Living in Mauritius: More Expensive Than Ever?
Statistics Mauritius has conducted the Household Budget Survey (HBS 2023) for the first time since 2017. And for the first time EVER, in this article, I give my 2-cents on what I draw from this.
Statistics Mauritius has conducted the Household Budget Survey (HBS 2023) for the first time since 2017.
And for the first time EVER, in this article, I give my 2-cents on what I draw from this.
Let's cut to the chase: Is life getting pricier in Mauritius? You bet your hard earned rupee it is!
According to the latest Household Budget Survey, the average Mauritian household is shelling out a whopping 45.6% more than they did in 2017. That's a pretty hefty increase, folks! But wait, let’s adjust for inflation and the fact that families are getting smaller, the real increase still stands at 18%.
While the average household income has also increased, this does mean that your hard-earned cash isn't stretching as far as it used to. That fancy dinner out? Might have to wait. New pair of shoes? Maybe next month. And don't even get me started on rent!
Where's the Money Going?
If, like me, you set a money date with yourself every month and if (unlike me) you have the luxury of not having to pay rent, then you might notice that a big chunk of your paycheck is probably going towards food , followed by transport. So, if you're looking to save some cash, consider carpooling, ditching those restaurant meals at lunch for home made and meal prepped options, and maybe even exploring public transport?
But remember, simply saving this money doesn’t help. You should seriously consider investing your money (like, yesterday!).
A few options to look at in Mauritius are:
Stock Market (local or international): Speak to your bank or a broker to get more information about what would be the best options for you. If you want to get more insights on this - check out this episode of the Don’t Panic Podcast with Ishant Ayadassen, who is actually a financial advisor.
Mutual Funds and Pension Schemes - Speak to brokers or your bank’s relationship manager about what this could look like for you. Listen to this
episode with Dorianne Denis-Rama to understand how she invested her money and some lessons she learnt along the way.
Real Estate - Residential, Commercial or even Agricultural, you can always speak to a real estate agent to explore what options are available to you if you’re feeling shy: I’ve spoken to Richard Haller - who at the time was the Managing Director of Pam Golding about investing in Real Estate and his own experience with it.
Innovative Investment solutions like Peer to Peer lending platforms: I’ve spoken to Paul Perrier about this on this episode of the Don’t Panic Podcast.
Keen to know more? Check out more episodes on money here.
But even as you consider all of this, one thing that I have a passion and admiration for is entrepreneurship - Starting your own company - exploring the benefits of creating and exchanging value for people.
Business Opportunities: Spotting the Gold
While the rising cost of living might be a pain for consumers, it also presents some interesting opportunities for entrepreneurs. With people spending more on food, there's definitely room for innovative food businesses, especially those focusing on healthy, affordable options.
And let's not forget about healthcare. With an aging population and increasing healthcare costs, there's a growing need for home healthcare services, elderly care facilities, and wellness centers treatments like yoga, fitness or even alternative treatments!
The Bottom Line
Life in Mauritius is undoubtedly more expensive than it was a few years ago. But fear not! With a bit of financial planning and some creativity, you can still enjoy a good quality of life.
Remember, to set that money date with yourself folks!
What do you think about the rising cost of living in Mauritius? Share your thoughts in the comments below!