Can I live on $500 a month in Mexico?

Could you please elaborate on the feasibility of living on a monthly budget of $500 in Mexico? I'm curious to know if this amount would be sufficient to cover basic expenses like housing, food, and transportation in a typical Mexican city. Would I need to compromise on certain amenities or lifestyle choices? Also, how does the cost of living in Mexico compare to other countries, especially in terms of affordability for foreigners? I'm interested in understanding the practicalities of this budget, and any additional advice or considerations you may have would be greatly appreciated.