View previous topic :: View next topic |
Author |
Message |
intelligent-hustler
Joined: 08 Apr 2015 Posts: 11 Location: Rio De Janeiro
|
Posted: Mon Apr 13, 2015 6:44 am Post subject: Specific Budget Worksheet and Lifestyle Numbers for Hanoi |
|
|
First off, thanks for the help with this prior thread http://forums.eslcafe.com/job/viewtopic.php?t=110513. Based on the inputs from that discussion and the long threads Sgt Welsh provided, I came up with a budget required for living and teaching in Vietnam.
I think this helps answer the circular question that kept arising, anytime someone brought up salaries for teaching. Many people kept saying that you can make $XXXX per month teaching. While the absolute number is low, the relative cost of living is so much lower in Vietnam that a teacher's salary is actually better than what is available in the US/UK/OZ, etc. Others argued that the exact opposite. $XXXX per month was nothing and anyone making that amount lives in squalor or has a substandard lifestyle relative to US/UK/OZ, etc.
The two extremes in the discussions were amusing to read.
"There is no way you can live on $2500 per month".
"I don't know how I could spend that much in a month".
The answer obviously depends on your lifestyle. I could easily see how I could double this budget without much effort. I also could see how I could cut it in half.
[img]http://i.imgur.com/DHNQoQx.png[/img]
The budget worksheet I link to below takes into consideration my current retirement budget and potential teaching income, then lists all expenses I could think of, and the assumptions behind the estimated numbers. The expenses detail what kind of monthly lifestyle I am expecting on this budget. Example eating out at a Casual Western restaurant 2 times per week and at a Fine Dining Steak and Seafood restaurant with wine once per month. I expect to have to build a piggy bank/reserve fund for medical expenses, incidentals, and emergencies, as well.
https://nomadicfire.com/retire-in-hanoi-vietnam/
What do you think? Are the numbers close? Are the prices estimated reasonable? Is there anything that you feel is left out or grossly misrepresented?
Based on your feedback, I will revise the spreadsheet and repost with corrections. If anyone would like a copy of the worksheet to help come up with their own retirement budget, please let me know and I can email it to you.
Last edited by intelligent-hustler on Sun Nov 17, 2019 5:21 pm; edited 2 times in total |
|
Back to top |
|
|
mushroom_season
Joined: 11 Apr 2011 Posts: 42
|
Posted: Mon Apr 13, 2015 11:17 am Post subject: |
|
|
The numbers sound good but are you planning on retiring in Vietnam or somewhere else. Other issues come into play such as visas and money transfers especially if you are single. Different issues come into play when you are married. |
|
Back to top |
|
|
intelligent-hustler
Joined: 08 Apr 2015 Posts: 11 Location: Rio De Janeiro
|
Posted: Mon Apr 13, 2015 11:39 am Post subject: |
|
|
Quote: |
The numbers sound good but are you planning on retiring in Vietnam or somewhere else. Other issues come into play such as visas and money transfers especially if you are single. Different issues come into play when you are married. |
You are correct. I am assuming Vietnam. Estimates based on what I understood the cost of living was like for specific items in Hanoi, but I imagine HCMC would be similar.
As an example the housing costs (which people on the threads would argue at length on appropriate cost) was specific for rented 2 Bed, 2 Bath, 75 sq meter Furnished Apartment in Tay Ho (upper middle class area).
Hopefully people will comment on if that is a reasonable assumption or not.
Can you describe what other costs you are considering for married or single folks? |
|
Back to top |
|
|
mushroom_season
Joined: 11 Apr 2011 Posts: 42
|
Posted: Mon Apr 13, 2015 1:52 pm Post subject: |
|
|
I'm not speaking of financial costs but rather personal costs. If you are married its easier to adjust and live cheaply than if you are single. However it may be more difficult to leave if you feel you need to. Vietnam has onerous international monetary transfer laws that make it easy to get money in but difficult to take it out. You need to be mindful of this especially if you are using remittances to take care of parents back home or something like that.
The actual amount you say that you are bringing with you is plenty and you can live a decent life with it. You said that you were Filipino. Costs here would be slightly cheaper here than in the Philipines though that all depends as you are aware on how you choose to live. While some Filipinos here choose to live on the cheap. I don't imagine you to be of that sort but you can still live and save quite a bit on a ESL teacher's income whether you a Filipino or an Australian. |
|
Back to top |
|
|
paddyflynn
Joined: 13 Dec 2012 Posts: 26
|
Posted: Sat Apr 25, 2015 7:58 pm Post subject: |
|
|
It all depends on how you live. If you want a 1 bedroom apt. you'll spend about $500 a month in rent, but you can get a room in a group house for as little as $200, or a studio apt. for about $300. You'll pay more if you want to live in West Lake.
$2,500 a month is a whole lot if you live like a Vietnamese/backpacker (drive a motorbike, eat pho/bun cha/com 3x a day and drink bia hoi). In this case, you'd spend about $1.50 per meal, 25-50 cents a beer, and $50 a month for bike rental.
If you like to travel by taxi, eat western/japanese/korean food, and drink cocktails in air-conditioned bars, $2,500 is probably just barely enough, as you'll be paying $10 a meal, $5 in cab fare every time you go somewhere, and $5 a drink.
Also, you should double the amount if you plan on having a girlfriend, as you will probably be expected to pay for everything.
As far as your graph, I think your housing and utility costs are high. Transportation is too high if you plan on riding a motorbike, but too low if you plan on using taxis. |
|
Back to top |
|
|
ExpatLuke
Joined: 11 Feb 2012 Posts: 744
|
Posted: Sun Apr 26, 2015 11:54 am Post subject: |
|
|
I feel like $730 for housing per month is pretty high... unless you're planning on a really nice apartment. But then again, I'm not living in Hanoi so things could be cheaper around here. I only pay $350 for a 1 bedroom apartment 2 minutes walk from the beach. There are nicer luxury apartments that go for $700-$1000 per month, but those are top tier. |
|
Back to top |
|
|
intelligent-hustler
Joined: 08 Apr 2015 Posts: 11 Location: Rio De Janeiro
|
Posted: Sat May 09, 2015 8:36 pm Post subject: |
|
|
Can I ask what city you are in? Also if you don't mind, what neighborhood, so I scan for housing and get an idea of accommodation level?
Obrigado!
ExpatLuke wrote: |
I feel like $730 for housing per month is pretty high... unless you're planning on a really nice apartment. But then again, I'm not living in Hanoi so things could be cheaper around here. I only pay $350 for a 1 bedroom apartment 2 minutes walk from the beach. There are nicer luxury apartments that go for $700-$1000 per month, but those are top tier. |
|
|
Back to top |
|
|
yaramaz
Joined: 05 Mar 2003 Posts: 2384 Location: Not where I was before
|
Posted: Thu May 14, 2015 5:03 am Post subject: |
|
|
We live in Hanoi, in the West Lake area. After tax, we're living on about $2k, between my husband's gig and my sporadic freelance work (we've got a toddler so I am currently home with him). We save several hundred $ each month. Rent for a simple but pleasant 4 floor furnished house: $650 (reduced from $800 due to construction nearby. Part time housekeeper who also does our market shopping (cheaper fruit, veg, meats): $200. Husband has a scooter. I walk and take taxis. We are comfortable but live simply. We have cheese and foreign beer. It's very manageable, but I definitely feel like a poor cousin compared to some of the expat families in our area who casually rent $3000 houses and have full time nannies and drivers etc. |
|
Back to top |
|
|
LettersAthruZ
Joined: 25 Apr 2010 Posts: 466 Location: North Viet Nam
|
Posted: Thu May 14, 2015 9:51 am Post subject: |
|
|
$650 for a HOUSE in Tay Ho?? What kind of condition is it in?? That sounds unusually cheap for WestLake......
Damm, if that's the case, Ha Noi must be getting cheaper or something! Last time I was in town a few months ago, I was staying at my friend's 30 square metre studio /suite room on Xuân Diệu Street (also in Westlake) and THEY were paying $550 USD per month!! |
|
Back to top |
|
|
yaramaz
Joined: 05 Mar 2003 Posts: 2384 Location: Not where I was before
|
Posted: Thu May 14, 2015 10:26 am Post subject: |
|
|
It's possible, just not easy. Nice house (4 floors, with 3 bathrooms, 2 showers, 2 bedrooms, sunroom, top floor area, terrace) with nice but simple furniture. Lovely landlords. Asking price $800 but we argued down to $650 because of big construction site on corner (duong Tay Ho). I don't mind the nightly grinding noises but my husband hates it. However, yeah, $650 possible. And we saw a lot of furnished houses here in the $600-800 range when house hunting in October. We also know there are a lot of $2000 houses. You can generally find what you're asking for. There are $500 1-2 bed flats around here- we were looking, in case the construction site keeps pile driving at night! |
|
Back to top |
|
|
skarper
Joined: 12 Oct 2006 Posts: 477
|
Posted: Thu May 14, 2015 5:48 pm Post subject: |
|
|
Prices do vary A LOT.
If you are in a hurry or a bit lazy you can be forced to pay huge rents that are much more than the real market rate.
Hanoi is not as cheap as DaNang but while some pay 700USD a month to live in an admittedly quite luxurious flat near the river - we have never had to pay anywhere near that for far more space. We have our own furniture, A/C units, fridges etc and prefer it that way. But lots of expats don't want to be buying those for what may be only a short sojourn or 1-2 years. Been here 8 years and hope to spend the rest of my life here.
If I were arriving in Hanoi now I would budget about 1000USD for rent unless you're happy with a room in a shared house. I'm too old for that but some enjoy it. I did that for my first 6 months and it was ok. |
|
Back to top |
|
|
weigookin74
Joined: 30 Mar 2010 Posts: 265
|
Posted: Tue Jul 14, 2015 2:59 am Post subject: |
|
|
skarper wrote: |
Prices do vary A LOT.
If you are in a hurry or a bit lazy you can be forced to pay huge rents that are much more than the real market rate.
Hanoi is not as cheap as DaNang but while some pay 700USD a month to live in an admittedly quite luxurious flat near the river - we have never had to pay anywhere near that for far more space. We have our own furniture, A/C units, fridges etc and prefer it that way. But lots of expats don't want to be buying those for what may be only a short sojourn or 1-2 years. Been here 8 years and hope to spend the rest of my life here.
If I were arriving in Hanoi now I would budget about 1000USD for rent unless you're happy with a room in a shared house. I'm too old for that but some enjoy it. I did that for my first 6 months and it was ok. |
Are rents really that high for a still under developed country? You'd pay those kind of prices in Seoul or more which has a much higher cost of living I thought. |
|
Back to top |
|
|
weigookin74
Joined: 30 Mar 2010 Posts: 265
|
Posted: Tue Jul 14, 2015 3:00 am Post subject: |
|
|
What's the salaries, 1800 to 2000 US dollars for those with some experience? |
|
Back to top |
|
|
ExpatLuke
Joined: 11 Feb 2012 Posts: 744
|
Posted: Tue Jul 14, 2015 6:45 am Post subject: |
|
|
For what city are you asking about? In Danang getting $2000 per month at one center is almost unheard of unless you're working a lot of hours or in some sort of managerial position. $1000 to $1500 is more realistic for Danang.
I pay $350 per month for a 1 bedroom apartment on the beach. You can get a 2-3 bedroom house for the same price, but I prefer the security and services an apartment supplies.
I'm a bit more established than newbie teachers, but even most of my coworkers who have been here a short time find living on $1000 per month in Danang is quite easy. As long as you have a school paying for all visa and work permit costs, your expensee are minimal. |
|
Back to top |
|
|
|