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My Budget Estimate for 2 People. Is it realistic?

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  1. #1

    Join Date
    Dec 2011
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    My Budget Estimate for 2 People. Is it realistic?

    I'm trying to come up with a monthly budget for 2 people living together. The worst case scenario is that we will have a combined monthly income of $20,000 but we are hoping to earn at least $30,000. Does the following seem reasonable?

    Rent: 10,000
    With at least 10,000 left over, will the following be feasible?
    - 2 Mobile Phones: 400
    - TV/Internet: 300
    - Hydro: 800
    - Groceries for 2: 3,000
    - Eating out for 2 (mostly cheap meals): 4,000
    - Transportation for 2: 1000


  2. #2

    Join Date
    Oct 2005
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    14,414

    I assume you won't need sponsoring for a visa?

    Hydro?
    Transportation, depends on how far you'll live from work. $24 a day is typical if you're using the mtr and living off the island.


  3. #3

    Join Date
    Feb 2007
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    What about electricity? Clothing? Medical expenses? Entertainment? Other incidental expenses?

    I also think your transport budget is low.

    You might be able make it work, but it will be very tight.


  4. #4

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    Dec 2011
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    Quote Originally Posted by jimbo:
    I assume you won't need sponsoring for a visa?

    Hydro?
    Transportation, depends on how far you'll live from work. $24 a day is typical if you're using the mtr and living off the island.
    I have my PHKID so I don't need sponsorship. Does my hydro (electricity) estimate seem accurate?

  5. #5

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    Quote Originally Posted by hello_there:
    What about electricity? Clothing? Medical expenses? Entertainment? Other incidental expenses?

    I also think your transport budget is low.

    You might be able make it work, but it will be very tight.
    Sorry, I meant electricity when I said hydro. As for clothing , entertainment and incidental expenses, I would have to cut down on the food budget as needed or earn more money. I do also have savings that would cover those expenses for a while. I just don't want to touch my savings if I don't have to.

  6. #6

    Join Date
    Mar 2007
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    634

    It could work, but where is the quality of life? What to do when a year later your landlord ups the rent by 10-20%?


  7. #7

    If I were you on $20k pm budget, I'd be looking at a cheaper flat (max $7-8k), 50% of your monthly budget on accommodation is too much imo.
    Unless you are big eaters or into very specific foods that are imported/expensive, I think you can spend less than that on the food.


  8. #8

    Join Date
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    The general guideline is that you should spend about 33% of your income on housing, though in places like Hong Kong that can be rough. Did you factor in taxes to your budget?

    I would also second the "quality of life" comments. I wouldn't come to Hong Kong "just to barely get by". If this job is a stepping stone to something greater than it's a question of taking the risk and going for something, but if you are looking at only marginal increases in income you should note that prices here, especially for housing, can jump significantly from year to year.


  9. #9

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    Dec 2011
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    Quote Originally Posted by SiuMaiTaiTai:
    If I were you on $20k pm budget, I'd be looking at a cheaper flat (max $7-8k), 50% of your monthly budget on accommodation is too much imo.
    Unless you are big eaters or into very specific foods that are imported/expensive, I think you can spend less than that on the food.
    I'm hoping that we'll make more than 20,000 but I budgeted with 20,000 to be the worse case scenario. Sounds like we'll need at least 30-40,000 to enjoy HK.

  10. #10

    A combined income of 20K for 2 is very low, even if you take it up to 30K it's only 15K a month per person (around USD 2K a month only). Are you sure you want to come to HK on that salary? HK is an expensive place to live. The rent alone will eat up a big chunk of your income.

    Your budget for rent is 10K a month but for food it's $7K a month, leaveing you only 3K for other stuff. I would cut down the budget for food. We are a family of 3 and our grocery bill is less than $3K a month. We eat home cook meals every day and shop at wet markets etc.

    Good luck with whatever you do but I would think thrice before moving to HK on that salary.


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