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Monthly budget check

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  1. #1

    Monthly budget check

    Hi all,

    we are considering moving from Europe to HK and are currently checking the numbers. Instead of however asking if the envisioned salary is enough, since that is rather difficult to answer due to subjectivity, I researched the forum and made a budget. We are a couple (one working, other one will start looking once we arrive), mid 30s, and the closest MTR to work will be Kowloon. We try to always budget more conservatively and rather have left-over budget instead of the other way.

    Many kind thanks in advance for sharing your experiences!

    Apartment 30,000
    Utilities 2,000
    Transportation 4,000
    Internet, TV, Phone 1,500
    Eating out (incl. lunch) 4,000
    Groceries 7,500
    Leisure 4,500
    Insurances 6,000
    Fitness et al 3,000
    TOTAL 62,500

  2. #2

    Join Date
    Feb 2016
    Location
    Faroe Islands
    Posts
    2,212

    Utilities could be 2/3 less

    Transportation could be half that if you only use the MTR and buses

    Internet,TV,Phone could be 1/3 less


  3. #3

    Thank you DeletedUser for the valuable tip on locations to live !


  4. #4

    Join Date
    Sep 2018
    Location
    香港特别行政区
    Posts
    2,915

    Eating out is likely to be more expensive. The reason being that in HK we tend to work quite late and you're not likely to have time to cook, especially if both are working.

    Lunch can be as low as $50 / day / person if you eat cheap local food and same with dinner but that would quickly make you sick. Eating out for special occasions will set you back at least $500 / p


  5. #5

    Thanks aw451! Would you say a total budget of 11,500 (Eating out + Groceries) would still be sufficient, just increasing the one for the other, or would the total food budget need to be increased?


  6. #6

    Join Date
    May 2009
    Posts
    1,298
    Quote Originally Posted by Curious George:
    Thanks aw451! Would you say a total budget of 11,500 (Eating out + Groceries) would still be sufficient, just increasing the one for the other, or would the total food budget need to be increased?

    Depends how much you drink
    Going out can be expensive. Your groceries should be fine if you do cook at home.

    Don’t you get health insurance from work? If so you can bring that down to like a few thousand a year (e.g. home insurance)

    I assume you are married? Otherwise it’s more difficult for your partner to find a job (will need a separate sponsorship)

  7. #7

    Join Date
    Mar 2021
    Posts
    232

    I say closer to 18k if you enjoy going out, want to get closer to the standards of food in your home country etc. I severly underestimated the food bill coming here. Anything you dont spend you save! But its all subjective, many get by on alot less!

    Curious George likes this.

  8. #8
    Apartment 30,000
    Utilities 1,000 (electricity, water, gas)
    Transportation 2,000 (if you don't use taxis all the time)
    Internet, TV, Phone 300 , 200
    Eating out (incl. lunch) 4,000
    Groceries 7,500
    Leisure 4,500
    Insurances 6,000 (way too high. Doesn't your company provide)
    Fitness et al 3,000
    TOTAL

    For insurance, you can pay about $2,000 for outpatient doctor that has about unlimited visits to GP. You need to buy private insurance for in patient.
    Curious George likes this.

  9. #9

    Join Date
    Aug 2017
    Posts
    2,488
    Original Post Deleted
    I think this sounds quite reasonable. We spend less than this, way out in the villages, and ours includes the running cost of a used car as well.

    If you want quality groceries and don't want to buy from a bunch of different places it can be quite expensive, especially if you like nice beers and wine. Dropped $1000 just today for 12 beer, bottle of wine, some canned goods, dairy, fresh pasta and a few other basics.

    Unless you need HD youtube or Spotify all the time when you're out you can pay as little as $88/m for phone with 6gbs....
    Curious George likes this.

  10. #10

    Thank you everyone! It is extremely helpful getting your insights!
    We (my wife and I) only ever drink when we out with friends, which seeing that we will be new will take some time probably
    At the moment we cook almost every night but I do understand that this is different in HK. We do however love to grill so if possible once a week we would want to throw some meat on the grill. Do most condos, like in Singapore, have BBQ pits?
    Regarding insurances, yes my potential employer does have insurance, but looking at the policy I am not sure it is enough. Major surgical benefits are capped at 60,000 for example and I read going to public hospitals has become very difficult as the waiting times are extremely long.So I checked some international insurances and they would cost around EUR200-300 pp. But to be honest, we usually are over insured and this might be something we should look into deeper


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