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Saving money in China as a teacher?
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AbeCross



Joined: 21 Jun 2012
Posts: 191

PostPosted: Thu Aug 22, 2013 2:59 am    Post subject: Saving money in China as a teacher? Reply with quote

I came across information on saving money in China that surprised me. According to Oxford Seminars, a teacher can save quite a lot in China. See this page at "Ability to Save:High"

http://www.oxfordseminars.com/esl-country-information/countryataglance.php?c=China
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johntpartee



Joined: 02 Mar 2010
Posts: 3258

PostPosted: Thu Aug 22, 2013 3:06 am    Post subject: Reply with quote

Yeah, that's the reason I keep coming back every few years. I get the look-arounds and want to try something new for a while but so far no other place in the world has been able to match China for saving.
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sui jin



Joined: 08 Feb 2008
Posts: 184
Location: near the yangtze

PostPosted: Thu Aug 22, 2013 3:43 am    Post subject: Reply with quote

'High ability to save' is not the same as 'able to save a lot'.

Working in England, I was never able to save anything from my monthly salary. In China I can easily save something every month, but when converted back to pounds for a trip home each year, it soon disappears.

I guess if you live in China for several years, never go home and have no family commitments , you could eventually bank some cash. The teachers I know who have done this , and have cars, and homes here , all had some other source of income apart from their basic teaching (part-time tutoring, recruiting etc).
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choudoufu



Joined: 25 May 2010
Posts: 3325
Location: Mao-berry, PRC

PostPosted: Thu Aug 22, 2013 4:02 am    Post subject: Reply with quote

sui jin wrote:
'High ability to save' is not the same as 'able to save a lot'.

Working in England, I was never able to save anything from my monthly salary. In China I can easily save something every month, but when converted back to pounds for a trip home each year, it soon disappears.


i don't understand your comment.

working in england, you save nothing. at the end of the year you have
nothing, or less than nothing.

working in china, you save something each month. at the end of the year
you have 12 months of something.

whether you decide to take the savings back to england to spend is irrelevant.
that something you've saved in china, even if it goes quickly, is still
more than the nothing (or less than nothing) you'd have after your year
in england.

i've got the standard uni contract, eat well, buy lotsa stuff on taobao, take
two long vacations each year, often flying to other asian countries. i still
manage to send $3-4K back, 2-3 times a year. and i don't do privates.
YKMV.



as to the article.....not sure how much faith i'd put in the "big mac index"
to calculate ability to save!

"The Big Mac Index is a credible, reliable, third-party cost-of-living index created
by The Economist. For comparison purposes, it lists the cost of an
American Big Mac at $4.07."

i wonder if chinese teachers interested in teaching abroad will reference
the "chicken feet index" to calculate the cost of living in nebraska.... Laughing
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beckyshaile



Joined: 29 Jul 2013
Posts: 72

PostPosted: Thu Aug 22, 2013 4:10 am    Post subject: Reply with quote

johntpartee wrote:
Yeah, that's the reason I keep coming back every few years. I get the look-arounds and want to try something new for a while but so far no other place in the world has been able to match China for saving.


Unless you are earning 18-20,000 RMB a month, you are way off in your staement about China. Korea is by far more a saving country. You can earn 20-36,000 DOLLARS a year there and have 10-20% spending.

I'm not sure where you come up with your assumptions, but they are far from correct.
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johntpartee



Joined: 02 Mar 2010
Posts: 3258

PostPosted: Thu Aug 22, 2013 4:14 am    Post subject: Reply with quote

Quote:
I'm not sure where you come up with your assumptions


I'm going to break my rule and respond to this.

Edit: On second thought, no, I'm not.
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NoBillyNO



Joined: 11 Jun 2012
Posts: 1762

PostPosted: Thu Aug 22, 2013 4:44 am    Post subject: Reply with quote

Quote:
wonder if chinese teachers interested in teaching abroad will reference
the "chicken feet index" to calculate the cost of living in nebraska....


They can check the Chicken Feed index cause that is what they will make...
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Denim-Maniac



Joined: 31 Jan 2012
Posts: 1238

PostPosted: Thu Aug 22, 2013 4:55 am    Post subject: Reply with quote

Just be advised that the source, Oxford Seminars, is one of the many spurious course providers who sell substandard courses packed full of false promises. As a result, almost anything they say should be taken with a pinch of salt.

Of course people can and do save in China, but its probably not generally regarded as one of the highest paying places with the greatest saving opportunity.
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dean_a_jones



Joined: 03 Jul 2009
Posts: 1151
Location: Wuhan, China

PostPosted: Thu Aug 22, 2013 5:01 am    Post subject: Reply with quote

If this topic is of interest, read this thread:

Monthly Living Expenses: http://forums.eslcafe.com/job/viewtopic.php?t=100405

Should provide plenty of insight into how much people spend each month depending on their location/lifestyle etc. and thus help you work out how much you can save if you have a salary in mind.

It is as easy to waste all your money here as it is to save up a fair chunk of change. All depends on the person, the job and the choices they make.
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bestteacher2012



Joined: 22 Aug 2012
Posts: 160

PostPosted: Thu Aug 22, 2013 6:05 am    Post subject: Reply with quote

choudoufu wrote:
i've got the standard uni contract, eat well, buy lotsa stuff on taobao, take two long vacations each year, often flying to other asian countries. i still manage to send $3-4K back, 2-3 times a year. and i don't do privates.
YKMV.


I find this extremely hard to believe, you are saying you manage to send back 50,000 to 60,000rmb a year, plus have two long holidays on a standard uni contract. Impossible.
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Javelin of Radiance



Joined: 01 Jul 2009
Posts: 1187
Location: The West

PostPosted: Thu Aug 22, 2013 6:25 am    Post subject: Reply with quote

On this forum, nothings impossible.
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cormac



Joined: 04 Nov 2008
Posts: 768
Location: Xi'an (XTU)

PostPosted: Thu Aug 22, 2013 6:30 am    Post subject: Reply with quote

bestteacher2012 wrote:
choudoufu wrote:
i've got the standard uni contract, eat well, buy lotsa stuff on taobao, take two long vacations each year, often flying to other asian countries. i still manage to send $3-4K back, 2-3 times a year. and i don't do privates.
YKMV.


I find this extremely hard to believe, you are saying you manage to send back 50,000 to 60,000rmb a year, plus have two long holidays on a standard uni contract. Impossible.


I agree.

The standard uni contract outside the major cities (also without a PHD) is 4500-5000. I'm getting 6000 from my uni only because of past experience. I also work at a training school part time (about 14 hours) and get 5000 a month from them.

I do go out three nights a week, and spend 300rmb on average on beers, and such. My costs in other areas is minimal, since I refuse to have a credit card in China. And yet, the costs do add up in all those other areas. I do save money, but then a trip back to Ireland guts a large chuck pretty quickly.

Is it possible to save in China? Yes it is. Probably a lot easier if you're married or in a relationship, cooking at home every night. Also if you're a social recluse who rarely goes anywhere with other foreigners (since most foreigners spend like crazy here, and there is a certain responsibility to repay in kind)..

I do save in China, but nothing like what you suggest above. I go home once a year, I do socialise (because I burn out if I don't), and I certainly can't come close to the money you're claiming to easily save....
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Harbin



Joined: 19 Feb 2013
Posts: 161

PostPosted: Thu Aug 22, 2013 12:01 pm    Post subject: Reply with quote

One thing to keep in mind is that most cities will require 3-6 months rent paid up front. A few cities require 12 months rent up front.

You certainly can save money in China - 50% is a reasonable number. With a full time language school gig, you can expect to save $8,000 - $10,000 per year, if you're careful. Of course, vacations and trips home will quickly drain your savings.
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Denim-Maniac



Joined: 31 Jan 2012
Posts: 1238

PostPosted: Thu Aug 22, 2013 12:48 pm    Post subject: Reply with quote

Ill just add ... I live on 2000 a month. That includes beers and meals out .. I probably eat out three times a week. I can drink three times a week on that money too.
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Mr. Leafy



Joined: 24 Apr 2012
Posts: 246
Location: North of the Wall

PostPosted: Thu Aug 22, 2013 12:49 pm    Post subject: Reply with quote

cormac wrote:
I do go out three nights a week, and spend 300rmb on average on beers, and such. My costs in other areas is minimal, since I refuse to have a credit card in China. And yet, the costs do add up in all those other areas. I do save money, but then a trip back to Ireland guts a large chuck pretty quickly.


I don't do quite as well as choudoufu but I get one overseas and a couple domestic holidays a year and send home almost as much as he does.

Of course it depends on how you like to spend your money. Your beer money is 900 a week. Time it right and you can get domestic air tickets almost anywhere for under 1000. A very nice private room with a private bath in a well-located Shanghai hostel is 250/night - one night's drinking for you (I know, I did this all last week). If you are happy to spend more weekly and locally, do what makes you happy. I'd rather save on the little things and spend on travel and sending money home. I'm on a regular contract with no privates too and it is possible.
(disclosure - I do live in a somewhat cheap city and have never been a big drinker. I also don't have to pay rent.)
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