Doable on Tung Chung?

[bibbju]

Revised Budget

Gross Salary: $63,500

17% Taxes: $10,795
Rent: $15,000
Loans: $6,700
Food: $8,000
Preschool: $8,000
Utilities: $2,000
Transportation: $3,000
Internet/Phone: $1,000
Spending: $2,000
Extra Loan Payments: $7,000

Does this look more realistic?

To be honest, it looks miserable to me but each to their own. $2k "spending money" between 3 of you is a tiny amount. Is this effectively your contingency money as well?? With a young and growing child especially, what about clothes, shoes, toys etc? And pension contributions? Home contents insurance? You've dropped the flights home amount....are you no longer planning to leave HK at all during the 3 year period? Are laundry, cleaning products, toiletries etc all coming out of your food / spending budgets?

Have you also considered the upfront expenditure when renting such a rental deposits, furniture, utility deposits etc etc or are you looking at that separately as an initial one-off expense?

[VdayMamaShelli]

$2k "spending money" between 3 of you is a tiny amount.

You've dropped the flights home amount....are you no longer planning to leave HK at all during the 3 year period?

Are laundry, cleaning products, toiletries etc all coming out of your food / spending budgets?

Have you also considered the upfront expenditure when renting such a rental deposits, furniture, utility deposits etc etc or are you looking at that separately as an initial one-off expense?

1. I agree, it's not much, but as I said we are accustomed to living very simply & it is only until the debt is paid. Hopefully less than 5yrs.

2. My husband has the opportunity for annual bonuses which would cover the cost of a trip home, so we will use that if he received it & if not... probably not go home. Unfortunately.

3. Yes, household supplies are included in the $8,000 grocery budget.

4. Upfront expenditures are covered - currently sitting in our savings account!

[TheBrit]

That would be an interesting thread to see how much Geos spend on food a week and what they buy.

I never thought about how much my family of 2 adults and a 16 month old spend on food alone but I always find that the missus never has to go beyond our non-rent budget of about $8k, in fact she spends nearer $4k at most. The things we eat in a typical week is fresh salad with garlic bread drizzled in olive oil and balsamic, fresh meat dishes like pork, beef and chicken, fresh seafood like fish, crab, prawns and clams together with a vegetable dish like kale or choi sum or other western fresh vegetables - we also have ample smatterings of fruit in the house like apples, oranges, pears, bananas and occasionally durian (thankfully rarely),lychee, mango, melon and longans.

Are you living in HK now then? I thought you were living in Shenzen.

[TheBrit]

Revised Budget

Gross Salary: $63,500

17% Taxes: $10,795
Rent: $15,000
Loans: $6,700
Food: $8,000
Preschool: $8,000
Utilities: $2,000
Transportation: $3,000
Internet/Phone: $1,000
Spending: $2,000
Extra Loan Payments: $7,000

Does this look more realistic?

Your tax figure is way too high. A a married man with a child, on that salary your husband would pay $60k a year - hence 5k a month. If he gets a bonus, that is taxable too but simply pay the extra tax from the bonus.

I would do the same as you, if I was heavily in debt I would pay it down as quickly as possible and live more frugally until I had done so. I would think your budget is realistic - you can probably save a bit on Internet/Phone and Preschool but you'll probably need to spend more in the General category - clothes and shoes for example. I would build up a rainy day fund too, unless you have savings currently. There is no budget for healthcare in there either - even with company insurance there is normally some co-pay element. Prepare for some long waits on the public system elsewise.

You'll have 5k more to play with on the taxes side though.

[WMDS]

If clearing debts is a main objective then hire a helper for 4-5k per month and consider getting a full time job for 20k. Also consider starting your own business from home if you plan to stay at home. (Cash in hand). Clothes are a considerable expenditure too, cos kids grow all the time.

[VdayMamaShelli]

Your tax figure is way too high. A a married man with a child, on that salary your husband would pay $60k a year - hence 5k a month. If he gets a bonus, that is taxable too but simply pay the extra tax from the bonus.

I would do the same as you, if I was heavily in debt I would pay it down as quickly as possible and live more frugally until I had done so. I would think your budget is realistic - you can probably save a bit on Internet/Phone and Preschool but you'll probably need to spend more in the General category - clothes and shoes for example. I would build up a rainy day fund too, unless you have savings currently. There is no budget for healthcare in there either - even with company insurance there is normally some co-pay element. Prepare for some long waits on the public system elsewise.

You'll have 5k more to play with on the taxes side though.

Thanks for the correction on taxes. I'm definitely hoping we can save some of that preschool cost, but I'd rather overestimate than under!

We have a small amount in a rainy day fund (~8k).

I'm sure some of that "extra" $5k will be eaten up by healthcare copays & such... I'll just have to keep the kiddo from injuring himself

[VdayMamaShelli]

If clearing debts is a main objective then hire a helper for 4-5k per month and consider getting a full time job for 20k. Also consider starting your own business from home if you plan to stay at home. (Cash in hand). Clothes are a considerable expenditure too, cos kids grow all the time.

While paying down our debt is a goal of ours, I am not moving my toddler across the globe, away from everyone & everything he knows, to stick him in the care of a complete stranger 40hrs a week.

I would consider tutoring English, babysitting for those who don't have helpers, or working at a preschool, though.

[jmbf]

While paying down our debt is a goal of ours, I am not moving my toddler across the globe, away from everyone & everything he knows, to stick him in the care of a complete stranger 40hrs a week.

I would consider tutoring English, babysitting for those who don't have helpers, or working at a preschool, though.

I completely understand your initial reaction, it goes against every maternal instinct to leave your child with a stranger. However, you should take this suggestion more seriously. The reality is that there are ways to make it work with a helper. You could work from home for example.

Also, it is possible to find a caring and decent helper who is experienced in looking after children. You just have to take more time and care in the selection process. If you work from home, you could tailor your hours so that in the beginning you took it easy and and spent more time to show your helper how you like things done and slowly gain more confidence in them.

In this way you could pay your debt down in half the time (or less).

[TheBrit]

I don't fault you for wanting to spend time with your child - especially at this age. The time is unique and you'll never get it back. You might save a few dollars, but some things you simply can't put a price on.

[VdayMamaShelli]

I completely understand your initial reaction, it goes against every maternal instinct to leave your child with a stranger. However, you should take this suggestion more seriously. The reality is that there are ways to make it work with a helper. You could work from home for example.

Also, it is possible to find a caring and decent helper who is experienced in looking after children. You just have to take more time and care in the selection process. If you work from home, you could tailor your hours so that in the beginning you took it easy and and spent more time to show your helper how you like things done and slowly gain more confidence in them.

In this way you could pay your debt down in half the time (or less).

Fair enough. I will look into it once we arrive & keep it in mind as an option...