| View previous topic :: View next topic |
| Author |
Message |
NiHaoDaJia
Joined: 07 Aug 2014
Posts: 118
|
 Posted: Mon Jun 12, 2017 11:30 am Post subject: |
 |
|
| Chinese usually save their money, compared to westerners who spend too much. It is possible to save in China, but many westerners use their money for hamburgers, taxis, massage, and so on. I think it's OK because more spending can help the Chinese economy. As foreigners, we should contribute to our host country in every way. |
|
| Back to top |
|
 |
Iloveamma
Joined: 26 May 2013
Posts: 68
|
| Posted: Mon Jun 12, 2017 12:02 pm Post subject: |
|
|
[quote="NiHaoDaJia"]Chinese usually save their money, compared to westerners who spend too much. It is possible to save in China, but many westerners use their money for hamburgers, taxis, massage, and so on. I think it's OK because more spending can help the Chinese economy. As foreigners, we should contribute to our host country in every way.[/quote
That's nice. Yes.. Many people are used to paying for taxis, etc.i assume public transportation is easy to use?
In India I avoided the bus always due to the staring. However, going there to live and work is different than being on vacation.  |
|
| Back to top |
|
|
Iloveamma
Joined: 26 May 2013
Posts: 68
|
| Posted: Mon Jun 12, 2017 6:59 pm Post subject: |
|
|
| HeidiHector wrote: |
I guess the most important factor is your lifestyle. A good gauge is how much you yourself have been able to save back home (or so far). Have you been able to keep housing costs, including all related costs, below 1/3 of your income? (Generally no for me before moving to China since I lived in NYC but yes after the move.) How often do you buy new clothes? (Almost never for me.) How often do you eat out? (A lot in my case since I see it as a way to socialize and keep in touch with people.) How do you commute? (I don't drive and the subway/metro is usually reliable.)
Granted, if you live in an expensive area and you teach, you won't have very much to work with, but many people who see their incomes progressively grow don't have any savings to show for it simply because of lifestyle inflation. Case in point: I know quite a few people who moved to the Middle East from the New York and Boston to work (in our field among others) because the salaries are higher and are tax-free, yet many complain about actually saving less than before even though housing is heavily subsidized by their employers because there is too much temptation and pressure to shop (to be fair, there isn't much else to do there anyway) since everyone is one-upping one another and to hire help to do house chores since all of the locals do it. So they have the double whammy of living in a place (such as Abu Dhabi or Qatar) with the same cost of living as NYC or Boston without the habits of being careful with their money, which they did have before moving away because "New York/Boston is expensive". Little things add up.
One thing I have always found helpful is to "Pay Yourself First". Set aside 10-15% of your income right off the bat into another account so that you don't even see it (and thus won't miss it). I didn't buy it when I first heard of it, but I tried it and I was surprised by how quickly it added up. If you could, challenge yourself and start with 20-25% and see if you can manage. My experience has been that this is very realistic in China, even when one travels during breaks, since the other costs are so low. (I mean, think about it, the local teacher in Beijing makes about 9-10k and she does okay.)
Cheers!
[I have not talked in specific numbers since I don't want to set off another pointless argument about how my salary is a fantasy or fairy tale.] |
Yes..this is exactly the right strategy... |
|
| Back to top |
|
|
Knedliki
Joined: 08 May 2015
Posts: 160
|
| Posted: Tue Jun 13, 2017 8:54 am Post subject: |
|
|
| NiHaoDaJia wrote: |
| Chinese usually save their money, compared to westerners who spend too much. It is possible to save in China, but many westerners use their money for hamburgers, taxis, massage, and so on. I think it's OK because more spending can help the Chinese economy. As foreigners, we should contribute to our host country in every way. |
Is it possible to get a massage while eating a hamburger at the same time? That's my idea of heaven! |
|
| Back to top |
|
|
Jmbf
Joined: 29 Jun 2014
Posts: 663
|
| Posted: Tue Jun 13, 2017 9:34 am Post subject: |
|
|
| Knedliki wrote: |
| Is it possible to get a massage while eating a hamburger at the same time? That's my idea of heaven! |
You're not trying hard enough! You need to get a massage while riding in a taxi with a hamburger in one hand and a Starbucks coffee in the other |
|
| Back to top |
|
|
RiverMystic
Joined: 13 Jan 2009
Posts: 1986
|
| Posted: Wed Jun 14, 2017 8:55 am Post subject: |
|
|
If drinking a coffee at Starbucks puts a significant dent in your savings, maybe it's time to ask for a raise. Seriously. ¥30 does your budget? 
I was in HK a couple of weeks back. It was ¥80 for a Tsingdao in some bars. A small Tsingdao, that is. I can buy large bottles for ¥5 two minutes' walk away from where I live. |
|
| Back to top |
|
|
Jmbf
Joined: 29 Jun 2014
Posts: 663
|
| Posted: Wed Jun 14, 2017 10:21 am Post subject: |
|
|
| RiverMystic wrote: |
| If drinking a coffee at Starbucks puts a significant dent in your savings, maybe it's time to ask for a raise. Seriously. ¥30 does your budget? |
+1. Having said that, RMB 30 / coffee x 5 times per week = RMB 7,200 over the course of a year. That's more than one month's salary of your standard uni job.
| RiverMystic wrote: |
| I was in HK a couple of weeks back. It was ¥80 for a Tsingdao in some bars. A small Tsingdao, that is. I can buy large bottles for ¥5 two minutes' walk away from where I live. |
You can get a Tsingdao in a local Chinese bar for less than RMB 20 / bottle (if you buy them in a bucket of 6). Or you can get one for RMB 10 at club 7-11. Yes, that's still significantly more expensive than mainland China. It's also got a far higher chance of being real beer and not fake  |
|
| Back to top |
|
|
The bear
Joined: 16 Aug 2015
Posts: 483
|
| Posted: Wed Jun 14, 2017 11:52 am Post subject: |
|
|
This topic comes up time and time again. But times change (though it seems salaries don't  ).
Someone has already said it totally depends on your lifestyle. I've known friends who blow through 10k a month and some people less than 400 a month! It really is impossible to say you can save X amount a month/year.
I'll say this though, if you're the type of person that needs 'western' things, then you'll have a harder time. Most things 'western' here is more expensive than back home, especially food things. |
|
| Back to top |
|
|
Jmbf
Joined: 29 Jun 2014
Posts: 663
|
| Posted: Wed Jun 14, 2017 12:08 pm Post subject: |
|
|
| The bear wrote: |
| I'll say this though, if you're the type of person that needs 'western' things, then you'll have a harder time. Most things 'western' here is more expensive than back home, especially food things. |
Amen to that! One more thing, the idea of lifestyle inflation was mentioned earlier and it's an important one IMHO. It's easy (well easier anyway) to be frugal when you are on a low income. What's harder is to stay frugal once your income grows. Being able to afford some of the better things in life is a bit of a double-edged sword as once you get accustomed to a certain lifestyle, it's very hard to go back.
On a practical level try to set a realistic savings target and update it as appropriate. I'd advise anybody to visit any retirement savings website to see where you 'should' be at 30 / 40 / 50 (of course adjust as appropriate to your own situation). It can be quite an eye-opener. |
|
| Back to top |
|
FAQ
Search
Memberlist
Usergroups
Register
Profile
Log in to check your private messages
Log in
