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Saving £1000 a month

Discussion in 'Teaching overseas' started by hoblos, Jun 2, 2011.

  1. Hi,

    Curious to know how many international school teachers can save this per month. I mean that the full £1000 goes into savings account after all monthly expenses have come off.

    I work in an international school in UK with accommodation provided and I'm able to save this amount. Just want to know if it's something many people can do.

    thanks

    H
     
  2. I my current position, my husband and me manage to save between 200 and 2500 euros per month, after everything is paid out.
    We also eat out, have a cleaner and fund two sprogs at uni.
     
  3. Sorry that should read 2000 to 2500
     
  4. Mainwaring

    Mainwaring Established commenter

    A word of warning: Never rely on what the school tells you about potential savings either at interview or in its 'information' package. Interviewers can be very out of touch with reality (and that's the politest way of putting it). For example, at a headship interview some years ago I was confidently assured that 'the current Headmaster remits X pounds sterling each month to his offshore bank account and his wife isn't even employed'. It turned out that the current Headmaster's net salary was no more than X pounds sterling per month and he his wife were only able to remit anything at all because she was a HoD in the school.
    Always check out the 'official' story with a couple of teachers who are already working in the school. If the school won't give you contact details, be afraid. Be very afraid.
     
  5. Penny, can I ask you how long you and your husband have been teaching and whether you have SMT positions? It's interesting for me to compare and contrast. Both me and my wife are just classroom teachers, I'm finishing my fourth year and she is finishing her second. With my wife's additional income, our combined savings is around 1500 euros, and I was curious to know how it compares to other people.

    Also, am I right in thinking that the 2000-2500 euros figure you quoted is your combined monthly savings? Or do you each save that amount every month?
     
  6. wrldtrvlr123

    wrldtrvlr123 Occasional commenter

    My wife and I are able to save over $3000.00 per month here in Beijing (she has 10 years experience and I have 7). Or at least we will now that we have paid off most our debts back home and recouped from the move here. [​IMG]
     
  7. the hippo

    the hippo Established commenter Community helper

    The talented Mrs Hippopotamus teaches piano and singing, while I am just a lowly class teacher. We manage to live reasonably well from her earnings and so we can save all of mine. Debts, whether back in the UK or elsewhere, change the picture quite a lot. For example, I know a married teaching couple who find it difficult to make ends meet because they have mortgages on properties in New Zealand and the UK.
    A trip back to the UK seems to be a good way of wiping out the savings you have made while overseas. A female colleague is talking about hiring a car for six weeks, while visiting friends and family in the UK. £1000+ is what it will cost her. Ouch!
     
  8. rednelly84

    rednelly84 New commenter

    My savings plan didn't quite work out this year! Completely underestimated set up costs, then there was staying in a couple of swanky hotels, trips to Dubai, holiday to Sri Lanka...
    Moving schools after the summer, and with a hefty increase in salary I reckon I will be saving £1500 a month. Only debt I have is my student loan. Have been told by the OH to get my finger out otherwise we ain't ever buying a house in the UK!
     
  9. the hippo

    the hippo Established commenter Community helper

    I don't understnad why you have to buy a house in the UK. There are plenty of other countries in the world.
     
  10. rednelly84

    rednelly84 New commenter

    It's where the OH lives and where we both want to settle.

     
  11. 576

    576 Occasional commenter

    Since January I've been wiring a grand home each month - but I don't save it, it gets used as a massive mortgage overpayment. [​IMG]
    Gonna take a break from it over the summer as I need my money to go swanning around Italy for 2 weeks [​IMG]
     
  12. cityfree

    cityfree New commenter

    I'm hoping to save around £1k per month, give or take. As I have a living allowance and no rent to pay I should be able to live on the remainder of my salary after I have wired money home. The left over will be about three times the amount of spare cash I have now, living in London!

    I think I would like to buy a place in the UK at some point, even if I am still abroad (I plan to still be abroad). I want to have a long-term 'nest egg' sorted for the future. It'll be a few years before I get the deposit together as I will be spending the first year paying off student debt. I won't necessarily want to live in the house but rent it out etc and it is there if I need it.

    Heres hoping!
     
  13. the hippo

    the hippo Established commenter Community helper

    At the moment the Qatari riyal is 5.4 to the euro. Not so very long ago it was 4.2! If you are changing a year's savings to take back to Europe, this can make a huge difference. It looks as though Mrs Hippo and I will be leaving most of our cash in Doha over the summer. Maybe the rate will improve in a few months' time.
     
  14. Mr robinson

    Mr robinson New commenter

    Yes we are keeping most of our savings in RMB as we think it may appreciate against Sterling. I think many teachers seriously underestimate how much they should save. Remember that you are sacrificing your TPA to be abroad and this is a huge financial sacrifice. I left Uk after 15 years of contributions so at least I have a bit of a pension to fall back on. I have 8 more years of NICs to get a full state pension, but with the proposed changes I am waiting to see if I should make further contributions. I save 1000 pounds a month with a non working wife and 6 yr old, living in Shanghai. Luckily I have a house in London that I have paid off now, and another debt free house in Phuket. But I don't feel hugely secure financially. I would say 1000 is the bare minimum we should be saving and i would be happier with 1500!
     
  15. cityfree

    cityfree New commenter

    I've been keeping a close eye on the RMB and it does vary. Hopefully it will get stronger. During the first year, I will need to send money back to pay off some student debt (not the SLC stuff, going to ignore that until I return to the UK). After that I shall monitor the exchange rate to see what is happening day by day. Theoretically I have around forty years until retirement (as the age of my retirement keeps getting older) so I am hoping to invest enough money to be okay by the time I hit retirement. It worries me that some people don't see the need to prepare. I don't want to think "oh I've got ages" then be a few years away from a permanent holiday and find that I have nothing.
     
  16. At current exchange rates, I am able to send that. However, I am living rather frugally - no car etc. But I have been able to go on three overseas trips this year and will more than likely go on another. That said, my school is offering a 10% pay rise next year so had I been staying, I could have afforded to run a car and still kept up the same level of remittances.
     

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