Use chatGPT to plan your living budget in Beijing

 

introduce

By using chatGPT to roughly estimate your living expenses and income, you can figure out how much income you can live comfortably in a city, and better plan your career and future. This article takes first-tier cities as an example.

What is the Cost of Living Index?

The cost of living index is a broad measure of the cost of different expenses that the average person can expect to live in a certain location. Some of the categories tracked include healthcare expenses, transportation, housing, groceries, and more. These numbers are tracked at specific locations to measure the cost of living in an area over time.

Another good way to interpret this general figure is to ask questions like: "How many goods and/or services are purchased for a given amount at a given location?" A simple example is that 100 yuan in Xi'an is more expensive than in Beijing. Goods and services tracked are need-based, which means entertainment and other expenses that don't require living in an area won't be tracked.

The main purpose of the cost of living index is to help people quickly decide whether moving from one place to another will improve or reduce their quality of life.

How do we calculate the cost of living index?

Cost of living data comes from ERI's cost of living survey and web digitization of public domain records. The data includes health care, transportation, housing and grocery costs, and is then averaged across the county. In the graph above, "0" represents the country's average. The percentage can be lower than the national average (expressed as a negative number) or higher than the national average (expressed as a positive number). The important part to remember is to compare these positions to the average of other positions.

What are labor costs?

Labor costs may sound like cost of living, but it refers to the price of labor, not the cost of living in a location. Labor costs are all the upfront costs an employer has to pay when hiring a job from a particular area. This takes into account costs such as payroll taxes and the benefits you need when hiring from a particular location. The figure is shown as the average percentage above or below the national average. To view labor cost data for a specific location,

Omer

Beijing cost of living index

ChatGPT

As of the deadline for my knowledge (September 2021), Beijing is the capital of China and an international metropolis with a relatively high cost of living. However, the cost of living index may vary over time and with changing economic conditions. Here are some factors that may affect the Beijing cost of living index:

1. Housing: Housing prices in Beijing are relatively high, especially in the downtown area. Rent and home buying costs can be a big part of the cost of living.

2. Food and Drink: Beijing has a variety of different types of restaurants and food options, from cheap to high-end. Food prices can have an impact on the cost of living.

3. Transportation: Beijing has a well-developed public transportation system, but traffic congestion may also lead to additional transportation costs, such as the cost of taxis.

4. Entertainment and cultural activities: Beijing has many entertainment and cultural facilities such as museums, theaters, and cinemas, and participation in these activities may incur additional costs.

5. Healthcare: As healthcare costs rise, medical expenses can have an impact on the cost of living.

6. Education: Education costs can also be a significant expense if you have children who are educated in Beijing.

7. Daily expenses: Daily expenses in life, such as daily necessities, communication costs, etc. will also affect the cost of living.

To get the latest Beijing cost of living index and related information, you can consult professional cost of living survey reports, economic data, or communicate with people living in Beijing to gain practical experience. Note that due to time constraints, I cannot provide the latest data for the current date.

Omer

A month's living expenses in Beijing

ChatGPT

The cost of living in Beijing for a month will vary depending on your personal lifestyle, preferences and budget. However, I can provide you with a rough estimate for your reference.

The following is a general estimate of one month's living expenses in Beijing, including accommodation, food, transportation, entertainment and other basic expenses:

1. Accommodation: Rent is a significant expense. In the city center area, the monthly rent for a one-bedroom apartment may be above 5,000 RMB, while it may be relatively low in the suburbs or places far from the city center.

2. Food: Food spending varies based on individual eating habits. If you eat out frequently, you may spend between RMB 20 and RMB 100 per meal. It will be relatively economical to buy ingredients and cook at home.

3. Transportation: Beijing has a well-developed public transportation system, and the cost of taking subways and buses is relatively low, ranging from about 3 yuan to 10 yuan. If you need to take a taxi frequently, it may cost hundreds of RMB per month.

4. Entertainment and cultural activities: Spending on entertainment and cultural activities varies according to personal preferences. Visits to museums, cinemas, restaurants, shopping, etc. will be based on your choices.

5. Other expenses: including communication costs, daily necessities, health insurance, utilities, etc. These expenses will vary based on your needs and spending habits.

Taking the above factors into consideration, the monthly living expenses of a single person in Beijing may range from RMB 6,000 to RMB 15,000. This is an approximate estimate only and actual expenses may vary. If you have a specific budget or needs, it is recommended that you develop a detailed budget plan to better control living expenses.

Omer

My salary is 15,000 yuan, and I have a mortgage of 5,000 yuan. How do I plan my living budget in Beijing?

ChatGPT

With this information, I can provide you with a preliminary living budget plan to help you manage your monthly income and expenses in Beijing. Keep in mind that the following is a general budget suggestion, and you can adjust it to suit your situation.

monthly income:

• Salary income: RMB 15,000

Monthly expenses:

1. Mortgage payment: RMB 5,000

2. Necessities of life:

   • Food: RMB 500
   • Transportation: RMB 300
   • Water and electricity fee: RMB 200
   • Communication fee (mobile phone, broadband, etc.): RMB 150

3. Health and Insurance:

   • Health insurance: RMB 300
   • Other insurance: RMB 100

4. Entertainment and cultural activities: RMB 800

   • Movies, catering, cultural events, etc.

5. Education and Personal Development: RMB 300

   • Learning materials, training and more

6. Savings and investment: RMB 2,000

   • Build an emergency fund, invest and more

7. Other expenses: RMB 300

   • Daily miscellaneous expenses, gifts, etc.

Remaining disposable funds: 15,000 - 5,000 (mortgage) - 500 - 300 - 200 - 150 - 300 - 100 - 800 - 300 - 2000 - 300 = 2300 RMB

This budget plan takes into account basic living expenses and also gives you some money leftover for entertainment, personal development, saving and investing. However, please note that living expenses will vary based on your circumstances and preferences. If you have other special expenses or needs, such as household expenses, travel plans, etc., you may need to adjust your budget accordingly. It is recommended that you review and update your budget regularly to ensure your finances are managed effectively.

Omer

How do I plan if I have a girlfriend

ChatGPT

If you have a girlfriend, planning your living budget will change a bit as you will need to take into account the needs and expenses of more people. Here's a new life budget planning suggestion based on your situation, with your girlfriend in mind:

monthly income:

• Salary income: RMB 15,000

Monthly expenses:

1. Mortgage payment: RMB 5,000

2. Necessities of life:

   • Food: RMB 1,000 (considering food expenses for two people)
   • Transportation: RMB 600 (considering transportation expenses for two persons)
   • Utilities: RMB 300 (estimated increase)
   • Communication fee (mobile phone, broadband, etc.): RMB 200 (estimated increase)

3. Health and Insurance:

   • Health insurance: RMB 600 (estimated to increase, considering the cost of insurance for two persons)
   • Other insurance: RMB 200

4. Entertainment and cultural activities: RMB 1,200

   • Jointly participate in entertainment, cultural activities, etc.

5. Education and Personal Development: RMB 600

   • Common learning materials, training, etc.

6. Savings and investment: RMB 2,000

   • Jointly build emergency funds, investments, and more

7. Other expenses: RMB 600

   • Common daily incidentals, gifts, etc.

Remaining disposable funds: 15,000 - 5,000 (mortgage) - 1,000 - 600 - 300 - 200 - 600 - 200 - 1,200 - 600 - 2,000 - 600 = RMB 4,700

This budget plan takes into account your shared expenses, including necessities, recreational activities, and joint investments and savings. Note that living expenses will still vary based on personal preferences, needs and circumstances, so feel free to adjust your budget to accommodate changes.

Also, it's important to plan your budget together with your girlfriend to make sure you're both happy and able to achieve your mutual financial goals. Timely communication and negotiation are critical to mutual financial health.

Omer

I still have 3,000 yuan in rent

ChatGPT

Understood, if your monthly rent is 3000 RMB, then I will readjust your living budget plan according to this extra expenditure, considering your salary income and new expenditure situation:

monthly income:

• Salary income: RMB 15,000

Monthly expenses:

1. Mortgage payment: RMB 5,000

2. Rent expenses: RMB 3,000

3. Necessities of life:

   • Food: RMB 1,000
   • Transportation: RMB 600
   • Water and electricity fee: RMB 300
   • Communication fee (mobile phone, broadband, etc.): RMB 200

4. Health and Insurance:

   • Health insurance: RMB 600
   • Other insurance: RMB 200

5. Entertainment and cultural activities: RMB 1,200

6. Education and Personal Development: RMB 600

7. Savings and investment: RMB 2,000

8. Other expenses: RMB 600

Remaining disposable funds: 15,000 - 5,000 (mortgage) - 3,000 (rent) - 1,000 - 600 - 300 - 200 - 600 - 200 - 1,200 - 600 - 2,000 - 600 = -1,000 RMB

According to the recalculated budget, your monthly expenses exceed your salary income. This may require you to further review expenses and adjust your budget to ensure your financial health is stronger. You might consider reducing some of your variable expenses or finding additional sources of income to keep your finances in balance. Managing your budget is important to meeting your financial goals, so be sure to do detailed analysis and planning.

Omer

If my actual income is only 10,000 yuan and I have a rent of 3,000 yuan, please plan my living cost in Beijing

ChatGPT

If your actual income is RMB 10,000 and you have a rent of RMB 3,000, I can help you plan a basic cost of living budget. Please note that this budget is an estimate based on the information you provide and actual spend may vary. Here is a possible cost of living budget:

monthly income:

• Actual income: RMB 10,000

Monthly expenses:

1. Rent expenses: RMB 3,000

2. Necessities of life:

   • Food: RMB 1,500
   • Transportation: RMB 300
   • Water and electricity fee: RMB 200
   • Communication fee (mobile phone, broadband, etc.): RMB 150

3. Health and Insurance:

   • Health insurance: RMB 300
   • Other insurance: RMB 100

4. Entertainment and cultural activities: RMB 500

   • Movies, catering, cultural events, etc.

5. Education and Personal Development: RMB 300

   • Learning materials, training and more

6. Savings and investments: RMB 1,000

   • Build an emergency fund, savings, and more

7. Other expenses: RMB 300

   • Daily miscellaneous expenses, gifts, etc.

Remaining disposable funds: 10,000 - 3,000 (rent) - 1,500 - 300 - 200 - 150 - 300 - 100 - 500 - 300 - 1,000 - 300 = RMB 1,750

This budget plan takes into account basic living expenses and also gives you some money leftover for entertainment, personal development, saving and investing. However, please note that living expenses will vary based on your circumstances and preferences. If you have other special expenses or needs, such as household expenses, travel plans, etc., you may need to adjust your budget accordingly. It is recommended that you review and update your budget regularly to ensure your finances are managed effectively.