Living expense advise

podgery

Hi

My wife and I have got a job offer to move to Dublin city. We are currently based in Singapore. Our combined salary would be Eur140k pa. I have a 3 year old kid so would be renting a 2bed (non-sharing).

Can you please advise if it will be enough to lead a decent lifestyle in Dublin with some saving. Thank you for your opinions.

con___manx1

podgery wrote: »

Hi

My wife and I have got a job offer to move to Dublin city. We are currently based in Singapore. Our combined salary would be Eur140k pa. I have a 3 year old kid so would be renting a 2bed (non-sharing).

Can you please advise if it will be enough to lead a decent lifestyle in Dublin with some saving. Thank you for your opinions.

For a 2 bed apartment you would be looking at close to €2500 a month so €30000 for a year in rent. That's apartments that are in or close to the city.
Then if the two of you are working I'm not really to sure about childcare costs. Maybe you could get an opaire.
It would be cheaper rent if you lived outside of Dublin and got a car and commuted to work.
Obviously that's not ideal but thousands of people do that here.

podgery

Thank you con_manx1. That's a really helpful bit of info

starbaby2003

It absolutely will be enough. Even if you are paying €2500 for rent, your child will be entitled to ECCE which will reduce your childcare costs. Will you be on the Irish tax system? If so you’ll have around €8k between you after tax. You will also get €130 children’s allowance a month. Childcare and rent are the big expenses.

mcgragger

podgery wrote: »

Thank you con_manx1. That's a really helpful bit of info

140k gross or net income?

But either way its a high income for a household.
Rents are high in Dublin but moving a bit further out can drive down costs.

Do you know where exactly you will be working and living and I can advise on commute etc?

starbaby2003

I would definitely not move outside the city. You are renting, why would you not want to be in the heart of the city. The difference in rent is only a few hundred not worth adding a commute and more hours away from your child.

KaneToad

con___manx1 wrote: »

For a 2 bed apartment you would be looking at close to €2500 a month so €30000 for a year in rent. That's apartments that are in or close to the city.
Then if the two of you are working I'm not really to sure about childcare costs. Maybe you could get an opaire.
It would be cheaper rent if you lived outside of Dublin and got a car and commuted to work.
Obviously that's not ideal but thousands of people do that here.

Have a look on the main rental accommodation website.:

http://www.daft.ie

It will give you an idea about the availability, standard and cost of accommodation in Dublin. There is a severe shortage of accommodation in Dublin but your salary should insulate you from it.

Ireland is a small country. Your money, accommodation wise, will go a lot further outside the Dublin area. If you work close to a Trainline in Dublin city, it might be something worth considering.

If you find a location you think you might be interested here, people will be only too happy to help with some local knowledge.

starbaby2003

Also if one of you earn more than €75k you may be entitled to a special tax relief https://www.revenue.ie/en/personal-tax-credits-reliefs-and-exemptions/income-and-employment/special-assignee-relief-programme/what-are-the-conditions-to-qualify.aspx

skooterblue2

starbaby2003 wrote: »

Also if one of you earn more than €75k you may be entitled to a special tax relief https://www.revenue.ie/en/personal-tax-credits-reliefs-and-exemptions/income-and-employment/special-assignee-relief-programme/what-are-the-conditions-to-qualify.aspx

Go get yourself a specialist tax accountant and also look at getting a second citizenship to protect your liquid assets

dartboardio

With only one young child, €140k between you will be way more than enough for a decent lifestyle in Dublin!

May be worth getting a nanny for childcare,, as the childcare can be very costly yet bad value.