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Expat saving money ?? how ?

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kiwigal
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Expat saving money ?? how ?

Postby kiwigal » Tue, 29 Aug 2006 5:14 pm

The general consensus of people who have some knowledge of expats is that one day they will be able to return home in a much better off position financially.

I understand that off-shore acocunts are open to expats, therefore interest gets paid gross, and that companies pay housing and car allowance.

But am I missing something ? How do people expect to go back to the UK in a much better off position ? As far as I can see, unless we don't go out, and don;t travel, we can save money and put it in the piggy bank. But if we want a decent life in singapore, we may end up saving very little .

Are there some tricks we don;t know about ? Do people live in under budget accommodation and save the rest ? How do people do it ?

If we can't make ths expat stint financially viable, it just goimg to be one long expensive holiday .

Your views /coments would be most appreciated.

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...

Postby ringo100 » Tue, 29 Aug 2006 9:19 pm

Obviously I don't know your circumstances but I think it is the same as saving anywhere. Singapore can be a very cheap place to live especially compared to western countries.

I start by deciding how much I want to save then I fit my budget around this. Unless you are on a lot of money it is difficult to live in expensive house, eat out in nice places every day, get a taxi to work every day, travel every weekend and then still save cash. Work out where it is easy for you to compromise without losing too much quality of life.

I am single so I choose to share a condo (adds $1500 to my monthly savings), and I generally use the MRT to get to work.

Where I waste my money is alcohol and travel but I choose not to compromise on these.

But I always stick to my budget when my weekly cash runs out I don't go out or catch up the next week.

By doing this I can save about $3,000 a month. I currently send most of this home to the UK but think I will start keeping more in Singapore.

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jjj
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Postby jjj » Tue, 29 Aug 2006 10:54 pm

I'm in the same situation and it's pretty easy.

1. Hawker stands are the best. Better food and cheap compared to most other counties

2. Alcohol. Just find the cheap cool bars. Double o for a start

3. MRT or taxis. Still cheap no matter what you choose

4. Avoid SPG's

5. invest your money anywhere except singapore. 1.25% term deposit in Sing. Please....

6. The SPG thing again.

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Re: ...

Postby Wind In My Hair » Wed, 30 Aug 2006 12:37 am

ringo100 wrote:I start by deciding how much I want to save then I fit my budget around this.

That's the secret right there, which puts you way ahead of many people!

Sorry for butting in as I'm not an expat but "pay yourself first" is the wisest financial advice I ever heard and it's nice to see someone actually living it. I started saving 10% of my income and slowly worked it up to about 50% now. Once that amount is saved, I actually feel good about splurging the rest of it on whatever I want. So it's the best of both worlds.

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Postby EADG » Wed, 30 Aug 2006 1:35 am

careful about the dispensation of such 'sage' advice, though her/his heart is in the right place

1. Hawker stands are the best. Better food and cheap compared to most other counties

that stuff is just shy of poison - much is greasy, fatty, fried - just look at the people who eat it, not exactly the vision of health


2. Alcohol. Just find the cheap cool bars. Double o for a start
cool? that bar sucks

3. MRT or taxis. Still cheap no matter what you choose

or bus

taxis are no longer always cheap here

4. Avoid SPG's
6. The SPG thing again.

was that really necessary? yet another person with that hangup?


the savings in Singapore probably come down to low commute expenses due to short distances, and taxes - you get to keep more of what you make here

saveezee
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There's an easier way - through credit card promotions

Postby saveezee » Wed, 30 Aug 2006 12:19 pm

Hey guys,

Someone sent me an e-mail the other day about this web site that lets you search for credit card promotions quickly and easily.

So there's no need to spend less, but just spend with your credit card and take advantage of these credit card promotions all the banks are offering.

The web site address is: http:///www.saveezee.com

best thing about it, its free to use! :o

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Postby Carletta » Wed, 30 Aug 2006 2:00 pm

Hi Kiwigal

Get your company to pay your rent and then you dont have to pay tax on this part of your salary. If you are lucky they may pay your rent anyway.

Shop at the markets rather than cold storage etc which are much more expensive.

Book flights with tiger etc. far in advance as much cheaper deals. Holidays in Asia can be very cheap if you shun the resorts which arnt really Asia anyway.

Buy your clothes in KL! About 50% cheaper than here!

Make your own coffee at work and avoid Starbucks. I worked out I saved around $1000 a year by stopping buying coffee there each day!

Buy alcohol at duty free every time you go through customs and drink before you go out.

Share cabs - pick friends up if on the way or ask the person in the queue if they are going the same way as you - Very unSingaporean thing to do though!

Be with an interesting partner so you dont have to go out all the time to fill the void. Dressing up at home can be great fun! :wink:

Limit your maid to one time a week if you have one getting her to do only the essentials.

Realise materialism is destroying the planet and your wallet. R&B is the devils music and the stars the devils helpers! "Get rich or die trying" 50Cents - loser. Secret hippie at heart. :girl:

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DimWit Kid
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Postby DimWit Kid » Wed, 30 Aug 2006 2:07 pm

What kind of clothes in KL 50% cheaper than here??

In my experience, KL/Jkt/BKK only cheaper when you buy lousy ones. Or if you are talking about making suits or such. If you buy normal work clothes, same brand same price or even higher outside Sg.

hillview2006
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Re: Expat saving money ?? how ?

Postby hillview2006 » Wed, 30 Aug 2006 3:43 pm

kiwigal wrote:The general consensus of people who have some knowledge of expats is that one day they will be able to return home in a much better off position financially.

this statement maybe partly true – the good old days of ‘expat’ are gone) 18 years back I’ve seen most of my client (Royal Shell) working in Sarawak and Brunei truly enjoy their life financially as an expat

I understand that off-shore acocunts are open to expats, therefore interest gets paid gross, and that companies pay housing and car allowance.
Yes there are Financial Company offer this service to expat. Generally the return is much higher than in Singapore and also tax free. There are few of them (don’t want to mention their name here for free advertisement) such as offshore account & investment. But these NOT provided by the company.
But am I missing something ? How do people expect to go back to the UK in a much better off position ? As far as I can see, unless we don't go out, and don;t travel, we can save money and put it in the piggy bank. But if we want a decent life in singapore, we may end up saving very little .

This is hard to say, in general depending what kind of life style we choose to live with our expat income. First 2 years as an expat is just like a long holiday. (especially for the wife :D )

We will better off back home (not UK) IF we still have this on – back home holiday once a year, accommodation, utilities, transport , school fees + mobile phone bill + medical & travel insurance + income tax paid by the company and we received NETT income S$0000. Unfortunately after 2 years the company cut down the benefits bit by bit or as much as they can.

Are there some tricks we don;t know about ? Do people live in under budget accommodation and save the rest ? How do people do it ?
maybe you can negotiate something like this? :wink:
I envy one of our friend (married no kid) still enjoying his Expat income – S$8500k monthly allowance (mean for his hse,car, utilities) but he’s clever enough to rent a-$2k condo, no car but a BIKE, no maid and his salary is paid in Euro in his home country. Basically he never tough his real income and pay less tax!
If we can't make ths expat stint financially viable, it just goimg to be one long expensive holiday .
It viable. if you are an expat that means you’ll earn reasonably good salary. The big question here his (1)How much you SAVE – NOT how much you earn? Coz when we earn so much our spending likely to grow too :shock:
Your views /coments would be most appreciated.

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jjj
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Postby jjj » Wed, 30 Aug 2006 9:58 pm

For arguments sake

EADG wrote:careful about the dispensation of such 'sage' advice, though her/his heart is in the right place

1. Hawker stands are the best. Better food and cheap compared to most other counties

that stuff is just shy of poison - much is greasy, fatty, fried - just look at the people who eat it, not exactly the vision of health

[jjj] So drama lah, there are many healthy choices at hawker stands, vegetarian, fish bee hoon. If your not eating at hawker centers where are you eating?

2. Alcohol. Just find the cheap cool bars. Double o for a start
cool? that bar sucks

[jjj] possibly, but it doesn't have wanky expats like Attica or Zouk. Try devils bar or momos for a more local scene as well.

3. MRT or taxis. Still cheap no matter what you choose

or bus


taxis are no longer always cheap here

[jjj] taxis in singapore rate amongst the cheapest in the world

4. Avoid SPG's
6. The SPG thing again.

was that really necessary? yet another person with that hangup?

[jjj] no hang up just trying to infuse a little humour. don't treat everything so seriously

the savings in Singapore probably come down to low commute expenses due to short distances, and taxes - you get to keep more of what you make here

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Re: There's an easier way - through credit card promotions

Postby Strong Eagle » Wed, 30 Aug 2006 10:38 pm

saveezee wrote:Hey guys,

Someone sent me an e-mail the other day about this web site that lets you search for credit card promotions quickly and easily.

So there's no need to spend less, but just spend with your credit card and take advantage of these credit card promotions all the banks are offering.

The web site address is: http:///www.saveezee.com

best thing about it, its free to use! :o


Kind of a BS website. Won't show all promotions... too many items selected it says... what's with that?

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Re: There's an easier way - through credit card promotions

Postby riversandlakes » Thu, 31 Aug 2006 9:09 am

Ah SE, you really went? :o:lol:

Strong Eagle wrote:
saveezee wrote:Hey guys,

Someone sent me an e-mail the other day about this web site that lets you search for credit card promotions quickly and easily.

So there's no need to spend less, but just spend with your credit card and take advantage of these credit card promotions all the banks are offering.

The web site address is: http:///www.saveezee.com

best thing about it, its free to use! :o


Kind of a BS website. Won't show all promotions... too many items selected it says... what's with that?
Goatboy will always cherish his former goatgirl.
But the world is full of fluffier ones.

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Re: Expat saving money ?? how ?

Postby riversandlakes » Thu, 31 Aug 2006 9:12 am

Nope. I have left for good. Will emigrate my whole family once I have settled down somewhere.

On taxis, yes, they are mad now. Surcharges everywhere!

kiwigal wrote:The general consensus of people who have some knowledge of expats is that one day they will be able to return home in a much better off position financially.
Goatboy will always cherish his former goatgirl.

But the world is full of fluffier ones.

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Saving money

Postby gordie » Thu, 14 Sep 2006 1:14 pm

Expat life seems to have a surreal edge to it. Look, to save money, just live as if you would live at home.
In Australia I dont swan around taking cabs all the time, I take the train.

I dont eat in Hawker bars all the time at home either (or the equivalent) That would only make you fat. They taste great but much highter in fat and salt and sugar then you can cook at home.

AVOID, expat style bars, restaurants, services. As they have a huge and unrealistic markup.

Dont have a maid. Do you have one at home? Why is housework harder here then at home? Maids are exploited and in some cases abused.

Drink alcohol in local singapore pubs, forget flashy bars if you wanna spend a fortune on booze though go for it.

Supermarkets in Sing, and fresh food markets are great and cheap and you are kind of saving there.

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Re: Saving money

Postby mrsmonkie » Mon, 25 Sep 2006 9:56 pm

gordie wrote:Expat life seems to have a surreal edge to it. Look, to
Dont have a maid. Do you have one at home? Why is housework harder here then at home? Maids are exploited and in some cases abused.


I couldn't agree with you more! Everyone back home keeps asking why we don't get a maid or live it up more??......what will happen when we return to Australia and reality sinks in, there are no cheap maids in Sydney!!!


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