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Monthly budget: Did I forgot anything?

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  1. #1

    Join Date
    Aug 2012
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    7

    Question Monthly budget: Did I forgot anything?

    I got a job offer to work in HK for a bank. They pay HKD 50'000 per month.

    Now I tried to figure out about the monthly cost and wrote a budget plan (we're a young unmarried couple).

    Did I forgot anything or made some big mistakes?

    Net salary: 41'000 (50'000 - 7'500 taxes and 1'250 MPF)
    - rent: 20'000
    - public transport: 1'000
    - groceries: 5'000 (we're fine cooking at home and eat local food)
    - gas etc.: 2'000
    - mobile phone: 1'000
    - health insurance: 1'000
    - fitness club: 1'000
    - flights back home: 4'000 (3 flights per year to Switzerland)
    - entertainment: 3'000
    - various: 2'000
    - bills back home:1'000

    All figures are for two persons. Bonus is not included in the salary.

    Thanks for any advice and corrections!


  2. #2

    Join Date
    Dec 2002
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    Might want to check on visa options for your other half. You need to be married to qualify for a dependent visa.


  3. #3

    Join Date
    Mar 2012
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    And only marriages to members of the opposite sex are recognised.

    $3000 per month might not get you much entertainment each month for two, depending on what your tastes are.

    If you are a legal resident then you are entitled to use the public health system, which is essentially free, so you might regard the health insurance as unnecessary. An unmarried partner living here illegally on 3 month visitor visas doesn't get that access, so you'd need some sort of insurance for them if you're doing that.

    7500 taxes is worst case. In fact, if you were married, the tax on $50,000 gross is only about $4,000 per month. If not married then about $5,700. Salaries Tax Computation

    shri likes this.

  4. #4

    Join Date
    Jun 2011
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    283

    I think mobile phone is probably double as high as it should be. The highest package from smartone for an iPhone, which includes countless minutes and unlimited data is only 238 per month, for example. Groceries might be a tad low. My family, a family of four, but with two little kids who barely eat and a helper has an 8000 per month budget, and it is sometimes a struggle to keep it that low. We shop at wet markets and eat at cheap local eateries.


  5. #5

    Join Date
    Aug 2012
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    7

    Ok from the first answers I could see that tax and phone is a bit too high (3000) which goes more or less directly to food (7000 new) and groceries (6000).

    How does it work with the visa for her?
    She could get one for 3 months and then make a daytrip to macao and get a new one for another 3 months?

    Anything else I forgot or made a mistake?

    Thanks for any help. Currently there are just to many questions.


  6. #6

    Join Date
    Oct 2006
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    Hong Kong
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    14,971
    Quote Originally Posted by Mike12:
    Ok from the first answers I could see that tax and phone is a bit too high (3000) which goes more or less directly to food (7000 new) and groceries (6000).

    How does it work with the visa for her?
    She could get one for 3 months and then make a daytrip to macao and get a new one for another 3 months?

    Anything else I forgot or made a mistake?

    Thanks for any help. Currently there are just to many questions.
    Back in the day if you were white, that would have worked, but hearing more and more stories about HK immigration cracking down on that, esp if they think she is actually residing here.

    If you have a job offer here and she is your wife, then no probs getting a dependent visa.

    If she is not your wife, then you either get married or she finds a job here to get a visa.

    For her visa, the application is made with yours.

  7. #7

    Join Date
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    The day-trip to macau might work once or twice, but after that it gets dicey.

    The fitness gym is probably overkill - if you can sign up for more than a year you can get something less than that (unless you both sign up to Pure, in which case it's light).


  8. #8

    Join Date
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    BTW if you are flying three times a year for two HK$4k is no way enough.

    One person's flight will be at least HK$5k per return, so if you are doing 6 flights in total that would be HK$30k AT LEAST.

    However public transport at HK$1k is a bit high (unless you include taxi fees in that).

    You have not factored in internet and cable tv (if you are going to get either, or is it covered in gas, etc?)


  9. #9

    Join Date
    Aug 2012
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    7

    Ok, good to know those things about married/unmarried.

    And it's good to see that we would be able to live with HKD 50'000 a month without huge problems.


  10. #10

    Join Date
    Aug 2012
    Posts
    7

    @pin: a flight with swiss (round trip) costs around 8000. So 6x8000=48000. If I save 4000 a month it comes to those 48000. So I should be fine with that.

    Yes, internet and cable tv are missing. Good point. Will 1000 be enough for that?


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