Current 2019 list of countries with best savings potential

just.the.truth
Posts: 7
Joined: Sun Apr 08, 2018 11:52 am

Current 2019 list of countries with best savings potential

Post by just.the.truth »

Hi all,
I know that this is an often talked about topic, but I thought I’d throw my hat into the arena anyway. I was just wondering what people’s thoughts are as to the best countries for a single teacher to save a significant amount of money, after basic living expenses, and assuming they’re not partying or shopping at expensive stores. The reason I ask is because I had been living in Qatar for several years saving a looot of money, but the golden days a rapidly becoming a thing of the past. I believe that’s a current trend across the ME. I do know that China still offers opportunities for substantial savings, but surely there are other countries as well. Many thanks in advance!

Heliotrope
Posts: 686
Joined: Sun May 13, 2018 1:48 am

Re: Current 2019 list of countries with best savings potenti

Post by Heliotrope »

It all depends on which schools you're at, but if you're at a good one, I'd say you can save a lot in (amongst others):

Bangladesh
China
Czech Republic*
Ethiopia*
Indonesia
Malaysia
Mozambique*
Myanmar*
Oman
Pakistan
Philippines
Qatar
Russia
Saudi Arabia
Senegal*
Singapore
Switzerland
Taiwan
Thailand
UAE

The ones with a * next to it only have one school (that I know of) that makes serious saving possible.
Lots of others only have 2 or 3 schools that will allow you to save a lot, and all of them have plenty of ISs where you will save almost nothing.
I'll let other add more countries (I'm sure I've missed a bunch), and perhaps I'm mistaken about some on my list.

And also (and this will be said by many): a lot depends on lifestyle.
If you like to eat out a lot, strike Switzerland from the list, but in Thailand that shouldn't make it much harder to save.
If you like to travel a lot to other countries in the region, strike anywhere in Africa, as travel is expensive there.
Also, in some places you kind of need a car, like Oman, which also make sit harder to save there.
If you're serious about saving, go to local markets and cook at home, don't travel abroad during the breaks or at least do a house swap (www.homeexchange.com) when you do travel. Don't try to keep up with other expats and skip the fancy brunches at the Hyatt. Etc.

just.the.truth
Posts: 7
Joined: Sun Apr 08, 2018 11:52 am

Re: Current 2019 list of countries with best savings potenti

Post by just.the.truth »

I agree! Which is why I prefaced my question with spending habits. Really appreciate this. Thanks a bunch!

Tyshine
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Joined: Mon Jun 24, 2013 2:42 pm

Re: Current 2019 list of countries with best savings potenti

Post by Tyshine »

Vietnam and Cambodia are cheap. South Korea has very good savings potential at the higher paying schools.

marieh
Posts: 159
Joined: Mon Feb 11, 2013 11:33 pm

Re: Current 2019 list of countries with best savings potenti

Post by marieh »

Both of the good international schools in Pakistan (Islamabad and Karachi) will allow you to save 80% of your salary if you are frugal. The cost of living is extremely inexpensive and housing/taxes are covered by the schools.

Psychometrika
Posts: 40
Joined: Sun Nov 20, 2016 10:08 pm

Re: Current 2019 list of countries with best savings potenti

Post by Psychometrika »

What do you define as good savings? Is it a percentage of salary or just total amount saved? How much?

Right now I am saving ~50% of my salary in Tbilisi ($2000 per month go straight to my investment accounts) while still eating out regularly and traveling. A very solid balance of lifestyle and cost of living exists in Georgia. Hard to get a good job though as QSI is the only big player (British school I hear is decent too though), but you can't apply directly to any of their schools as an overseas hire. The rest of the Caucuses are similar in this regard.

Next year I am moving to China where I expect to save $3000/month after the initial year when all the bonuses start to kick in. This will be my second time in China, and I expect to encounter more lifestyle challenges and restrictions, but at an acceptable level given my increased savings.

I think once you narrow the list to only include countries that offer both a great lifestyle (this is subjective for sure) and big savings it becomes short indeed though! China, the ME, and oil-rich locations might pay well but they are not for everyone. Right now I think SE Asia as a region scores the most points overall though if you can get into one of the top tier schools.

just.the.truth
Posts: 7
Joined: Sun Apr 08, 2018 11:52 am

Re: Current 2019 list of countries with best savings potenti

Post by just.the.truth »

I was think more of a percentage of my salary, but this is very helpful indeed. Thanks!

Heliotrope
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Joined: Sun May 13, 2018 1:48 am

Re: Current 2019 list of countries with best savings potenti

Post by Heliotrope »

just.the.truth wrote:
> I was think more of a percentage of my salary, but this is very helpful
> indeed. Thanks!

Why a percentage?
It's all about the actual amount you can save, isn't it?
If you can save 70% of a 10,000 dollar salary, or 50% of a 30,000 dollar salary, wouldn't the second be better?

I assume the mortgage lender doesn't ask you to pay 30% of your salary for 30 years, but to pay back an actual amount.

SofaKing
Posts: 6
Joined: Fri Dec 09, 2016 1:32 pm

Re: Current 2019 list of countries with best savings potenti

Post by SofaKing »

Heliotrope wrote:
> just.the.truth wrote:
> > I was think more of a percentage of my salary, but this is very helpful
> > indeed. Thanks!
>
> Why a percentage?
> It's all about the actual amount you can save, isn't it?
> If you can save 70% of a 10,000 dollar salary, or 50% of a 30,000 dollar salary,
> wouldn't the second be better?
>
> I assume the mortgage lender doesn't ask you to pay 30% of your salary for 30 years,
> but to pay back an actual amount.

Why not a percentage? Both are equally invalid without other information (actual salary, cost of living, spending habits). Both together are better. The mortgage lender comparison is a little spurious.

Heliotrope
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Joined: Sun May 13, 2018 1:48 am

Re: Current 2019 list of countries with best savings potenti

Post by Heliotrope »

@SofaKing

Why isn't it about the actual savings potential number?
Since that's salary minus cost of living and other expenses, so what you actually can put away, or invest, or use to pay off debt.

I used the mortgage lender example because some people need a certain amount (for mortgages or student loans), so then the actual number you can save is what counts (as the mortgage payment is also an actual number). The percentage is incomplete, as what you actually save depends on other factors (cost of living, holiday trips, etc.), so easier to mention the actual savings potential than just the percentage.

More data is (almost) always better, but when choosing between the percentage or the actual amount you can save, the latter makes more sense.

SofaKing
Posts: 6
Joined: Fri Dec 09, 2016 1:32 pm

Re: Current 2019 list of countries with best savings potenti

Post by SofaKing »

Heliotrope wrote:
> @SofaKing
>
> Why isn't it about the actual savings potential number?
> Since that's salary minus cost of living and other expenses, so what you
> actually can put away, or invest, or use to pay off debt.
>
> I used the mortgage lender example because some people need a certain
> amount (for mortgages or student loans), so then the actual number you can
> save is what counts (as the mortgage payment is also an actual number). The
> percentage is incomplete, as what you actually save depends on other
> factors (cost of living, holiday trips, etc.), so easier to mention the
> actual savings potential than just the percentage.
>
> More data is (almost) always better, but when choosing between the
> percentage or the actual amount you can save, the latter makes more sense.

You're absolutely right that more data points (salary/COL/lifestyle habits of contributor etc) gives a better indication but, in simplest terms, a number is meaningless without also giving your salary, which basically turns the figure into a percentage. I think we're probably splitting hairs here and can agree that more data points = a better estimate.

For me;
- Salary = Approx 48000 USD
- Live in UAE (High CoL)
- If I was single and frugal, I could probably save approx. 15000-20000usd (30-40%)
- I know people who tutor and can largely live off what they get for that alone
- I also know plenty of people who save almost nothing due to lifestyle and CoL

PsyGuy
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Joined: Wed Oct 12, 2011 9:51 am
Location: Northern Europe

Response

Post by PsyGuy »

The Kingdom (six figure coin), Switzerland (six figure coin but higher COL and expenses), China (40K-50K coin and all expenses covered).

Heliotrope
Posts: 686
Joined: Sun May 13, 2018 1:48 am

Re: Response

Post by Heliotrope »

> The Kingdom (six figure coin),

Best paying school is Saudi Aramco, and they pay 73,000 for a teacher with 8 years experience and a MA (figures from 2018).
I guess if you're assistant Head or department Head with some added positions of responsibility you might reach six figures, but for normal teachers arriving they won't start out making anything close to 100,000.
Still a great place for saving though, as you can save a large part of your salary.

After Aramco it drops to 65,000 at the #2 in terms of salary, but saving half of that, which isn't too hard, still leaves you with a nice sum.

In Switzerland the highest ones pay 90,000 USD but they don't provide a housing allowance, so that comes out of the salary.

PsyGuy
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Joined: Wed Oct 12, 2011 9:51 am
Location: Northern Europe

Reply

Post by PsyGuy »

@Heliotrope

The highest paying IS is not Aramco and you can find 100K in Switzerland. Your issue is reliance on the SA ISs database which is not the definitive authority of coin in IE.

Heliotrope
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Joined: Sun May 13, 2018 1:48 am

Re: Reply

Post by Heliotrope »

PsyGuy wrote:
> The highest paying IS is not Aramco


I don't rely solely on the Search database.
If not Aramco, which school is the highest paying IS in Saudi Arabia then?

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