Is it possible to save over 2000/cdn a month?

Hello, I have a very specific money question; I hope that people are not put off by this. I am a qualified teacher from Canada (B.Ed). I am already teaching in Taiwan but I am looking to change jobs for next year. Because of student loans and such, I would really need to be sending home $2000cdn/month or more. Do you think this is an unreasonable goal or is it doable without going insane? Do you think that public schools or international schools would be the way to go? Would Taipei be out of the question because of living costs? Thanks

Given current exchange rates, you’re talking about something like NT $60,000/mon. In Taipei, if you’ve got a decent place to yourself and you’re not living on the cheap, cost of living will run you close to Nt $30,000/mon. With a teaching degree and experience, you should be able to find a regular position that’ll run NT $70-80,000/mon. If the hours and location are right, you could supplement that with an evening position that would bring in another NT $30,000. That doesn’t take taxes into account, but it’s doable. The second position doesn’t leave much time for after hours marking, or a life, but it’s possible.

Once upon a time I made NT $140,000/mon, and that’s when the exchange rate was much better. Not all that much fun, but a good way to save. Wouldn’t do it now, and I’ve not much the same financial obligations hanging over my head.

Huh?

  1. $2,000 CDN = $1,750 USD. When you say “student loans and such”, I assume you racked up ridiculous credit card debts? Your student loans shouldn’t make up more than about 10% of that debt, right? Perhaps you should consolidate your loans. . . and cut up your credit cards.

  2. Why are you asking if you’re already teaching in Taiwan? Can’t you figure it out yourself?

  3. Public schools or international schools? Huh?

If you really, really must send home that much, I think it can be done, but it will be very difficult and will mean working as many big blocks of hours as you can at the same location, doing very little but work (i.e. no chinese classes, no gym, not much entertainment), but it may be possible. Have fun.

the interest on student loans may constitute the “and such” …

that said, cutting CCs is usually a good way to stop going further into debt (or never applying for any at all, but i digress).

public schools don’t pay very much and you are usually required to spend long hours on campus. best bet is to look for a cram school that pays well (you should be able to prepare rather quickly, with your experience and training). and supplement with privates, making sure that they pay in advance so they don’t start skipping.

find a cheap place to live where there’s not a lot of temptation to spend inordinate amounts of cash (ie outside of taipei). i lived in a shack for a year that allowed me to send home more than what you are talking about per month, and got rid of my loan debt in 1.5 years. i didn’t go out much, and spent a lot of time reading and walking.

it can be done, but you’ve gotta persevere …