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Another salary question: Is 40K enough for two?

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  1. #91

    Join Date
    May 2010
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    What relocation package they offered


  2. #92

    Join Date
    May 2010
    Posts
    78
    Quote Originally Posted by rkdis:
    What relocation package they offered
    A cash payment of roughly my two month salary.

  3. #93

    A bit more recent data please

    Hello,
    This thread is a boon. But, considering that almost half a decade had gone by I am surprised that the same salary is good enough.

    Would the following be easily done with a salary of around 70K a month?
    Will be me + wife + 1 year old son + dog.

    1. Live in wanchai in a 3 BHK
    2. Save around 25K a month at least
    3. Odd trips to places like macau once a month.
    4. Once a year trip back to India
    5. Having a dog (Already have one)
    6. Eat out at indian restaurants 1-2 times a week
    7. A reasonable shopping experience (10K a month)

    Please let me know as it will be very helpful.
    cheers
    Ranjith

    Last edited by ranjithc; 11-08-2010 at 12:25 AM.

  4. #94

    Join Date
    Apr 2005
    Location
    Sai Kung
    Posts
    8,561

    no, that would be tight.

    you have 1/2 of your salary already spent as savings and shopping!

    that leaves you $35k/month.

    deduct the following:
    school fees/playgroup fees: $2000/month MINIMUM, kindergarten would be double that if you go for international!

    restaurants: $3500/month (you don't say if you drink or not when you eat out, so that could be a little lower. if you go out 8/month, then you would have a maximum of $437/meal, which is doable)

    trip to macau including nice hotel room, a meal & ferry: $3000/month

    utilities: elec $500-700/month
    telephone: $300/month not including IDD
    tv: $500/month (possibly including some indian channels)
    water: $50/month

    rent: $20,000/month (might not get you 3 bedroom in wanchai, or a 3 bedroom not in wanchai)

    trip to india once per year: no idea of the cost!

    dog: food $200/month
    dog care for all of your trips: either $175/day (our charges for boarding) or $3600/month for a helper

    transportation: for 3 people: $2000/month

    all of that adds up to roughly: $34.5k... so you would only have $500/month left over for your trip to India (i didn't count that as i had no idea of the cost)

    Hugo85 likes this.

  5. #95

    Join Date
    Jun 2005
    Location
    Hong Kong
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    23,217

    There has been very minimal inflation here in the last 5 years, so the figures are much the same.

    $10K per month for random shopping (above food and holidays and trip to Macau and India) seems like quite a lot of shopping, but maybe that's just me.

    Have you checked the rules for bringing a dog from India? You are aware that it will have a mandatory minimum 4 month quarantine on arrival?
    AFCD Import of Dogs and Cats

    Last edited by PDLM; 11-08-2010 at 12:46 AM.

  6. #96

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    Apr 2005
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    oh, yeah... i forgot food!

    groceries: family of 3:
    $6000 (easily, depending on what you eat)


  7. #97

    Join Date
    Jun 2005
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    Hong Kong
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    You'll also be paying around HK$7K per month in tax.

    Salaries Tax Computation


  8. #98

    Join Date
    Apr 2005
    Location
    Sai Kung
    Posts
    8,561

    bye bye $25k in savings and $10k for shopping!!!!

    (can't imagine wanting to waste $10k/month on "shopping"... utter waste of time and $ to me....but hey, that's just me)


  9. #99

    Thank you soo much folks!!
    I am surprised there are folks who will respond to help with information even at midnight

    Some details that might help guide me more accurately.


    * My office is in Central
    * I do drink and the good stuff in whiskey

    Are you saying that 20K will not get a 3bhk in wanchai?
    would it be possible in maybe south horizons, Ap Lei Chau?

    Alternatively, could you suggest some area for accommodation which would not be around 30 mins by train from Central?

    Also, what kind of cost should i look at if i wanted to stay in a 3bhk in Wanchai?


    I am aware of the 4 month quarantine for dogs.

    Trip to India would only be a few goodies like chocolates and stuff + plane tickets for me n wife n the lil tot. [doggie stays in kennel].
    We already have family at India so no worries on costs after reaching there.


  10. #100

    regarding tax, i understand that there is no tax for the first 12 months on arrival in HK.
    Is that true or am i grossly misinformed?

    From the second year, i would be hoping for a reasonable raise in salary.

    Also, there would be a year end bonus in IBanks, but then I consider that a true bonus which i don't want to count while calculating cost of living and savings.


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