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Practical Budgeting (What if I have 1000 HBD?)

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Jane
@jane1289
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4 min read

May 12, 2022

Budgeting is challenging, especially when our cash is limited and the inflation is so high. oftentimes, we find it tough to make ends meet with the little salary we have but a big family to support with. Sometimes we would just scratch our heads upon receiving our salary at the end of the month because it will eventually fade like bubbles in the air. Bills are waiting at home, tuition fees for siblings, and of course, the monthly allowance for daily necessities.

Image created on Canva

This inflation rate is truly worrying since the pandemic started and the war between the two powerful countries just added fuel to the fire and made the inflation rate even higher, yet, the salary is not even increasing. And us with a limited amount of money? We're just finding ways to budget everything wisely and look for side hustles like blogging to at least, support the daily needs so that our salary could just be saved for monthly bills, tuition fees, unexpected emergencies, and rainy days.

The low salary in my home country was the main reason why I ventured abroad. Because even if I work 24/7, it wouldn't be enough to support all our needs. Some would set a budget of $100 monthly for food and other needs. But that is only enough for families with 2 or 3 members. We are a big family, and even the Php30,000 ($570+) salary in my country isn't enough to suffice all the needs monthly.

The $100 budget was not even enough for me, back when I was still working in the Philippines and I also set the same amount here abroad so that I can save my salary for my savings and family.

Monthly budget in the Philippines For my family :

  • Php30,000 ($572) for food, bills, student allowance, transportation allowance, car fuel, and the remaining for miscellaneous and unexpected expenses.

For myself: Php5,000-6,000 ($100-120)

  • Boarding house - $20
  • Transportation allowance - $20 ($0.66/day)
  • Food allowance - $60
  • Lady's necessities and others - $20

Monthly Budget Abroad: up to HK$1000 (US$127.39)

  • Holiday allowance - HK$400 (HK$100 per holiday, but if there are other special holidays in a certain month, the monthly allowance would increase depending on the number of holidays per month.)
  • Monthly mobile data - HK$100
  • Transportation allowance - HK$100
  • Personal needs (toiletries and others) - HK$200
  • Food allowance (in case I want to buy fruits or cook for myself) - HK$200

Every holiday, my food usually cost HK$40 to HK$50 (US5.10 to US$6.37) and that is twice per day for lunch and dinner. The remaining amount from my holiday allowance would be saved for the next holiday or buying other stuff.

Since my daily food is covered by my boss except for holidays, I seldom cook for myself but I like buying fruits for myself every week. The budget also depends on the prices of the products. Oftentimes, I would go to the supermarkets that have cheaper prices. I also prefer buying products on sale or the buy 1 take 1 and whatsoever where I could save more. For buying vegetables, fruits, and other fresh food, a wet market is a better place to shop, as there is a lot of variety of products to choose from, and I could even bargain for a lower price if the seller is a friend.

For example here in Kowloon City Hong Kong. Some products from Hong Kong farms are more expensive than those imported from mainland China. Those who like fresh ones would definitely buy meats and vegetables from Hong Kong farms. These two shops below are selling products from Hong Kong farms so prices are quite expensive compared to other shops.

(Inside Kowloon city market)

Meanwhile, these shops are selling products imported from mainland China and other countries so prices are cheaper and practical buyers always prefer to shop in these shops. And those who are not into expensive food would prefer frozen foods as they are cheaper as well.

(Outside Kowloon City market)

These were the foods I bought yesterday which cost US$26.36, good for 2 to 3 days.

  • Pork - HK$150 (US$19.11)
  • Spinach - HK$26 (US$3.31)
  • Beans - HK$15 (US$1.91)
  • Banana -HK$15.90 (US$2.03)
  • TOTAL: HK$206.90 (US$26.36)

So my HK$200 food allowance would definitely not be enough if I will buy food daily. Luckily, my daily food here abroad is covered by my boss and I seldom buy some when I want to cook Filipino food or craving for something different from my usual Chinese food.

And here in Hong Kong, prices depend on the location of the stores. The country is divided into three districts, Hong Kong Island, Kowloon, and New Territories. Products sold in cities in Hong Kong Island are more expensive, followed by Kowloon, then the cheaper ones in New Territories. This district is the countryside of HK and food like seafood are cheaper here since most fisherman villages are located in this district. Oftentimes, people would travel to places with cheaper products to do marketing since transportation is also convenient here just to save more.

The unexpected events also affects the prices of the commodities, such as the pandemic, war, and even conflicts between the Hong Kong government and its citizen. Most of the commodities here are imported abroad and from mainland China so any unfortunate circumstances would definitely affect the prices. And the fact that Hong Kong is a rich country, expect the sudden rise in prices of the commodities.

So if I have a 1000 HBD budget monthly, then I could probably buy all my needs, including wants, and could send more allowance to my family abroad. Oftentimes, we would deprive ourselves of buying some of our needs including wants just because we are saving for more important things. But there's nothing wrong with treating ourselves right? Especially if we are working so hard throughout the month.

You probably wonder why I suddenly write about budgeting, well, this is a challenge by @leogrowth on Leofinance and I was inspired by @ifarmgirl's recent post to participate in this challenge. If you are on Leofinance and want to participate, you can check this link.

Good luck and thanks for reading.

(All photos are mine)

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