View Poll Results: What is your savings rate?

Voters
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  • < 20% (Working - Salary)

    37 19.37%
  • 20% - 40% (Working - Salary)

    57 29.84%
  • 40% - 60% (Working - Salary)

    56 29.32%
  • > 60% (Working - Salary)

    28 14.66%
  • < 20% (Retired - Passive Income)

    4 2.09%
  • 20% - 40% (Retired - Passive Income)

    3 1.57%
  • 40% - 60% (Retired - Passive Income)

    2 1.05%
  • > 60% (Retired - Passive Income)

    4 2.09%
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What is your savings rate?

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  1. #11

    Join Date
    Feb 2005
    Location
    Manchester, UK
    Posts
    7,789

    my MPF is my saving is that ok LOL

    Mat and irisboards like this.

  2. #12

    Join Date
    Feb 2006
    Location
    Kennedy Town
    Posts
    1,014
    Quote Originally Posted by HK_Katherine:
    Those times when your monthly pension is less than your monthly costs! I would say selling a property to pay for - say - vets bills or a dental emergency - is somewhat overkill.

    EDIT - and yes, I know most people only "get by". I also know that while they are "getting by" they are buying coffees at Starbucks, cigarettes, or some other unnecessary thing. The ones who are scraping by entirely on necessities and putting food on the table - sad. The ones who are claiming they are only scraping by but actually can't budget - should save more.
    My guess is that @hullexile has an emergency fund and enough income to cover minor emergencies. He probably just doesn't add significantly to the emergency find over time now that it is sufficent. Does that sound about right @hullexile?

  3. #13

    Join Date
    May 2006
    Location
    Pampanga, Philippines
    Posts
    29,763
    Quote Originally Posted by HK_Katherine:
    Those times when your monthly pension is less than your monthly costs! I would say selling a property to pay for - say - vets bills or a dental emergency - is somewhat overkill.

    EDIT - and yes, I know most people only "get by". I also know that while they are "getting by" they are buying coffees at Starbucks, cigarettes, or some other unnecessary thing. The ones who are scraping by entirely on necessities and putting food on the table - sad. The ones who are claiming they are only scraping by but actually can't budget - should save more.
    I am not going to pay vets bills for my kids Dental fees are not an emergency, we just wouldn't eat out or go on a trip that month. Remember this is the Philippines, things rarely cost much. My sister in law was just quoted for a caesarian operation in a private hospital, private ensuite room with a spare bed for visitors for three nights, care and medication for her and the baby - total HKD 5200. I wouldn't classify that as an emergency.

  4. #14

    Join Date
    May 2006
    Location
    Pampanga, Philippines
    Posts
    29,763
    Original Post Deleted
    Pocket money. My wife's food business brings in more

  5. #15

    Join Date
    May 2006
    Location
    Pampanga, Philippines
    Posts
    29,763
    Quote Originally Posted by cendrillon:
    My guess is that @hullexile has an emergency fund and enough income to cover minor emergencies. He probably just doesn't add significantly to the emergency find over time now that it is sufficent. Does that sound about right @hullexile?
    The emergency fund is very small. I did all my saving to ensure we have a rent/mortgage free nice house, some other properties for the future (that is my savings if you want), my wife has her small business to provide her independent money, we both have cars, kids are going through private education. If I die my wife is set up ok. To put it into context my pension is about ten times the average salary here - that is before my state pension starts.
    shri, civil_servant and z754103 like this.

  6. #16

    Join Date
    Mar 2009
    Location
    Hong Kong
    Posts
    2,260

    I've found my spending habits don't change too much even when income varies.

    when i earned more, i felt less guilty spending but i never spent more than i made. Now when i earn less, i feel a bit more guilty, but i don't feel my lifestyle has suffered much and i still spend less than i make. I just saved more before.


  7. #17

    Join Date
    Feb 2006
    Location
    Kennedy Town
    Posts
    1,014

    To whoever is saving more than 60% in retirement, (i.e. drawing less than 1.6% of your nest egg) that is extremely impressive!

    tura likes this.

  8. #18
    Quote Originally Posted by cendrillon:
    To whoever is saving more than 60% in retirement, (i.e. drawing less than 1.6% of your nest egg) that is extremely impressive!
    Maybe not if you consider these numbers.

    https://geoexpat.com/forum/40/thread180353.html

  9. #19

    Join Date
    Jul 2015
    Posts
    229
    Quote Originally Posted by civil_servant:
    Maybe not if you consider these numbers.

    https://geoexpat.com/forum/40/thread180353.html
    Haha wow. almost 5% have at least HKD 100mm. That should be plenty enough to be in the "> 60% (Retired - Passive Income)" category.

  10. #20

    Join Date
    Jun 2010
    Location
    Tri-State
    Posts
    11,644

    Greater than an American teenager. Less than a Japanese Grandma.

    hannah01 likes this.