I'll be moving to Hong Kong at the end of the month and I'm just trying to work out how much money I have to live on and what standard of life I can expect. So I've worked out this budget and i'd like some advice on whether you think it's feasible or whether I've made some glaring ommisions/errors.
For information I'm 22 years old, planning on renting an approx 600sqft apartment, no real need for a landline telephone.
Taxable Income: 10% of $215,000 = 21500,
Tax due (according to Salaries Tax Computation )$9845
Mandatory Provident Fund (@5%) $10750
Net Salary - $194,405
Monthly Net Salary - $16,200
Monthly Housing Allowance - $8,500
Groceries - $2500
Mobile Phone - $120
Broadband - $200
Electricity - $400
Gas - $400
Water - $150
Transport - $500
Gym - $200 (My employer pays up to $240 for membershup)
Monthly total after expenses - $11,730
Daily total - $418
Does this all seem about right? I've not factored in any entertainment expenses (drinking, going out, eating out etc) as I'm not too sure on how much these things actually cost.
With my housing allowance quite low at $8500 I think I'd like to put some more money towards that to get a bit nicer place so my monthly total after expenses may be more like $10,000.
Also, a few questions regarding taxes.
1. Have I made my calculation regarding salary tax correctly? It seems quite low.
2. Am I right in thinking that taxes are paid annually and are not automatically taken out of your bank account?
3. Am I right in thinking that on your first salary payment they expect a double payment of 2 years worth of tax?
4. This Mandatory Provident Fund is about 5% yes?
5. What is to happen if (hypothetically) I were to return to the UK the month before taxes are to be paid? I assume they would just be payable if I ever returned to HK?
Thanks for your help guys! If anyone has actually read through all of that then I owe them a beer! (Budget permitting of course!)