Thanks for all the responses. I should clarify I have a U.S.-based source of income, I'm just really conservative in estimating how much that will be (it's basically sales so I need to predict how many deals I close, with each one being $5,000-$10,000 US). For that reason I look at worst case scenarios and would like to keep the budget under $1200 US / month if it turns out business isn't going so well. And part of convincing myself this is a good idea is adding an incentive to save on expenses--currently I'm spending $2300 USD per month here in the U.S.
It's tempting to look at places like India, Southeast Asia, Costa Rica, and others with a very low cost of living. But I've either already been to those places, and I get the sense there is something special to the expat community in BA, at least from the point of view of someone in their twenties. Maybe I'm wrong there.. but there were some undesirible elements to the crowds in Asia, and I get a similar impression from Costa Rica (sorry to generalize but I lived in Bangkok for a year, loved it, but large swaths of the expat community are weird or creepy for one reason or another).
But, from living in Bangkok, I remember how awesome it is to afford everything.. to eat out all the time, get appetizers, whatever, not worry about a thing. But so far having come up with any alternatives to BA in terms of interest