How Much Money Do You Need in Portugal Every Month?

Living in Portugal, especially in urban centers like Porto and Lisbon, can come with quite a high cost of living. Let's delve into how much money you need on a monthly basis to cover your basic needs and maintain a decent lifestyle.

Minimum Wage and Living Costs

The minimum wage in Portugal is approximately €635, which might seem generous on paper, but in practice, it's not sufficient to live comfortably in Portugal’s capital cities. According to various sources, maintaining a decent life in Porto or Lisbon typically requires at least €1,000 per month. This amount covers a range of essential expenses, including:

Apartment rent Utilities (gas, water, internet, and electricity) Groceries Public transportation Other daily necessities

It is important to note that the minimum expenditure requirements vary based on the specific location within Portugal. While you can manage in smaller towns around the country with a lesser budget, the main cities of Lisbon and Porto demand a higher financial commitment. In the heart of Lisbon and Porto, a basic living standard can cost significantly more, upwards of €1,500 per month.

Living Costs in Different Areas

The costs can be highly dependent on where you decide to set up residence. If you choose to rent in Lisbon or Porto, your monthly expenses can significantly increase. For example:

In Lisbon, rent prices in the city center can range from €650 to €1,200 per month depending on the size and condition of the apartment. Public transportation, such as an LU card for daily use, can cost around €60 per month. Groceries in Lisbon can cost around €250 per month, assuming a balanced diet of fruits, vegetables, and other essential items.

Porto’s central area has similar cost structures, with slightly lower rent prices. For instance, an apartment in Porto might cost between €600 and €1,000 per month, with groceries costing around €240 per month.

Living Well Outside of Lisbon and Porto

Living in Portugal outside of Lisbon and Porto can be more affordable. If you prefer to live in a smaller town or rural area, your monthly expenses could drop down to around €800 for a comfortable lifestyle. Here, you will have a smaller housing market, potentially giving you more options and higher quality accommodations for your budget.

For instance, in cities like Covilh? or Coimbra, you can find apartments for as low as €500 to €800 per month, provided you are willing to compromise on the location slightly. Groceries and other daily necessities are also cheaper, allowing you to stretch your budget further.

Personal Expenditure and Comfortable Living

The amount you need to live comfortably in Portugal varies based on your personal lifestyle and preferences. Here are some additional factors to consider:

If you are living alone and want a larger and more comfortable apartment, the minimum wage might not suffice. For those who enjoy eating out frequently or have hobbies that involve significant spending, these costs must be accounted for. Eating out in Portugal can range from €10 to €20 per meal, and daily expenses for entertainment and other leisure activities can easily add up to another €100 or more per month.

Additionally, if you plan to rent a car or travel frequently, these costs can further increase your overall expenses. It’s advisable to have a buffer of around €500 to €700 per month for unforeseen expenses or emergencies.

Conclusion

Living in Portugal requires careful budgeting, as even the minimum wage is often insufficient to maintain a good quality of life. Especially in Lisbon and Porto, a monthly income of at least €1,000 is recommended for basic living needs. However, you can stretch your budget in smaller towns, where a comfortable lifestyle can be maintained with a lower starting point of around €800 per month.

For individuals wanting to live comfortably outside the major cities, adjusting their expectations and choosing a more cost-effective location can significantly impact their financial needs. Regardless of your chosen residence, it’s essential to have a detailed budget and financial plan to ensure you can meet your living expenses in Portugal.