The best money saving tips for living in Panama City, Panama involve the use of a credit card. One can pay for almost anything with a credit card in Panama City. Pay for rent, groceries, pharmacy, opticians, medical, everyday shopping, entertainment, and restaurants. Using a credit card for most purchases eliminates the need for a local bank account. Using a credit card for most purchases reduces the number of trips to the ATM for cash, thus reducing ATM fees. Max out the withdrawal amount and use the ATM only once a month.
Ask the property manager to accept rent on the credit card. Use a credit card that pays cash rewards that can be applied directly to the credit card balance. Our landlord paid the credit card fees so we paid nothing extra and gained the rewards that lowered our rent by $40 each month.
Some credit cards pay higher rewards for food and gas purchases. Our credit card recognized that Riba Smith was a grocery store. Avoid credit cards that only pay rewards with gift cards. Make sure there are no overseas fees and request a high limit.
Shop at Albrook Mall for bargains on clothing and housewares. Charge everything and earn the cash rewards. The food court has bargain fast food that is tasty. The Multiplaza Mall is upscale and expensive. Do-it Center is a hardware/misc. store that actually has weekly sales. The prices are still higher than in the US, but if one waits, most items will go on sale. They accept credit cards and have a customer rewards program.
PriceMart Membership store is a good place to shop if you are ok with bulk shopping. Credit cards are accepted and the snack bar offers the cheapest lunch in the city.
Buy water and sodas from street vendors. A 16 oz. bottle of water or Coke along the Cinta Costera is only $1. A soda in a Casco Viejo café is $4.25. Do not expect too much diet soda to be available with vendors.
A few more cost saving tips:
-Skip cable and sign up for USTVNOW on the Internet. It is free and has a good selection of channels. A decent Internet speed is required, though.
-Ask for the jubilado discount even if you do not have a card. In El dorado, fast food places give the discount if one looks 55 or older.
-Or, try the expat favorites: Ride the bus, eat less, drink tap water, and rent cheaper older apartments.
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