Like Tree1Likes
  • 1 Post By MovingIn07

plan on moving to Hong Kong

Closed Thread
  1. #1

    plan on moving to Hong Kong

    Hi Everyone,
    I've just been offered a job in HK for HKD 30k/month and was wondering if this would be enough for single guy like me to survive. Would it be possible to:
    1. Rent a studio apartment preferably near Aberdeen (since that is where my office will be located) in the range of 4k -6k per month?
    2. After all the expenses will I be able to save upwards of 10k/month? I'm mostly an indoors person - I eat out on an average once a week, apart from that I don't think I have any other major expenses I can think of.

    Thanks in advance!


  2. #2

    Join Date
    Dec 2009
    Posts
    1,507

    So you are going to come to HK, one of the most vibrant and exciting cities in the world, and spend most of your times indoors in a little tiny studio flat? What is the point of coming over?!

    Yes 30k should be enough if you stay at the flat like a hermit.


  3. #3

    Join Date
    Oct 2005
    Posts
    14,414

    300 sq ft and you're going to spend most of your time there?
    Are you crazy?
    Posted via Mobile Device


  4. #4

    Join Date
    May 2009
    Posts
    675

    I know plenty of people that live happily on that salary as singletons. Not sure that any of them are saving much of it though. Don't forget to factor in tax (around 15% of your salary) that you'll have to put money aside for.


  5. #5

    Join Date
    Mar 2007
    Location
    Gold Coast Marina
    Posts
    17,934

    He didn't say he was a hermit, he just said he only ate out once a week! Perhaps he likes to do sports, or hike, or has hobbies or whatever - does not seem very friendly to be so rude to the poor guy!

    HOwever, OP, some points you may want to consider. A small flat may have limited kitchen facilities - in many HK flats there is no oven for example - which is why many people eat out alot. Having said that, if you eat local food, eating out is no more expensive than cooking for yourself.

    Aberdeen is a much cheaper place to live than the north of the island so you should be able to find something small and cheap there, yes.

    If you live near your office, transport costs would be very low.

    You will need to factor in electricity bills - the more time you spend in the flat, the more aircon you will use which can add up, but not that much for a small place!

    You may want to travel around asia while you are here, you might want to think about those costs.

    You will pay around 1000hkd per month in MPF and you have to manage your own tax - will need to save up for that at the end of the year. Can be complex at the start.

    You will need a deposit etc for the flat, so need to have that ready.

    Yes, you should be fine. Have fun!

    hkSingle likes this.

  6. #6

    Join Date
    Sep 2008
    Location
    ...Wanchai, HK.
    Posts
    471

    ...f**k saving for now...come and enjoy yourself in one of the best cities in the world...you only live once, mate...


  7. #7

    Thanks

    Thanks guys, especially MovingIn07! I normally go out quite often but I've got a huge loan to payoff and was thinking to cut back on my entertainment to pay it off asap. Hence the need to save!
    - Good to know Aberdeen is a cheap place to live - saves me on travel and accommodation
    - If eating out local food is no more expensive than cooking then I guess I’ll eat out since I’ve lived in Singapore for over a year and am quite fine with it.
    Now all I have to factor in is MPF and the 15% tax and I should have a pretty good estimate on my monthly savings!


  8. #8

    Join Date
    Jun 2005
    Location
    Hong Kong
    Posts
    23,205

    At $30K per month your tax won't be anything like 15%. The Tax Calculator says that it will be just over $2.5K per month (before any exceptional give-aways by the government - there's one for 2009/10, but may not be for 2010/11), plus the 1K for MPF.

    Last edited by PDLM; 05-03-2010 at 02:11 PM.

  9. #9

    Join Date
    Mar 2007
    Location
    Gold Coast Marina
    Posts
    17,934
    Quote Originally Posted by hkSingle:
    TI've got a huge loan to payoff and was thinking to cut back on my entertainment to pay it off asap.
    As a boring old fart, but one that now owns 3 properties with no mortgage because I saved when I was "young and single" rather than blowing it all, I think you are doing exactly the right thing.

  10. #10

    Join Date
    May 2007
    Location
    In a little burrow
    Posts
    943

    You can have a nice life in HK on 30K/month. Ignore the idiots who question your lifestyle choices.

    I recommend you rent a 1-bed apartment for a little more money. Living in a tiny apartment is bad enough. You should still be able to save about 10K/month after putting away something for the taxman. That's if you're frugal.