Will a monthly basic salary of 20,000 HKD be:
1) sufficient to cover living expenses in Hong Kong AND
2) allow me to generate some savings preferably at least 5,000 HKD a month?
My budget for monthly rent is a maximum of 10,000 HKD a month. This is inclusive of broadband internet, local phone, electricity, water and government rates.
I know rental rates vary greatly depending on the location and the size of the flat.
Aside from the items above, I thought of the following that I should pay for with my basic salary:
-transportation to and from work (Work will be in Central; I know tram costs $2 one-way)
-deposit and/or 2 months worth of monthly rental payment
Can someone give an approximate amount for each of the items above or at least say whether 20,000 HKD a month is a reasonable amount to cover all living expenses and generate some savings (as mentioned above)?
Are there other expense items I should take note of?
I read that the tax rate is 16% in Hong Kong. Is this a fixed rate that is deducted monthly from the basic salary? Aside from tax, what are the other deductions from the monthly basic salary (this is assuming I am single with no dependents)?
I would greatly appreciate your advice. Thanks in advance!