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Estimated monthly budget

 
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akoura



Joined: 07 Feb 2013

PostPosted: Fri Feb 08, 2013 12:20 pm    Post subject: Estimated monthly budget Reply with quote

After researching lots of TEFL options, it looks like all arrows are pointing towards Korea at this point. I'm working on the details and saving up money for the transition and other expenses. I've read that folks are able to save money, roughly $12,000 a year, and do pretty well for themselves, with an estimated income of 1.8 - 2.5 million KRW.

In order to firm up my plans to move across the world, I'd like to get a clearer idea of a monthly budget. I've seen lots of general estimates of monthly income and how much a Big Mac costs, but not a lot of details on the typical month to month living expenses.

Is anyone willing to share an estimated break down? For example: average utilities, average food, cell phone, transportation (assuming that you don't have a vehicle), average expenses for essentials like toiletries, paper goods, etc. Thanks!
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Charlie Bourque



Joined: 27 Jun 2010

PostPosted: Fri Feb 08, 2013 2:50 pm    Post subject: Re: Estimated monthly budget Reply with quote

akoura wrote:
After researching lots of TEFL options, it looks like all arrows are pointing towards Korea at this point. I'm working on the details and saving up money for the transition and other expenses. I've read that folks are able to save money, roughly $12,000 a year, and do pretty well for themselves, with an estimated income of 1.8 - 2.5 million KRW.

In order to firm up my plans to move across the world, I'd like to get a clearer idea of a monthly budget. I've seen lots of general estimates of monthly income and how much a Big Mac costs, but not a lot of details on the typical month to month living expenses.

Is anyone willing to share an estimated break down? For example: average utilities, average food, cell phone, transportation (assuming that you don't have a vehicle), average expenses for essentials like toiletries, paper goods, etc. Thanks!


I think most people just have 1,200,000KRW automatically transferred to a savings account/debt repayment account, and blow the rest on whatever they want.

Skip the vehicle -- just get a scooter and use the subway/cabs/buses. Blow the rest on fun.
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newb



Joined: 27 Aug 2012
Location: Korea

PostPosted: Fri Feb 08, 2013 3:15 pm    Post subject: Reply with quote

It all depends on YOU.
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ttompatz



Joined: 05 Sep 2005
Location: Kwangju, South Korea

PostPosted: Fri Feb 08, 2013 5:37 pm    Post subject: Re: Estimated monthly budget Reply with quote

akoura wrote:
After researching lots of TEFL options, it looks like all arrows are pointing towards Korea at this point. I'm working on the details and saving up money for the transition and other expenses. I've read that folks are able to save money, roughly $12,000 a year, and do pretty well for themselves, with an estimated income of 1.8 - 2.5 million KRW.

In order to firm up my plans to move across the world, I'd like to get a clearer idea of a monthly budget. I've seen lots of general estimates of monthly income and how much a Big Mac costs, but not a lot of details on the typical month to month living expenses.

Is anyone willing to share an estimated break down? For example: average utilities, average food, cell phone, transportation (assuming that you don't have a vehicle), average expenses for essentials like toiletries, paper goods, etc. Thanks!


Trying to put live here into the box you live in at home... round peg in a square hole and this gets done every month or so if you took the time to scan back a bit.

Utilities will vary from 50k to 200k won depending on what sort of housing you are placed in (villa, officetel, etc).
-Buses and subway rides are a dollar or two depending on how far you go.
-Taxi's are just about as cheap 50k can take you from Itaewon to Suwon if you miss the last bus or subway).
-Food depends on whether you cook in, eat out and what kind of food you want. $1. - $100 per meal.
-pay as you go flip phone 20k per month. Smart phone with large text/talk/data plan 75k.
-toiletries - do you use Chanel / Ralph Lauren or generic off the shelf brands?
- paper good? you mean toilet paper? fancy brands - 15k for 32. discount brands 6k.

-Our average household expenses (family of 3) run about 900k per month not including booze and nights out.

.
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Benjamino



Joined: 21 Apr 2012
Location: Samcheonpo

PostPosted: Fri Feb 08, 2013 6:44 pm    Post subject: Reply with quote

I saved a fair bit till court fines and a winter trip to Thailand blew it all. I think I peaked at 5 mill which was good going for somebody not known to be frugal.

On average I was spending about 600K inc bills a month and I lived well but I rarely go out and drink these days or do much travelling.

January through Feb I've spent less than 300K as I have been budgeting knowing that I'm heading off somewhere else.

If you are determined to save and are a boring old fart living in a small town then you'll be laughing all the way to the bank.

In all truthfulness I've gone the opposite way and become too introverted here in Korea.
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Lazio



Joined: 15 Dec 2010

PostPosted: Sun Feb 10, 2013 6:35 pm    Post subject: Re: Estimated monthly budget Reply with quote

ttompatz wrote:

-Our average household expenses (family of 3) run about 900k per month not including booze and nights out.



Interesting that it comes from someone who suggests a $100/person/day budget when on vacation not including accommodation and flight tickets.
Iím not saying that 900k is impossible for a family of 3 but it must be extremely frugal. Utilities, phones, transportation alone will be a couple of hundreds. If you live in an apartment than add at least a hundred for maintenance and you are already at half a million. I donít see how 400k is enough for food and other household necessities for 3. And you still didnít buy any clothes, appliances or furniture.
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ttompatz



Joined: 05 Sep 2005
Location: Kwangju, South Korea

PostPosted: Sun Feb 10, 2013 6:59 pm    Post subject: Re: Estimated monthly budget Reply with quote

Lazio wrote:
ttompatz wrote:

-Our average household expenses (family of 3) run about 900k per month not including booze and nights out.



Interesting that it comes from someone who suggests a $100/person/day budget when on vacation not including accommodation and flight tickets.
Iím not saying that 900k is impossible for a family of 3 but it must be extremely frugal. Utilities, phones, transportation alone will be a couple of hundreds. If you live in an apartment than add at least a hundred for maintenance and you are already at half a million. I donít see how 400k is enough for food and other household necessities for 3. And you still didnít buy any clothes, appliances or furniture.


Living as an expat is NOT the same as living as a tourist paying daily rates in hotels, eating in restaurants, taking taxis everythwer and taking in the sights.

Living in Korea is, for the most part, rent free and most of the furniture and appliances are supplied.

900k covers utilities (our officetel runs about 150k all in), food, TV, internet, gym, phones (~40k/month (we don't use data plans and we don't "finance" our phones) and transportation expenses are minimal (30-50k/month).

Most things that we need are close enough to walk to and for anyone who can actually read the side of a bus, buses are frequent and cheap. (we don't need to use a lot of taxis).

900k is more than enough for a comfortable lifestyle in Korea and it is worth noting that there was the caveat that it did NOT include booze and nights out (tickets at the Sejong center are not cheap and unlike far too many expats we have known... we don't spend our nights staring at the bottom of a beer glass).

.
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kardisa



Joined: 26 Jun 2009
Location: Masan

PostPosted: Mon Feb 11, 2013 12:44 am    Post subject: Reply with quote

My boyfriend and I spend about 900,000 won a month between the two of us:

Transportation (fuel for a Matiz) - 60,000
Food (Paleo diet) - 500,000
Satellite TV - 30,000
Cable Internet - 20,000
Smart phones x2 - 140,000
Entertainment (beer, eating out, etc.) - 150,000

We live in a small town and don't go out too often, so we've managed to save almost $30,000 in the past year. YMMV, especially if you like foreign beer or have expensive hobbies.

Edit: I should mention that we live on a military base and therefore don't have to pay for gas/water/electricity. At my last place, this was an additional 50,000 to 150,000 a month.
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Cacille



Joined: 05 Oct 2011

PostPosted: Mon Feb 11, 2013 4:23 am    Post subject: Reply with quote

I spend only roughly 450,000 a month - just me and my two small birds (and their food is roughly $10 a month).
That's 80,000 phone
50,000 elec during winter, cheaper in summer
26000 internet
80000 gas per month, averaged.
250000 food and other random expenses
Transportation costs me nothing personally cause I walk to school right next door. I do have a bike and that was a one time cost of 175000.
I live rural, so living in a city is more expensive. 450,000 is near to the minimum necessary for living I think, although some might be able to spend a little less.
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akoura



Joined: 07 Feb 2013

PostPosted: Mon Feb 11, 2013 7:01 pm    Post subject: Reply with quote

A big thanks to you all for posting mostly helpful responses! I really appreciate your time and effort. Sorry for the delay. I've been without power for a few days from the blizzard that hit us recently here in the Northeast.

Moving across the world is obviously a fairly complex decision and finances are a big part of it. It sounds like it can be quite lucrative, if one doesn't drink the profit away Wink Thanks again!
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