Monthly Finance - Constructive criticism please

[migrant]

Reading cost of living posts around I've been working on compiling a budget for eventual retirement to Thailand. I've also asked members about this (thanks!! ) but thought I would give my breakdown for comments.

I know it's similar to other cost of living threads, but I have tailored for our likes.

I would like to get comments on it to see how my assumptions are. I used american dollars and a 29.50 baht/dollar conversion

Now this is my budget, everyone spends different! Mrs M and I don't go out to bars much, but I do like to eat. I love Thai food, but also like variety, so food is high.

We plan on renting for a year (or more) to see where we want to live, if at all, in Thailand. Initial thoughts are the Cha Am area, and would like to be close to the beach.

MONTHLY COSTS

Housing 17,700
There are just us two and perhaps her Mom

Utilities 11,800
Electric, cable, internet,water, etc

Food 11,800
Food for home, household supplies, scotch etc

Eat out 23,010
4 lunches, and 3 dinners a week. I drink, Mrs M doesn't. Meals will be all over the board from sidewalk/night market stalls, to nice restaurants.

transport 5,160
Gas, repairs. I plan on buying a pickup, and 2 motorbikes from principal

ins auto 1.770

ins other 5,160
medical

other 8,850
Miscellaneous unexpected costs

Entertainment and travel 26,100
Travel to USA every other year, around Asia a couple times a year, movies, fishing, etc.

Total 111,350

I have transferred this to a spreadsheet, making assumptions on rate of return, inflation, initial costs, etc. To calculate backwards what I need as a nest egg to jump ship!

Thanks All

[PeteC]

Quick initial comments on this as on the run this morning. Pete

Housing 17,700
There are just us two and perhaps her Mom

(I think low unless a small condo. If you want to rent a good house for a year of decent size and close to the beach it could be 30 or higher.)

Utilities 11,800
Electric, cable, internet,water, etc

( Too high for the above housing cost but perhaps right for a bigger place. It all depends on how conservative you are with air conditioning)

Food 11,800
Food for home, household supplies, scotch etc

( Again perhaps too high given what you've budgeted for eating out)

Eat out 23,010
4 lunches, and 3 dinners a week. I drink, Mrs M doesn't. Meals will be all over the board from sidewalk/night market stalls, to nice restaurants.

transport 5,160
Gas, repairs. I plan on buying a pickup, and 2 motorbikes from principal

ins auto 1.770

(This will be included in the initial cost of the car and M bikes for the first year)

ins other 5,160
medical

other 8,850
Miscellaneous unexpected costs

Entertainment and travel 26,100
Travel to USA every other year, around Asia a couple times a year, movies, fishing, etc.

Total 111,350

[Johnnywastaken]

Wow... That's alot per month you've allowed.... you probably will find that it's far lower than your estimate to live comfortably....

Your utilities will probably be cheaper than you have projected IMO... and you didn't mention golf...
which is a big savings....

111 grand per month will allow you and your wife to live a very comfortable life....

[STEVE G]

Housing 17,700
There are just us two and perhaps her Mom

(I think low unless a small condo. If you want to rent a good house for a year of decent size and close to the beach it could be 30 or higher.)

It depends what you're after; you can still rent houses in Hua Hin for less than 10,000 a monthif you're not after luxury villas.

[redzonerocker]

We plan on renting for a year (or more) to see where we want to live, if at all, in Thailand. Initial thoughts are the Cha Am area, and would like to be close to the beach.

Good plan to start with
I guess after 6 months you'll have some an idea of what your running costs would be, or there abouts & if you do indeed want to reside in Thailand.

Some things can't be budgeted for, which you've listed as 'miscellaneous', these are the most unpredictable as they can change & vary quite dramatically.

Anyway, good luck for the future

[Takiap]

Personally I think you'll end up spending quite a bit less than you're budgeting for. Utilities for example will most likely be about half the amount you've stated unless you have your air conditioners running 24/7, together with pool pump and etc. My advice would be to push on without any air conditioning, because if you do, you'll actually adapt accordingly. I never believed it myself, but I am living proof that your body adjusts. We have no air con units in our place, and we don't miss them at all.


Anyway, at least you're not likely to discover you've under-budgeted.

Good luck with the move.

[migrant]

Thanks all!

I'd rather overbudget as I tend on the conservative side.

House wise a pool would be desired, but for the 2 (or 3) don't really need a palace.

Won't play a lot of golf, shoulder has had 3 surgeries and still not good, but I do enjoy scuba diving so some trips will be needed.

[hhfarang]

Migrant, it looks pretty realistic and I agree with Pete's comments. The only other one I would add is...

Eat out 23,010
4 lunches, and 3 dinners a week. I drink, Mrs M doesn't. Meals will be all over the board from sidewalk/night market stalls, to nice restaurants.

You could easily exceed that amount (as you're talking around 30 meals out for at least two people i.e., 60 meals or more total) if you throw in very many nice restaurants depending on the restaurant and how much and what you drink; however, this is easy to control as if you see you're going to go over in the 3rd week of the month, you can just eat in or stick to the cheap places during the 4th week.

Just for comparison, we own our home (no rent) we do go out to eat a few times per week, usually at mid range to cheap places and with one 3 night trip to Bangkok being all the travel we did our spending averaged 90k per month over the last two months (two people, two dogs, plus I support my mother in law at only between 6 and 7k per month). My wife rarely drinks but I do drink quite a bit and that can run to 10k per month at home easily with my preference for wine and good scotch. My only entertainment is TV, internet, reading books and the aforementioned imbibing in some decent alcohol to keep me from going insane, I had to give up golf which was my last entertainment luxury.

[Arlo]

I think you are on the high side for utilities for sure. I have rented for years and never have I paid that much. I have had a house with a pool also. We use AC in the hot season but only for sleep at night and maybe an afternoon nap and our electric is never that high. Always have fans going and music or a TV on.

Renting a house we have never paid over 18,000. That was furnished and a short term lease. Long term never paid over 15,000. All were 3 bedroom 2 bath and AC in the bedrooms. The size of the yard/garden has always been decent. We have dogs so we need some room. Being near the beach well it would be a bit of a walk but could be done from all but 1 place. On the bike it takes no time at all. I think your best bet to find a nice house for a good price would be to avoid the internet sites that rent homes out. Take a day or 2 and ride around the neighborhoods you are interested in and look for signs for houses for rent on the gates of the homes. My lady has found some great houses that way and there is no middle man involved so you will sure get more bang for your buck/baht.

Dinners out can be great and cheap to. Buy a chair, a cooler and fill with drink of choice and ice. Purchase a little Thai BBQ. Stop by market and pick up some fresh seafood head to beach of choice. Open chair and beer and relax while the wife makes dinner. Mine enjoys this a lot, a little picnic on the beach and we are technically out to eat.

Good luck

[Korkenzieher]

I agree with many of the above comments on rent (I think you are likely to be paying more) and utilities (where I think you will pay less).

Scuba, if you keep it up from Hua Hin, might hit you harder than you expect. There is none around Hua Hin, the nearest realistically being Koh Tao. Overnight costs in Scuba type places is climbing rapidly - Phi Phi and Koh Lipe particularly. The possible exception is Phuket which is perhaps the cheapest available. You may even find it cheaper to go to Malaysia with Air Asia to dive, than go to some Thai resorts.

I recently priced up a 4 day trip to Phi Phi which, given the transit time, additional nights and relatively high costs on the island, wouldn't see change out of 30k baht ($1000) for 4 days=9 dives, and it might well come in at more even if you were alone. If there are 2 of you diving, then you would find yourself passing the 'golfers' budget quite easily. Doing (essentially) the same dives from Phuket is an immediate saving of perhaps 1500 baht per overnight, though the boats are much busier.