Hi. I read your question with a lot of interest because my wife and I are in Spain right now. We're based in Vera Playa and are exploring the area for a place to call our new home. We are retiring and but for a few Euros interest from a savings account, our source of income will be our pensions (...
Read more...
...some state and some private). Thererore your question is highly relevant to us.
Here's what i have discovered so far.
A few months ago, I was pointed in the direction of an article which stated that to live a reasonably comfortable life in southern Spain, you would need around $20,000 US per annum. Thats around €18,000. Having asked a couple of friends who have been living in Spain for 7 years, i was assured that this opinion is reliable.
Moving forward to the present time, as I said, we're here right now and i recalled your question, which I first saw a few days ago. I have been asking that question myself. All I can tell you is that your figure of €1500 per month will work very well.
A very good tip i picked up only yesterday was to avoid shopping in the Spanish equivalents of Sainsbury's or Tesco. I was particularly advised to avoid the Consum chain, who apparently aim all of their prices at "tourists." Stick to the local supermarkets for much better value.
The other tip you should consider carefully is to learn to speak Spanish. Not only will it make your life easier and richer for all the obvious reasons of integrarion into your new home, but it will also mean that when the old lady ahead of you in the queue at the panadaria gets charged €2 for an item, and your asked for €3 for the identical item, you will know, you will ask why, and now its known that you "hablas espanol," it will probably never happen again. It may seem like we're straying off the point of your original question, but it helps to protect your budget.
Bottom line from what I have learned is that you will have a comfortable life on your budget in Spain, but sadly not so in the UK. Hope this long, rambling answer is helpful.
Best wishes. Lee.