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Sign up with Google Sign up with FacebookQ: What percentage of Chinese salary do you save a month?
First off, thanks for all the advice for my last question, was really helpful!
I was wondering now, out of pure curiosity, how much you all managed to save off your Chinese earnings (percentage of course, not asking for specific numbers). I've heard from various people that China was NOT the place to make any money, and I was curious to know if you guys agreed with that assertion.
11 years 38 weeks ago in Money & Banking - China
even if i did save some money......this money might be a big number here but in anywhere else it's worth nothing at all.........so when it comes to savings i do have pretty decent bank credit and deposit accounts......but when it comes to the question..Is it enough to do anything useful in the outer world?!!.....That i did not think about
Absolutely agree, China is not the place to make money, at teaching at least. We save 0% and actually bring in money most months to support ourselves while she builds up a business, we hope will eventually pay us back, with interest. But then we've got a mortgage and daughter to contend with in addition to all the usual costs.
It is probably not the best place to make and save money, but it's not all that bad either.
I can share my figures, but I don't think I'm a representative sample, for a few reasons. I was one half of a couple so all money was joint and shared, there was nothing for us to buy and we were both higher paid than the average for our area.
We both earned roughly 10,000 per month after the first month, and had accommodation paid for. We took public transport. Our actual living expenses per month were about 2,000 each and then we spent another 2,000 each on random crap (alcohol mostly), and so we put away about 12,000 quai per month, or 60 per cent. The figure could have been as high as 80 per cent had we been so inclined.
So I managed to save pretty well over the eight odd monthswe were there - nearly 9,000 pounds all told. But, we were getting paid well in a tier 2 city where there was sod all to do or to buy, which certainly helped our savings capacity. Don't even think about trying to save 60 per cent of your pay in a bigger city with more distractions.
The consensus seems to be that Korea's the best place to go if saving money is a high priority (and fair enough if it is), and I'm currently finding that Hanoi has at least the savings capacity of the China job minus the requirement to live without many basic goods and services. I wouldn't recommend Thailand if money's a major concern. Waaay too many temptations (even for us girls, let alone if you happen to be a single guy!).
If you're interested in coming to China, don't let money put you off. But do accept that to save any of your salary, you will have to in some ways live like a local; take public transport, drink the local beer a large percentage of the time if you drink, and eat the local food (no hardship, this last one).
You'd probably get more specific advice if you mentioned which city you were thinking of, as prices generally, and access to expensive western imports specifically, vary wildly across China.
I work as an engineer, make around 15,000 rmb a month (depending on how many days I work out of shanghai) My housing is about 3000 rmb a month and I try and stick to the 100rmb a day rule. I pocket the rest and every couple months use China construction bank and my bank of America to push a bit of money back to my US account. It's not a whole lot, but saving more than 1000 USD a month is pretty decent from what I hear from back home. Recent grad btw. My girlfriend makes about 4000 a month and she saves almost all of it (I pay for the housing for the two of us)
It will really depend on your lifestyle and habits. Money is money; it all adds up after a while.
The first few years I was here, I saved to travel. That was my goal. I've been all over China, exploring the different cities, vistas, and geography. One thing I didn't want to do was to come all the way here and not see any of the country. So, that being done, this last year I've been able to save roughly 65-70% of my monthly income, and still live very good, doing what I want whenever I want to do it. I don't go clubbing, but I do eat out a lot, go to movies frequently, and KTV occasionally. I have a lot of projects which I'm involved with that keeps me at home. This year, I traveled back to the U.S. for two weeks, but besides that, have been working on completing those projects here which will generate income at a later date.
Bars will burn up your cash quick, as well as eating "western" food. It's overpriced and usually not worth the extra expense. I guess it will depend on what your definition of "making money" is. As I mentioned, a little is better than nothing, and a little adds up to a lot after a while.
After you have been here and you have done what you want to do, saving becomes a lot easier, because then you settle into the routine of daily living.
im sure you can save money, really depends where you live, if you live in a small city your wage will be really low but you dont need much to live on, but in the big city the schools some schools are paying more than 15k a month which bloody high if you compare it to 7k that the smaller schools pay, and you can still have a decent life since some of the chinese people are still working on the min wage
Now after taxes, bills, accommodation, etc.I have 4k RMB, but have no problem to save half of it .
I use public transport (except driver to and from factory), cook myself or eat in local places, buy food on wet-market, and also have no problem with KFC or good restaurant, foot massage, etc. (from time to time)
In this (2k) amount also can fit some kitchen utensils and similar details.
I do not drink, so have no alcohol expenses (ok... sometimes brandy for cooking).
So I can count 2k RMB for everyday life is absolutely OK, more - can be saved or spent for fun. And when there will be time of commissions and other profits - I will loosen up a little my "discipline" But until then I still live normal, comfortable but not expensive life.
btw. I don't need to save money for travels home or visa runs, because company covers it - If I should cover it by myself - my salary had to be at list 1000RMB (after exchange) a month higher. (2 return tickets a year, at list 4-5k RMB each, plus "border visits" in mean time)
I think the average westerner working here in China does not make any or much money in the end. They may save some each month, but you have to think about the costs of getting here, and then the re-settling costs for when we go back home.
I can save roughly 30% of my monthly salary if I choose to. That 30% will go towards flights, and also a little travel within China.
80% save.... But then one day i will decide to buy a new car / an apartment in china... no more savings!!
Usually 50%-60%, but that is working in smaller cities with fewer "distractions".
I am terrible with money but fortunately my wife isn't. My earnings at the moment are piss. Quite literally; i'm building up a private teaching practice, but i'm so reluctant to cater merely to the very wealthy that I offer the lowest rates that i'm aware of in this city. My students simply walk into my lessons, receive QUALITY education from yours truly, then piss into a small bowl on the way out by way of payment. I probably need to rethink my business strategy. Fortunately for me however, my wife is BRAAAINYYY, and is also building up her own business in international trade. Reckon she's gonna make the cash in this relationship. Fine by me, hope she makes a million. But am I saving money? Am I bollocks?
well . in depends on where i go and what i do every month . but anyway i can save 50 to 60 present!
I am not a teacher and am here on what some call a fat expat deal. Percentage wise of my salary (not a Chinese salary) is about 80-90 percent. All my living expenses are paid up to 25,000 RMB a month.
What I spend is mostly on holidays.
With that comes 12-16 hr days and on call 24/7, but it pays well.
In 3 yrs I have saved >200,000 USD after taxes