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Moving in on salary 43K HKD per month with family of 3 .. is it worth ?

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  1. #1

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    May 2014
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    Moving in on salary 43K HKD per month with family of 3 .. is it worth ?

    I got a salary of 43K per month and 77K annual bonus.
    It is one year contract as of now and may get extended.
    There are no benifits of medical etc.

    Is it possible to manage a decent lefestyle for family of 3 ( me, wife, 1 year old kid) in 43K ?
    How much will be cost of medical coverage for 3?
    How much rent should I expect if I am ready to travel for 30-45 mins from Central ?
    My wife is looking to get into some job in near future .. if so , need to hire domestic maid, how much is the minimum contract period and salary ?


  2. #2

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    Some people on this forum will tell you it is impossible. In reality it depends on your definition of 'decent lifestyle', and what your alternatives are back home.

    If you're getting a domestic helper then will your wife be working? If so, should be fine.

    New territories or islands have cheapest rent, and can be 30-45 mins from central if you are near public transport.

    Medical costs: Well the local system is pretty much free, and maybe your work would provide private health insurance anyway? Check it out.

    Last edited by justjoe86; 23-05-2014 at 01:47 PM.
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  3. #3

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    Of course its possible! Bear in mind you will need 2.5 month's rent to put down on your flat lease. Look for some cheaper areas, maybe Kennedy Town, Shek Tong Tsui, Shau Kei Wan, Chai wan all within 30-45 mins of Central.

    Very basic health cover for you and the fam will be around 7-10k mark with BUPA or similar. If your wife can get work then hiring a helper is very do-able and affordable. Minimum wage is around the 4k mark, but you will have to pay agency fees and flights when you hire for the first time.

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  4. #4

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    One thing to keep in mind is the cost of anything child related.

    While there are plenty of things to do with kids that are free (ie beaches) or cheap (ie public leisure facilities), things like classes or activities can be expensive. If you want to send your little one to play school or organised activities then you will need to budget some money for that.

    Overall, you won't live like a king but it's very possible to have a decent life here with that sort of salary. Keep in mind that tax is low here. With those kind of earnings if your wife doesn't work your tax rate will probably be 6%/7% for the year, so that will boost your spending power.

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  5. #5

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    Quote Originally Posted by cliffoz:
    I got a salary of 43K per month and 77K annual bonus.
    It is one year contract as of now and may get extended.
    There are no benifits of medical etc.

    Is it possible to manage a decent lefestyle for family of 3 ( me, wife, 1 year old kid) in 43K ?
    How much will be cost of medical coverage for 3?
    How much rent should I expect if I am ready to travel for 30-45 mins from Central ?
    My wife is looking to get into some job in near future .. if so , need to hire domestic maid, how much is the minimum contract period and salary ?




    Is it possible? Of course. Decent lifestyle? That depends on your opinion of a decent lifestyle and where you are from etc.


    Medical coverage is not necessary. Public hospitals are just fine.


    Rent can vary considerably. For a family of 3, working in central on 43k/month I would budget around 16-20k. Expect to live in a poorly constructed, noisy shoebox


    Budget 6K a month for a maid. That includes everything from admin fees, to food to flights home to other misc expenses. Actually salary is about 4K payable to maid monthly.


    Would I advise a couple with a 1 year old to move to Hong Kong for 43K.....No.


    However, I don't know what you currently have going and maybe this is the best option you have available. Do your own research on the pollution and air quality in HK, many families leave Hong Kong because the air is unhealthy, especially for young, developing lungs.

  6. #6

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    Quote Originally Posted by closedcasket:
    Is it possible? Of course. Decent lifestyle? That depends on your opinion of a decent lifestyle and where you are from etc.


    Medical coverage is not necessary. Public hospitals are just fine.


    Rent can vary considerably. For a family of 3, working in central on 43k/month I would budget around 16-20k. Expect to live in a poorly constructed, noisy shoebox


    Budget 6K a month for a maid. That includes everything from admin fees, to food to flights home to other misc expenses. Actually salary is about 4K payable to maid monthly.


    Would I advise a couple with a 1 year old to move to Hong Kong for 43K.....No.


    However, I don't know what you currently have going and maybe this is the best option you have available. Do your own research on the pollution and air quality in HK, many families leave Hong Kong because the air is unhealthy, especially for young, developing lungs.
    Looks like .. life is difficult out there.. Anyway thanks for your response .. will think upon my options !!

  7. #7

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    Quote Originally Posted by closedcasket:
    Is it possible? Of course. Decent lifestyle? That depends on your opinion of a decent lifestyle and where you are from etc.


    Medical coverage is not necessary. Public hospitals are just fine.


    Rent can vary considerably. For a family of 3, working in central on 43k/month I would budget around 16-20k. Expect to live in a poorly constructed, noisy shoebox


    Budget 6K a month for a maid. That includes everything from admin fees, to food to flights home to other misc expenses. Actually salary is about 4K payable to maid monthly.


    Would I advise a couple with a 1 year old to move to Hong Kong for 43K.....No.


    However, I don't know what you currently have going and maybe this is the best option you have available. Do your own research on the pollution and air quality in HK, many families leave Hong Kong because the air is unhealthy, especially for young, developing lungs.
    yeah, pretty much fits my assessment.
    i suspect that we spend around that much (I make more but we've been able to save) but we have a bunch of benefits, including employer-provided housing that's not at all shoebox like. we've also been able to avoid big expenses (didn't have to do a big rental deposit, or pay a real estate agent).
    for the OP, if you really really want the adventure of living in HK, and immersing yourself in the life of the locals, 43k is plenty. we wanted to spend some time living in HK. but if you don't, then it's a tough call...

  8. #8

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    May 2014
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    Thanks Everyone for taking time to reply.
    I don't think I got many better options , also my better half is keen to move to HK from SG.


  9. #9

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    If you manage your expenses carefully, especially with respect to your accommodation, you will be fine. You won't have a lot of cash left over for savings after expenses, so I would suggest that longer term, you carefully evaluate the job position in terms of its advancement prospects and salary increment.

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  10. #10
    Quote Originally Posted by cliffoz:
    Thanks Everyone for taking time to reply.
    I don't think I got many better options , also my better half is keen to move to HK from SG.
    It's very important that your other half also wants to do this. You will have endless headache otherwise.

    $43K HKD per month is more than enough to have a decent life in HK. Don't forget you will get $310K HKD personal allowance for a 3 person household (assuming you are the only source of income). So you end up paying about $36K ($26K after tax reduction) in tax. That's less than a month's salary. I got the figure using the official IRD tax calculator here

    http://www.ird.gov.hk/eng/ese/st_com...get/stcfrm.htm

    Disclaimer: All numbers are purely for illustration purpose and are in no way represent any tax or legal advice or service under all circumstances
    Last edited by turtlebeach; 28-05-2014 at 10:03 AM.

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