Budget for married couple?

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  1. #1

    Join Date
    Oct 2008
    Posts
    29

    Budget for married couple?

    Hi
    We are thinkng of Moving to HK and assuming we both get the jobs/salary we are expecting we should be taking home 770,000 HKD.

    So here is my proposed Budget!

    Basic Info:
    Salary :$770,000
    After tax : $733,600
    Per month :$61,133
    Using: Salaries Tax Computation

    Accomodation Allowance:$25,000

    Savings: $15,000

    Monthly Expenses for 2:
    Groceries - $4000
    Mobile Phone - $240
    Broadband - $200
    Electricity - $300
    Gas - $100
    Water - $100
    Transport - $1000
    Cable: $200

    Monthly total after expenses - $14,993

    Does this seem reasonable?
    Is there anything I am missing?


  2. #2

    Join Date
    Jun 2007
    Posts
    565
    Perhaps I am dim, but what do you mean "monthly total after expenses"?

    You will net 61 and receive 25 housing allowance? That is a respectable 86.

    Subtract a bit for savings, (only 15?), and you'll be left with 71 per month. If you plan on spending 56 per month on housing/food/utils/misc. then you'll have 15 after expenses...

    Is this what you mean? You are planning to spend 56 per month?

    and your question is: Does this seem reasonable?

    my answer: You and your spouse will live comfortably on 56 per month.
    Last edited by squid; 09-10-2008 at 09:12 PM. Reason: I forgot to finish the post!

  3. #3

    Join Date
    Aug 2005
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    Clear Water Bay (In Da Jungle)
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    what about going out, movies, restaurants, bars etc. drinking and eating out depending on where is quite a chunk of change.


  4. #4

    Join Date
    Mar 2007
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    Gold Coast Marina
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    Your electricity looks low - if you are living in a 25k flat you will probably have a higher electricity bill than that during summer at least.

    Your transport looks pretty high - that's 33 a day or so, so unless you are living a long way from work or are going to catch a couple of cabs a day it seems high. You probably will not need a car here unless you live a long way out of the main centres.

    I'm assuming that your 'housing allowance' is a budgeted allowance for housing (compared to squid's assumption that it is an additional housing allowance) - seems reasonable.

    You seem to be missing insurance payments, MPF payments (probably 1000 per month each if you both work), club or gym fees (if applicable). Agree with above - need an allowance for eating out, clothes etc.


  5. #5

    Join Date
    Apr 2005
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    cable is low... to get the full package is $488/month from now bbtv.

    electricity is WAYYYYYY low! if you plan on having air con on at all during the blistering hot summers or heaters on in the winters.... i would increase that by 5-6X!!!

    i would also increase gas... you will most likely be cooking with gas and it will most likely heat your water.... increase it to $500-700 just to be sure.

    transportation for 2 is too low as well.... double at least, maybe even triple if you end up getting a lot of taxis

    water here is cheap and that should be ok...

    still... we have a family of 5, and two dogs and live on 2/3 of your salary.

    you should be fine.

    Last edited by carang; 09-10-2008 at 10:24 PM.

  6. #6

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    Apr 2005
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    moving07... $33/day for transportation is too high??? you need to also include those days that you make a special trip out to stanley etc...for 2 people, i think it's too low!

    of course if you live in mid-levels and work in central and only go out to LKF, you'll be ok with that assumption. it might even be on the high side as moving07 suggested


  7. #7

    Join Date
    Nov 2005
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    Cramped island
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    Quote Original Post:
    Perhaps I am dim, but what do you mean "monthly total after expenses"?

    You will net 61 and receive 25 housing allowance? That is a respectable 86.

    Subtract a bit for savings, (only 15?), and you'll be left with 71 per month. If you plan on spending 56 per month on housing/food/utils/misc. then you'll have 15 after expenses...

    Is this what you mean? You are planning to spend 56 per month?

    and your question is: Does this seem reasonable?

    my answer: You and your spouse will live comfortably on 56 per month.
    if u put in the numbers u will realize they are expected to receive 61k in total. and out of 61k they have allocated 25 for housing cost.

    15k for savings.
    and deducting those individual items u wld get your 14933 leftovers for outings and spendings...

  8. #8

    Join Date
    Mar 2007
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    Quote Original Post:
    moving07... $33/day for transportation is too high??? you need to also include those days that you make a special trip out to stanley etc...for 2 people, i think it's too low!

    of course if you live in mid-levels and work in central and only go out to LKF, you'll be ok with that assumption. it might even be on the high side as moving07 suggested
    Interestingly I was thinking of it as low and I live in NT and use less than that! But I catch buses everywhere and to be honest I didn't think of people catching taxis all the time (I think I have caught about 6 in the last year... since there is pretty much nowhere that you cannot get a bus!), so I agree with your assessment.