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How much do you save per month?

Discussion in 'Teaching abroad' started by rivermann1990, Jan 12, 2020.

  1. rivermann1990

    rivermann1990 New commenter

    Hi everyone,

    I'm fairly settled in Eastern Europe and teaching in a half decent school - probably tier 2. My wife is also a teacher in a different school nearby & we each earn around 2500 euro net per month including accommodation allowance. We each have less than 10 years experience & these are our first international postings.

    We aren't into spending big & live quite simply & cheaply, managing to save around £30,000 - £35,000 per year.

    Although we feel quite settled, we can't help but think that we could achieve a better financial award for the amount of effort and hours we put into our work.

    Is it likely that we would save more elsewhere? Maybe in Southeast Asia or Africa?

    Thanks for any input given.
  2. dumbbells66

    dumbbells66 Lead commenter

    Wife and i comfortably put £120 000 a year into savings
  3. taiyah

    taiyah Occasional commenter

    The money you are saving is good. Certainly, better than what you could save back home.

    At the risk of getting the tape measure out...

    Yes... With less than 10 years experience; you and your wife can save double that elsewhere.

    The risk is you may not get settled in your new school and or country. The reward however is as you know, lucrative.
    motorhomer likes this.
  4. TeacherMan19

    TeacherMan19 Occasional commenter

    I save about that now on my own in Asia. Its about funding the balance of what is right for you - its not all about the money.
    motorhomer likes this.
  5. motorhomer

    motorhomer New commenter

    I agree, being settled and happy counts for a lot and people tend to underestimate it when they have it. I guess it depends whether the OP has a good work/life balance? If not, then he may as well try and find it elsewhere and earn/save more money for his trouble. The grass isn't always greener though...
  6. dumbbells66

    dumbbells66 Lead commenter

    Im the happiest i have ever been in a job, it also lucky that i also earn the most, and pay out the littliest i have ever had to.
  7. stopwatch

    stopwatch Lead commenter

    Remind me again where you work. As well as a high salary, what are the local living conditions like? is it safe there?
  8. T0nyGT

    T0nyGT Lead commenter

    I would be careful with this thinking. There are absolutely places where you can earn more, but would you want to work there is the question. If yes, then move on when you can. However, if you have a really good life where you are, and genuinely enjoy the school then I would be very cautious of moving on solely for financial benefit. You only get one life, and wasting it somewhere you don't want to be so that you can have a slightly more luxurious last few years seems like a poor trade-off to me. It's easy to read these forums, see the money some people are on, and think "Wait a minute, why can't I have that". But the grass isn't always greener. If a school is paying you double what you were earning in the last one (if it was already a perfectly livable package), then there has to be a reason.

    TL;DR Put lifestyle, safety and happiness miles ahead of savings potential
    ml02slc likes this.
  9. dumbbells66

    dumbbells66 Lead commenter

    No where near the Middle East, the local condituons are great, and i find it very safe....but safety as we all know is relative.
  10. stopwatch

    stopwatch Lead commenter

    So, where is it?
  11. yasf

    yasf Established commenter

    Africa. Not my personal choice, but they seem to be enjoying it. Have a friend that was admin there many moons ago - did 2/3 years and moved on. I think, like many hardship postings, it takes a particular kind of person. But there again the same could be said about Dubai, Moscow or even Spain.

    I used to be able to save about £30k, but came to a fork in the road when I last changed schools. The choice was either to save significantly more, and be in a hardship location, or much less but work at a dream school in a developed country I've wanted to live and work in for years. I chose the latter and now save about £15k per year - not including pension. The location and school also have their benefits.
  12. nemo.

    nemo. Occasional commenter

    Depends what you mean by save. I invest 2,200 pounds a month for retirement, spend a 900 pounds a month on holidays (I set this aside for this purpose) and give my non working wife money she mostly invests.

    I don't scrimp and save, spend what I want and could save more. A teaching couple at my school would save a lot more, as an additional salary would just be saved.
    dumbbells66 likes this.
  13. towncryer

    towncryer Lead commenter

    Come on Dumbells...don't be shy. We'd all like to know where this school with the fantastic salary is. You don't have to tell us the exact location....just the country.
  14. towncryer

    towncryer Lead commenter

    Ah,,,was answered by another poster. Africa wouldn't be my choice either whatever the money but everyone has what suits them.

    My savings are pretty modest (I am not going to join in the p******g contest that this kind of thread always seems to start. But it's enough for what we need and I don't and never have worked with any soon to be millionaires either.Obviously I work in the wrong countries.
  15. dumbbells66

    dumbbells66 Lead commenter

    there are many many many countries and schools that pay more than my school. just look for full IB non profit schools....there are enough of them out there.

    i have mentioned where i am loads of times, look back over older threads.
  16. towncryer

    towncryer Lead commenter

    It's not all about the pay though is it Dumbells? I'm glad you're happy where you are and that you are saving a lot but it's not for everyone...and people can have a more modest salary and enjoy their school and lifestyle while still saving enough to get by.
  17. dumbbells66

    dumbbells66 Lead commenter

    true, but trust me it's really not bad here at all. I have an amazing life, have loads to do and I save loads. the only difference to here and where I lived in Spain is that now I cant watch bullfighting and eat MacDonalds...to things that aren't going to kill me to miss..... the big difference is I'm actually paid like a professional.

    people need to get out of their comfort zones sometimes, life might surprise you.
    mermy likes this.
  18. towncryer

    towncryer Lead commenter

    It's an age thing I think. 20 years ago or so I would quite happily have left my comfort zone and actually did and had a great time. These days not so much.Can't say why and when that happened but I'm less enthusiastic about a risky lifestyle than I ever was. Enjoy it while you can. No bullfighting or Macdonalds sounds good to me..with or without the money.
  19. 576

    576 Established commenter

    I second this.
    I'm in my 3rd overseas position - the first was the highest paying - but it made me miserable and the money in no way compensated me for that.

    I live month on month on 40% of my wages, I save 30% towards holidays, dental work, car repairs new clothes etc and I invest 30% for retirement.

    I have worked in Africa and its certainly not true that all schools there pay a lot of money - but because living costs are low I was able to save quite well.

    My pay here is a little below the net pay of a UPS3 teacher in the UK (which I was before I left). But I don't pay rent or mortgage, electricity costs me the equivalent of about 3 quid a month and petrol about 20 quid a month, so at the end of the month I'm probably better off.

    So in answer to the question how much do I save? I think my answer is 'enough'. I'm managing to sustain a comfortable standard of living at the moment and hopefully my investments will ensure that I'm not starving in retirement.
    towncryer likes this.
  20. dumbbells66

    dumbbells66 Lead commenter

    wherever I have lived (except Spain) I have applied the 80 - 20% rule. I have saved 80% (minimum) and lived on 20%. its worked well for me, but I have been fortunate enough to work in good non-profit schools. I have never earned as little as a UK teacher at the same level of experience, plus I have had the benefits package on top.

    money isn't everything, but it's very nice when you have the perfect mix.... great school, fantastic lifestyle and good package. this isn't a pipe dream, and is available in lots of places.... but not Spain o_O

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