HK Monthly Budget, Need Advice.

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  1. #1

    Join Date
    Aug 2006
    Posts
    2

    HK Monthly Budget, Need Advice.

    Hey, I am a single guy and will be moving to HK soon. I will work for a bank as VP with only 3 years experience. I'm moving with a gross mthly pay of HKD 43000 (not include cash bonus), which is inclusive of everything! I would like to work with a mthly budget as:

    Mthly Pay-43000

    MPF-1000
    Tax-5800(according to IRD Website )
    Rent( inclusive tax,etc)-11000(Studio HK Island)
    Electricity & Water-350
    Tele+Mobil+Broadband-350
    Food -3000
    Entertainment-2000
    Transport-800

    Do you think it is workable? Really appreciate any input, thanks!


  2. #2

    Join Date
    Oct 2005
    Location
    Ma Wan
    Posts
    241

    You will be fine, even living "expat style". Others feed a whole family with (a lot) less. In the end it all depends how localised you want to live, but with that amount you will be able to satisfy most cravings.
    From my experience, I would calculate a little bit more on utilities as well as on communication.
    Save some for travelling around the region!


  3. #3

    Join Date
    Nov 2005
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    Cramped island
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    i am abit surprised that VP pays at 43000 in hk. I thought the banks pay more. but again some banks are giving out VP titles like crazy. can I guess that u are with one american bank that used to be a broking house ? 8-)
    but again for someone with 3years exp that shld be good pay level

    i'd think most banks are not on the mpf scheme. u are probably on the oslo scheme where the employee can choose not to pay for anything at all.

    rental estimation is fine, but the rest might need to bump up abit.
    depends on people really...


  4. #4

    Join Date
    Apr 2003
    Posts
    12,383

    You're underestimating your electricity and other bills.

    Electricity will be higher in summer for sure.

    Food will be more if you don't cook at home.


  5. #5

    Join Date
    Jun 2005
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    Hong Kong
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    I know a number of banking VPs who can spend more than $2000 for an evening out, so it depeneds very much who you are mixing with.

    As KIA says, if you eat out more than in (as most expat single guys do I believe) you'll need more than that for food.

    Transport could be a bit less, depending on where you live relative to the office.


  6. #6

    Join Date
    Nov 2005
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    Quote Originally Posted by PDLM:
    I know a number of banking VPs who can spend more than $2000 for an evening out, so it depeneds very much who you are mixing with.
    USD ? hmmm...
    my ex colleague used to enjoy paying 10k hkd per bottle of lafite.. of cos not every night.. but i have seen them blowing 50k hkd on a night out for like 6~8ppl before.

  7. #7

    Join Date
    Jun 2005
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    Hong Kong
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    No, HKD, that being the currency the thread starter was using. HK$2000 was his entertainment budget for an entire month!


  8. #8

    Join Date
    Nov 2005
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    ops... ok... mind getting blunt after 10hours in office.

    digressing alittle, many a times I realized its the people that cannot afford to spend that are spending those money... used to see people in singpaore making maybe like 20k hkd p/m splashing out regularly 1.5~2k HKD on weekend outings, and even half or all their monthly pay on an occasional birthday bash.

    so this young banker is frugal. 8-) but i agree with the rest the number is too small. unless u going to go home everyday right after work!


  9. #9
    deleteduser

    Might want to increase your budget for electricity... My last bill was $3700! (for 2 months)

    Our A/C is a piece of crap, and I moved here just before the summer... I use it much less now that I'm used to the heat (it's almost never on; we just use a fan). Still, expect to pay a lot more than $350 a month in the summer.


  10. #10

    Join Date
    Mar 2006
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    776

    As everyone is saying, it depends on your lifestyle...

    IMO, your budget is workable. I spend even less than you if I don't count in my shopping and travels...


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