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How much can one save?

 
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torentosan



Joined: 02 Sep 2009
Posts: 49

PostPosted: Tue Dec 03, 2013 8:30 pm    Post subject: How much can one save? Reply with quote

So let's assume you have a job that will gross 62,000 TND.
How much of that do you think YOU, the person with experience in Taiwan, can realistically save each month.

Just state an amount and why you think it would be so low or so high.(in your case)

thanks,
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ptm234



Joined: 29 Aug 2010
Posts: 17

PostPosted: Sun Dec 08, 2013 8:48 am    Post subject: Reply with quote

I made around that salary when I lived in Taiwan and was able to save about 24, 000 nt per month. I think I could have saved more looking back. I lived in a nice apartment for 14 000NT. I loved my space. I didn't party much but enjoyed eating out and shopping. I'm sure if I lived with roommates, I could have saved more. I lived in Banciao so things were slightly cheaper.
I hope this helps.
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Taylor



Joined: 24 Oct 2003
Posts: 382
Location: Texas/Taiwan

PostPosted: Tue Dec 10, 2013 5:35 am    Post subject: $1000 USD per month Reply with quote

Hello torentosan,

I've always thought that $1000 USD ($30K NTD) saved in the bank each month was an achievable goal.

This was quite easy to do 10 years ago, but I'm sure that things have changed over the years (i.e. increased competition, lower birth rates, inflation, etc.)

Back in the 1990s, Taiwan was not a very comfortable place to live. If you couldn't have banked $1000 USD per month, then it wasn't worth living there.

Taiwan has become MUCH more modern and civilized over the past 10 years or so. I'm mostly speaking about Kaohsiung.... I was back in KHH for 6 weeks this past May-June. I couldn't even recognize parts of the city any more!

I was shocked by the leisurely life-style that everyone seemed to be enjoying. Unfortunately, I also sensed a lower demand for learning English.

I'd love to hear what others have to say on this topic.

Best wishes,

Taylor
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Ferfichkin



Joined: 07 Jul 2005
Posts: 127

PostPosted: Wed Dec 11, 2013 10:49 pm    Post subject: Reply with quote

When I lived in Taiwan, my monthly expenses were around 30K NTD. Anything I earned above that was either saved or spent, depending on my priorities at the moment. For the most part I banked it, unless I was saving for a vacation.

Quote:
I also sensed a lower demand for learning English.


What makes you say that? Not that I doubt it. I'm just curious what you noticed that made you think that.
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Captain Planet



Joined: 12 Jun 2013
Posts: 11

PostPosted: Thu Dec 12, 2013 12:09 pm    Post subject: Reply with quote

I have been teaching in Taiwan since August. I would say that you shouldn't expect to save much initially. But after you get settled in it should be no problem to save 20,000 NT per month, and if you plan you should be able to save significantly more while still having a decent social life.

Just as a disclaimer, I have not been saving so much money yet. But I think I am through with big expenses until I buy a scooter.
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doomer



Joined: 01 Feb 2014
Posts: 18

PostPosted: Tue Feb 04, 2014 11:25 pm    Post subject: Reply with quote

There's no pension or job/social security in TEFL, so I've always forced myself to save at least NT30K/mo first, & spend the rest, if I wanted to.

On 62K, that's doable, but you'll have to budget moderately & make some sacrifices.

Over years, it's been worth it for me, because I can occasionally take a few months off or only work P/T if I want. Money is also Time. Plus, no fear of losing my job or being unemployed for a while. Nowadays, I don't really budget anymore - I still naturally save, but give myself no pressure to. I'm self-employed now, so income is not as stable.

Many foreigners don't save, however, and leave with pretty much the same balance they arrived with.
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