Need suggestions - Salary

[IamInHk]

I am planning to move to HK in a month or two. I will be accompanied by my wife and a 6 months old kid.

Iam being offered a senior role (project leader) in an investment bank for its IT operations (unix/C++).

I have been given a package of 60000 HKD / month + Bonus (paid annually).

Is this package a fair deal ?

My monthily budget is as follows :
===================
Rent : HKD 10-12 k
Tax : HKD 7000
Water/Electricity/Gas : HKD 1500
Cable TV and Broadband : HKD 600
Telephone : HKD 2000
Eating outside (Weekly once, for two ) : HKD 2000
Groceries / Misc exp (incl. Transport) : HKD 8000

Which means i can save around HKD 27000 / month.

Is this a feasible budget for having a comfortable life in HK ?

[oormila]

Hi there!

In my personal opinion...10 to 12K may not be enough for a place for your family esp since you have a kid..it all depends on where you would like to live..there are some areas where you can get a 2 bedroom apartment for 12K too...
Good luck!

[esque]

I would agree. Come see what the accommodation is like here - you may find something to suit that budget for your family, but you may be surprised at how small hong kong apartments are. I would recommend staying in a serviced apartment for the first month or two while you hunt for a suitable apartment. There are lots of threads on this site that will help you choose an area. Bear in mind that the highest prices are in expat areas such as mid-levels, stanley, repulse bay etc.

[goleoboy]

based on my initial research, i totally agree. $12k won't get you much. even in the new territories - you'll probably only afford about a 700sq ft apt which is way too small for your family. i would budget 20k/month for a decent apt.

eating out once a week, is that enough? :-) there's tons of places to eat in HK, i would budget more for entertainment - how about shopping? ;-)

[DanielandHayley]

Not totally true - If your prepared to travel and not live on the island then 12k will get you a decent apartment in the NT.

We live in a lovely 3 bedroom, fully furnished apartment in Tin Shui Wai (40mins from Central) and pay 5200 a month.

People seem obsessed with living on HK island and in the fashionable areas at such a high cost.

You will be able to live more than comfortably on your salary.

[sunniefaith]

It's true that you can get more for your money if you live out from HK island. For 10 to 12 K, you'll be able to find a 3 bedroom place around 800 to 1000 square feet. I'm paying 8400 for 700 square feet at Park Island.

For cable and broadband, I'm paying around 374. I've got heaps of channels, including some sports and the cartoon channels as well. Broadband, unlimited.

For phone, don't think you need to spend 2000. For my landline, I pay 330 a month (fixed) for local and IDD calls. For mobile phone, I've a got a plan for around 100. You can also sign up to IDD companies that'll prob give you better IDD rates as well.

[goleoboy]

listen to the locals... i am searching myself! :-) budget is about $15k but really gonna have to adapt to the smaller apts in HK (esp the gross sq ft vs. net...)

[Mat]

In NT you can easily get a 1.000 for 12K a month or less...and this in some nice area (Goldcoast, Aegean Coast or else..) not that remote from the center (40 min by direct bus 24/24). and it is a much nicer environement than the center for a young kid (beach, easy access to facilities...)

[HKChigger]

Rent : HKD 10-12 k
Tax : HKD 7000
Water/Electricity/Gas : HKD 1500
Cable TV and Broadband : HKD 600
Telephone : HKD 2000
Eating outside (Weekly once, for two ) : HKD 2000
Groceries / Misc exp (incl. Transport) : HKD 8000

Tax 7000? :eek Not sure if that is right or not. But, do keep in mind it is paid once a year. They will send you a bill. Not deducted every cheque.

Telephone at $2000 is way too much! I spend under $200 a month. I don't have a landline, but I have two mobile phones one for IDD and one for local. I suspect you could outfit your whole family including landline, IDD and cellular for maybe $500.

TV and Broadband should also be in $300 range depending how much and how fast you want.

If you are only eating out once per week and are budgeting for two keep in mind $500 for each time is quite a lot. You can eat at quite a nice place with that. You may want to eat/drink out more often though. So perhaps increase.

Let everyone know the size of the place you want for more ideas about housing price. Varies on district/size big time.

[z754103]

Depending on the nature of your job, you may want to check your actual working hours before you decide where to live, and how long you want to commute for. Some of my friends who work 7:30 am to 10 pm routinely ended up moving closer to the office from places like Discovery Bay or Ma On Shan.