movie ticket
| 830 XOF | 1,100 XOF | 1,700 XOF |
One month gym membership
| 2,600 XOF | 3,300 XOF | 6,600 XOF |
Cloths and accessories costs
Pair of jeans or pants
| 1,900 XOF | 2,800 XOF | 4,100 XOF |
Woman dress
| 1,800 XOF | 2,500 XOF | 8,300 XOF |
Woman shoes
| 1,700 XOF | 2,400 XOF | 5,500 XOF |
Men's shoes
| 1,500 XOF | 1,800 XOF | 3,700 XOF |
Men suit
| 1,700 XOF | 2,100 XOF | 11,000 XOF |
Regular t-shirt
| 830 XOF | 1,100 XOF | 3,300 XOF |
Housing costs / monthly rent
Studio apartment
| 28,000 XOF | 41,000 XOF | 110,000 XOF |
1-bedroom apartment
| 41,000 XOF | 66,000 XOF | 170,000 XOF |
2-bedroom apartment
| 55,000 XOF | 83,000 XOF | 220,000 XOF |
Housing costs / Buying
Studio apartment
| 5.5M XOF | 8.3M XOF | 17M XOF |
1-bedroom apartment
2-bedroom apartment
Furniture Costs
King Size Bed
| 33,000 XOF | 41,000 XOF | 55,000 XOF |
Double Bed
| 22,000 XOF | 33,000 XOF | 41,000 XOF |
Single Bed
| 19,000 XOF | 25,000 XOF | 33,000 XOF |
Living Room
| 37,000 XOF | 47,000 XOF | 170,000 XOF |
Dining Table
| 17,000 XOF | 22,000 XOF | 41,000 XOF |
Sofa or Couch
| 22,000 XOF | 30,000 XOF | 66,000 XOF |
Electronics and House Appliance Costs
TV Set
| 22,000 XOF | 33,000 XOF | 66,000 XOF |
Fridge or Freezer
| 19,000 XOF | 30,000 XOF | 41,000 XOF |
Washing Machine
| 25,000 XOF | 37,000 XOF | 66,000 XOF |
Stove or Cooker
| 24,000 XOF | 30,000 XOF | 41,000 XOF |
Mobile Phone
| 28,000 XOF | 33,000 XOF | 47,000 XOF |
Laptop or Computer
| 30,000 XOF | 37,000 XOF | 66,000 XOF |
How do students spend their money in Mali?
We asked thousands of students about their spending habits and expenditure break down.
Housing and accomodation expenditure for students
Accomodation Cost18%
18% of total expenses on average (13% to 24%)
| LOW | $10 6,100 XOF |
| AVERAGE | $67 41,000 XOF |
| HIGH | $450 270,000 XOF |
| Per Month |
Students in Mali typically spend from 13% to 24% of their total monthly expenditure on housing with 18% being the average. The average monthly spend on housing is 41,000 XOF with expenditure ranging from 6,100 XOF to 270,000 XOF. This cost mainly goes for rent but it also includes other accommodation-related expenses.
Electricity, utilities, energy, water, internet, and mobile expenditure for students
Cost of utilities6%
6% of total expenses on average (4% to 10%)
| LOW | $1.7 1,000 XOF |
| AVERAGE | $11 6,800 XOF |
| HIGH | $75 45,000 XOF |
| Per Month |
Utility expenditure like electricity, water, and gas in Mali ranges from 4% to 10% of total expenses with 6% being the average for most students. The average monthly cost of utilities is 6,800 XOF with 1,000 XOF and 45,000 XOF being the upper and lower limits for a student of four.
Transport, fuel, and commute expenditure for students
Cost of transport and fuel4%
4% of total expenses on average (4% to 10%)
| LOW | $2.9 1,800 XOF |
| AVERAGE | $20 12,000 XOF |
| HIGH | $130 79,000 XOF |
| Per Month |
Fuel consumption and cost of transport depend heavily on whether a student resides near school and work, but roughly speaking a student would expect to spend from 1,800 XOF to 79,000 XOF in a month on commuting with 12,000 XOF being the norm for most students. This means that money spent on transport constitutes about 4% of total spending on average but can go as low as 4% or as high as 10%.
Food, groceries, and basic shopping expenditure for students
Food and Groceries Cost23%
23% of total expenses on average (17% to 27%)
| LOW | $8.4 5,100 XOF |
| AVERAGE | $56 34,000 XOF |
| HIGH | $370 230,000 XOF |
| Per Month |
The average outlay on groceries and basic houshold items for a typical student in a month in Mali is 34,000 XOF. The cost of groceries can range between 5,100 XOF to 230,000 XOF. Students spend on average about 23% on food and groceries with upper and lower bounds of 17% and 27% respectively.
Healthcare and medical services expenditure for students
Cost of healthcare9%
9% of total expenses on average (6% to 12%)
| LOW | $2.5 1,500 XOF |
| AVERAGE | $17 10,000 XOF |
| HIGH | $110 68,000 XOF |
| Per Month |
Students in Mali allocate 6% to 12% 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 9%. The range of medical expenses range from 1,500 XOF to 68,000 XOF with 10,000 XOF being the norm for most students.
Leisure and shopping expenditure for students
Cost of leisure and shopping3%
3% of total expenses on average (2% to 7%)
| LOW | $2.1 1,300 XOF |
| AVERAGE | $14 8,500 XOF |
| HIGH | $93 56,000 XOF |
| 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 1,300 XOF to 56,000 XOF with 8,500 XOF being the average. Speaking of percentages, that equates to 2% to 7% of total expenses with an average of 3% for most students.
Education and schooling expenditure for students
Cost of education and schooling18%
18% of total expenses on average (11% to 23%)
| LOW | $8 4,800 XOF |
| AVERAGE | $53 32,000 XOF |
| HIGH | $350 210,000 XOF |
| Per Month |
Spending on education can vary drastically between different students. On average, education constitutes 18% of the monthly expenditure of students with 11% and 23% being the lower and upper bounds respectively. The average reported education cost is 32,000 XOF per month with 4,800 XOF being the minimum spent amount and 210,000 XOF being the maximum.
Other Expenses19%
19% of total expenses on average (13% to 25%)
| LOW | $6.3 3,800 XOF |
| AVERAGE | $42 25,000 XOF |
| HIGH | $280 170,000 XOF |
| Per Month |
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.
Affordable living in Mali
Income and cost of living compatibility
We asked students one simple question and recorded their answers.
Is it affordable or economical to live in Mali?
Around 50% of surveyed students 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 students 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 students 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 Students
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 students of Mali whether they have an emergency fund and the answers were as follows.
Yes49%
No51%
Based on the survey, 51% of the students 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 student 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 students 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%
Housing costs, accommodation, and housing affordability in Mali
Rental costs and house/apartment prices can vary drastically between different areas and locations.
Rent Cost in Mali
Monthly Rent Prices
Studio apartment monthly rent cost
| 28,000 XOF | 41,000 XOF | 110,000 XOF |
1-bedroom apartment monthly rent cost
| 41,000 XOF | 66,000 XOF | 170,000 XOF |
2-bedroom apartment monthly rent cost
| 55,000 XOF | 83,000 XOF | 220,000 XOF |
3-bedroom apartment monthly rent cost
| 66,000 XOF | 110,000 XOF | 300,000 XOF |
Furnished apartment monthly rent cost
| 130,000 XOF | 330,000 XOF | 660,000 XOF |
Townhouse monthly rent cost
| 110,000 XOF | 170,000 XOF | 470,000 XOF |
House monthly rent cost
| 130,000 XOF | 330,000 XOF | 660,000 XOF |
Villa monthly rent cost
| 170,000 XOF | 410,000 XOF | 660,000 XOF |
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 |
1-bedroom apartment price
2-bedroom apartment price
3-bedroom apartment price
Townhouse price
| 47M XOF | 110M XOF | 410M XOF |
| $78,000 | $180,000 | $680,000 |
House price
| 55M XOF | 330M XOF | 470M XOF |
| $91,000 | $550,000 | $780,000 |
Villa price
| 66M XOF | 370M XOF | 550M XOF |
| $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.
If you're leasing or purchasing, housing costs in Mali 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
| 31 | x88 monthly income | 193 |
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
Rent to income ratio
( monthly rental / monthly income ) x 100
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.
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
27% 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.
| 510 XOF | 6,600 XOF | 66,000 XOF |
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
Utilities expenditure can vary slightly between different areas and locations.
Energy, electricity, water, gas, internet, and mobile cost in Mali
Utility Bill Cost / Electricity + Water + Gas / Student
| 1,000 XOF | 6,800 XOF | 45,000 XOF |
Internet and cable cost
| 1,700 XOF | 3,300 XOF | 4,400 XOF |
Mobile phone bill and charges
| 1,300 XOF | 2,200 XOF | 6,600 XOF |
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 energy and water consumption of students is around 6,800 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
( monthly utility expenses / monthly income ) x 100
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
Grocery / Food expenditure and prices can vary drastically between different areas and locations.
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 |
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 |
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 |
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..
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
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
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
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 |
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
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
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
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
( monthly grocery expenses / monthly income ) x 100
The average grocery-to-income ratio in Mali is around 27%. This means that students 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 students
Students' spending on grocery ranges from 5,100 XOF to 230,000 XOF with the location, income, and size of the student being the most determinite factors.
