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South Africans Going To New Zealand

Author Topic: Are you better or worse off financially?  (Read 1508 times)

Offline RandburgSaffa

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Are you better or worse off financially?
« on: March 16, 2015, 06:51:29 am »
As per the topic, Are you better or worse off financially now that you have moved to NZ? Im interested to see what the general response would be.

Thanks!

Offline Zedd

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Re: Are you better or worse off financially?
« Reply #1 on: March 17, 2015, 10:55:36 am »
I earn less but spend less. I have a super car at a fraction of the price in SA. I've been calculating and my costs and taxes are less here. I don't indulge in tobacco or alcohol which helps a lot to keep costs down. My rent is quite high ($590 per week) and that hurts. It's a super home though. I think that we'll even be able to buy a decent home here. Credit is easier and the rates are lower.
18 March 2013 - EOI submitted
3 April 2013 - EOI selected
10 May 2013 - ITA issued
23 July 2013 - ITA submitted
18 Sep 2014 - Resident visas approved
28 Feb 2015 - The chicken has landed!

SA Going to NZ Advice Forum

Re: Are you better or worse off financially?
« Reply #1 on: March 17, 2015, 10:55:36 am »

Offline mbl77

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Re: Are you better or worse off financially?
« Reply #2 on: March 17, 2015, 04:53:54 pm »
We've been here just over a year, and at this stage we're definitely worse off financially.

To elaborate, we obviously spent a lot of money coming over, but moving our retirement money over has cost us big time. The penalties, the fees and the terrible exchange rate have taking a big chunk out of that, and then one has to consider that what was an acceptable amount of savings related to SA living costs, is nowhere near in NZ terms.

However, in everyday living expenses terms, we're better off. Yes, we're paying much more attention to what we spent in SA, but we are able to save a bit and I have no doubt that in a few years time we would have rebuilt all of what we have lost, and more.

Offline yusuf

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Re: Are you better or worse off financially?
« Reply #3 on: March 18, 2015, 10:58:29 am »
If I compare my salary in NZ to my salary in SA, and our expenses based on that, we are better off financially in NZ than we were in SA.

However, in SA, I ran a successful small business on the side, which was easy to do so with affordable labour. A similar business in NZ does not earn even a tenth of the profit I earned in SA, and it takes up loads of my time since I need to do everything myself.

Although interest rates in NZ are quite low, house deposits are currently 20%, and saving towards that can take much longer than it did to save for a deposit on a South African home, especially with paying very high rent in the interim.
DIY Residence Application - Roughly 18 months
Arrived in Wellington with Residence - 1st May 2013
Relocated to Auckland - 24th May 2015
PR Approved - 19th Nov 2015

Offline Heaven

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Re: Are you better or worse off financially?
« Reply #4 on: March 22, 2015, 01:40:52 am »
Earn less, but spend less :) No need for excessive school fees, payments for security and over-the-top insurance etc... Food is expensive here so I don't eat the same way as in SA and definitely don't dine out here and rent is also high, but lots of other things are free / cheap in comparison.
02-04-2011 - Landed in NZ for LSD
22-07-2011 - 5 year WP issued
18-08-2011 - Moved to NZ
21-09-2011 - EOI submitted & selected
21-03-2012 - Residence Approved
16-04-2014 - Permanent Residence Approved

Offline addywads

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Re: Are you better or worse off financially?
« Reply #5 on: March 31, 2015, 09:06:33 pm »
We were worse off to start with! And 7 years ago when we came over the conversion rate was around 5.6? We didn't come over with much, just enough for a 10% deposit on an oldish run down house which we are now starting to renovate (10% was still acceptable 6 yrs ago when we bought but we were penalised on the interest rate). I can honestly say that it has taken us about 4 yrs to get back to where we were in SA in terms of not worrying about eating out and how much we are spending etc. They say it can take between 3-10 years to recover financially from a move like this (unless you are wealthy of course).We didn't try and replicate our SA lifestyle over here - I think that's a fairly common mistake. You aren't defined here by your clothes, your car or your address which is very liberating  :clap: We drove old cars and budgeted carefully for those first few years and we are doing better now. For me personally, the trade off has been worth it.  Trinkets and Baubles for a good nights sleep - no contest!
Life is too short for regrets.