Uncover vibrant culture, delicious cuisine, and unbeatable prices that can supercharge your path to financial independence!
Anyone ever been to Turkey? Love the food? Ever thought of retiring there?
Last year I spent around 4 months living in Istanbul and it was eye opening. I had been before but this time was little different. It was the first time I had used it properly as a base. I set up the daily things I needed, like it was my home. I had gym, a boxing coach, I found a bunch of coffee places in my neighbourhood and I was building a social circle that met up regularly to try new foods. In short, I loved it and I have added Turkey to my annual rotation. With the inflation situation in Turkey, anyone earning USD/Euros etc would be in position to leverage the exchange rates and make their income stretch ALOT further.
Accommodation
During this trip, I rented a room with a nice Turkish woman and an Italian art student. The selling point for this particular flat was Chani the dog. So precious. I had previously rented a two-bedroom apartment ($1000 p/m) a couple of blocks away, but it felt a little lonely, to be honest, so I sought out some company in the form of flatmates… and a cute dog. My flatmates were also able to provide some local knowledge and top tips, which were brilliant: the best x restaurant is here, the quickest way to get to y is here, etc., etc. Local knowledge is key.
Spend: $400 P/M
% of Total Spend: 36%
Eating Out
Usually, “eating out” is a financial black hole for me each month. Happily, in Turkey, I was eating out daily, at least twice, and the expense was very manageable. Not only this, but I was able to pay for dinners for friends and eat at very good restaurants and dessert places. Cheap… dangerously cheap.
Spend: $574.88
% of Total Spend: 27%
Groceries
I found groceries to be really cheap, especially if you were happy to accept local brands rather than the Western ones. To be perfectly honest, there were so many savings to be made in other areas of life (accommodation, gym, eating out, etc.) that spending extra dinero to get Kellogg’s cornflakes barely registered to me. Meat and chicken were also very affordable, but the real gem was… Turkish cheese. Now, don’t get me wrong, it’s not Italian or French cheese, but it’s still pretty good and mega cheap.
Spend: $37.85
% of Total Spend: 3%… yes, I know it’s not a lot. I ate out almost every meal 🙂
Personal Care
These costs included things like my monthly gym membership, monthly supplements, 8 personal boxing lessons with an English-speaking coach, a doctor’s appointment, and a pharmacy visit. Personal care and medical made up a larger proportion of my total monthly spend, but compared to other countries I’ve lived in, the cost is very manageable if you prioritize your health.
Spend: $264.26
% of Total Spend: 24%
Bills
During this period, my “bills” were iCloud storage and insurance. Oh, these were much simpler times.
Spend: $49.96
% of Total Spend: 5%
This included just one investment (stock-related) subscription that I use to educate myself about the market and certain stocks. More have been added since then.
Spend: $30
% of Total Spend: 3%
Small caveat here: the figures shown below only included meeting up for drinks with friends where we saw a gig or just had drinks. If we ate food, then it has been allocated into the eating out category, so this will warp the spend in this category. By and large, having a few beers with mates isn’t going to break the bank in Turkey. The local beers like Tuborg or Efes are very good, and in Kadikoy, especially, there is a large craft beer scene.
Spend: $14.79
% of Total Spend: 1% (Take this with a pint of craft beer; this was higher).
Transport
Top tip: Don’t waste your time or sanity on Ubers or taxis in Istanbul. They are a little scammy, slow, and the traffic is insane at times. The metro/underground network is efficient, and it’s very affordable. Get yourself an Istanbul Card (near any station or ferry terminal), and you can use all the trains and, better yet, the ferries. It’s much nicer to take a ferry from the Asian side to the European side and then walk to the nearest metro station to get to your final destination. I had zero dramas on the metro, and sitting on a ferry on the way home after a delicious dinner was the perfect ending to a wonderful evening.
Spend: $15
% of Total Spend: 1%
Pros and Cons of Istanbul
Pros:
- Ancient city full of history
- It’s a huge cultural melting pot
- The food scene is fantastic, and there’s always a new place around the corner
- Efficient metro and ferry service to most parts of the city
- High-quality craftsman at very good prices
- Felt safe the whole time
- Two airports (one on each side of the Bosphorus) giving you more options
- Cheap local food, beer, and produce
- Super affordable medical care
- Well positioned and super connected to Europe and the rest of the world
- Cats and dogs EVERYWHERE!
Cons:
- Busy, busy, busy… It’s a huge city, and there are a lot of people
- Traffic is insanely congested at times
- Noisy… naturally, with all the people and traffic, there is going to be noise. Pick your accommodations accordingly
- Cigarette smoke: the majority of people smoke tobacco/shisha in Turkey. It’s a no from me, but if you don’t mind it, then you’re good to go.
Conclusion
In summary, I loved Istanbul. The city was old and full of secrets; the food was everywhere, and it just felt alive. Eating out and meeting up with people was never an issue because the city is well connected, and it’s so affordable. From a well-being perspective, I found it easy to manage my health, and when I did need to see a doctor, it didn’t take long and it cost a fraction of what it would have back home. It is positioned perfectly for you to be able to do the Schengen Shuffle (90 days in and 90 days out). If you haven’t been yet, bump it up your list.
Cheers
Andy