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Sign up with Google Sign up with FacebookQ: Are your financial savings greater here than they would be back home?
11 years 3 weeks ago in Money & Banking - China
Why would anybody want to share their financial information with a complete stranger? I only talk to people about finances that actually take care of it for a living and it's always done in privacy!
MissA:
You don't need to share specifics - simply saying yes or no would be sufficient.
6,000RMB salary, I save 3,000RMB each month. Back home as a teacher I'd be starting with 22,000RMB per month. While that would require about 2.5x the time commitment, I could spend nearly 90% of my salary and still save more each month living in America. It is much easier to maintain a comfortable lifestyle in China whilst retaining one's frugality, though. And between the spare time and attention from women, I'm not particularly regretful of my decision. I plan on staying for 3 or so years- maybe more, if I can manage to find more work and increase my rate of savings.
I was on a very high salary for China, and my expenses were very low. At home, I earn roughly double what I earned in China, but my expenses are 4-5 times as high.
Overall, savings wise, I'd say maybe China has the edge slightly.
Yes they are, in the last six months I am in Dalian.
I am working around 30 hours per week, with less than 2000 Rmb expenses per month.
The real question would be if one is saving up for retirement in China or 'back home'.
In China, I think it would be possible to save up a bigger percentage of income than back home. The savings needed to have a pleasant retirement in China is lower.
As I don't actually have any income this is all a bit academic.
Doesn't even come close when comparing. I save MUCH more when I am back in Canada. That is one of the hardest things I face when I am in China, just knowing how much money I could be saving if I was back home working. But my time in China is worth every penny.
been here 3 years, put a thousand dollars a month in canadian oil mlp for income later and still save 50000 rmb a year here, expenses are about 2000rmb a month for everything. would rather be in taiwan or korea but age discrimination is my reality. affirmative action kept me out of medical school , so im used to being shit on, comes with the territory
hope the canadian dollars holds up better than the american dollar so i have some money to enjoy retirement, not sure living in a pollution junkyard is a good idea , maybe the philippines , 11 years to go.
bkmulder:
Any reason why you save back home instead using your legal abilty save tax free?
ambivalentmace:
saving in america impossible with taxes and cost of living, i do save in other countries with my other foreign passports with different name but this is alot of trouble.
Mostly all expatriates save much more here than in their home country. Surveys says, saving rate in US lowest, Europe, in Asia, people saving rates above 20%. In Singapore, HK, Malaysia you have mandatory system.
The only question is why most people save back home instead using their legal ability (except Americans, sorry!) to save offshore, portability when you move back home or other Asian country. You save much more on the long term - Just a suggestion!
Yes and no.
Obviously, considering exchange rates, probably not.
However, as has been said, quality of living is 'better'. Back home, my apartment cost me about $300/week (which is about 2000RMB/week) - so that's about 4x what I'm paying now for about the same sort of apartment (though I'm no longer next to the sea, though I've got a bigger place - and smaller kitchen :( )
I worked about the same hours (cos I was casual back home), but getting higher pay cos I was on graveyard shifts over the weekends. Now, those same hours get me about the same money.
Food - I spend about 100-150RMB on a night out (like last night), plus a 50RMB taxi.. so 200RMB fully fed (and not quite drunk). That's maybe $30... something I can't do back home! (especially the taxi )
So, savings-wise, about the same...
But, I'm doing something I enjoy far more than what I was doing back home!!!
I don't know where these answer are coming from. I could make four times the money in the US, but saving any would be nearly impossible. It just costs so much to live there. Here, I save about 80% of my salary. I am not a big spender and I have a well above average paying teaching job. Also, the free apartment helps. If you can't exist on less than 3000 rmb/month in China, you are just not trying to save. I can easily save money here. I wish I had discovered China at a younger age. I could have saved plenty to retire on.
Scandinavian:
yes, because China is the same in all cities and nothing has changed over the last decade.
I was teaching here for three years and wasn't able to save anything. I was on a low salary compared to you guys though.
That being said, if I tried I could of probably saved some.
If I was in Asia to save money, I would be working in Japan or S Korea.
i doubt you can save alot in japan. salaries might be higher but japan is one of the most expensive countries on the world.
so anyways... i can probably save more back home, but i also leave out many things which i would never back home.
food expenses here are quite low if you know how to eat. Living expenses as for shanghai is worse than my hometown. In my town can get an awesome apartment for like 400€ a month, in shanghai i live for almost 1000€ in a trashbin.
my cash money here is very high because in germany i pay a lot of tax but this tax is spend on retirement and insurrances... so if anything happens here in china or lose my job i m fucked.
so i earn more but i lose my savety and i have to make my own backup / retirement plan
can save like 80% of my salary here
the biggest problem is i worry too much about money since i m in china... i earn good but yet i always force myself to save and live a poor life lol
back home i didnt care to spend 200€ at a weekend, but if i spend here 2k on a weekend oh god dont wanna think about it
In percentage, for me it's the same. I always used to save 70-80% of my income either being in my home country or in China. I always been adapting my lifestyle to my income and been a hard saver. But in figures, I save a lot more being here, as I'm working in a senior management position for a Multinational company with the related expat package. Which, at the end of the day, it;'s the only thing really worth to stay here for.