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Anyone use Mint (financial tracking app/software) in Korea?

 
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chungbukdo



Joined: 22 Aug 2010

PostPosted: Tue Jan 14, 2014 10:51 am    Post subject: Anyone use Mint (financial tracking app/software) in Korea? Reply with quote

Do you use it with your Korean bank and does your online banking provide an easy way to pull the data?

I want to get into mint, but I use so much cash in Korea that I'd have to type out a financial journal as well. And I don't know what bank would be best for syncing data.
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wishfullthinkng



Joined: 05 Mar 2010

PostPosted: Tue Jan 14, 2014 5:27 pm    Post subject: Reply with quote

use a budgeting programs. i don't think mint works.

and you are doing yourself a major disservice using cash here. you should NEVER use cash here for anything unless you absolutely must. use your debit card or credit card which tracks your spending with the tax office and get back a huge chunk of cash automatically during tax time.

as i've said in other threads, if you are using cash here you are making a bad mistake and losing out on a lot of money you could recoup back.
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furtakk



Joined: 02 Jun 2009

PostPosted: Tue Jan 14, 2014 6:57 pm    Post subject: Reply with quote

I use YNAB. You can't sync bank data, but there is also a smartphone app that syncs with your PC. You have to enter purchases manually, but once you get in the habit of things, it's pretty simple. It's helped me stick to my budget really, really well.
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schwa



Joined: 18 Jan 2003
Location: sokcho

PostPosted: Tue Jan 14, 2014 9:39 pm    Post subject: Reply with quote

wishfullthinkng wrote:
...

as i've said in other threads, if you are using cash here you are making a bad mistake and losing out on a lot of money you could recoup back.

How much is "a lot"? Toss us an example figure.
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chungbukdo



Joined: 22 Aug 2010

PostPosted: Wed Jan 15, 2014 1:31 am    Post subject: Reply with quote

schwa wrote:
wishfullthinkng wrote:
...

as i've said in other threads, if you are using cash here you are making a bad mistake and losing out on a lot of money you could recoup back.

How much is "a lot"? Toss us an example figure.


Yes, what percent do I get back and who gets this money back? Everyone? My Korean partner and I? E2 visa holders?

I am a regular at a bunch of places that prefer cash.
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furtakk



Joined: 02 Jun 2009

PostPosted: Wed Jan 15, 2014 1:57 am    Post subject: Reply with quote

I got about 400k back last year in my tax return. That didnt include housing as I used to pay rent in cash.
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wishfullthinkng



Joined: 05 Mar 2010

PostPosted: Wed Jan 15, 2014 6:15 pm    Post subject: Reply with quote

schwa wrote:
wishfullthinkng wrote:
...

as i've said in other threads, if you are using cash here you are making a bad mistake and losing out on a lot of money you could recoup back.

How much is "a lot"? Toss us an example figure.


it depends on how much you spend. if you use cash you get zero back. i've gotten 1.5mil back before from taxes. comparing 1.5mil to zero is what i'd consider a lot. it's a "free" vacation at least. this doesn't even take into consideration the points or mileage you can accumulate using a credit or debit card. for example shinhan's basic debit card gives cash back at a percentage of what you spend and it actually adds up. back before i got a credit card here and was using my debit card only i was getting around 30-50k won back each month from shinhan. an extra 600k plus 1.5mil a year is nothing to scoff at.

chungbukdo, i'm not sure what the exact percentage is. and yes it's everyone who has a national id e visas, f visas, etc. and a bank account with a debit/credit card. all your purchases are automatically submitted to the tax office and all you do at the end of the year is go to their website and file for a return.


anyone who uses cash here definitely shouldn't.
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FriendlyDaegu



Joined: 26 Aug 2012

PostPosted: Fri Jan 17, 2014 2:50 am    Post subject: Reply with quote

Yeah, no support for Mint in Korea.

I’ll add to the recommendations for YNAB. It does everything I want a budgeting app to do, and the iPhone companion app works great.
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Otherside



Joined: 06 Sep 2007

PostPosted: Thu May 15, 2014 6:23 pm    Post subject: Reply with quote

wishfullthinkng wrote:
schwa wrote:
wishfullthinkng wrote:
...

as i've said in other threads, if you are using cash here you are making a bad mistake and losing out on a lot of money you could recoup back.

How much is "a lot"? Toss us an example figure.


it depends on how much you spend. if you use cash you get zero back. i've gotten 1.5mil back before from taxes. comparing 1.5mil to zero is what i'd consider a lot. it's a "free" vacation at least. this doesn't even take into consideration the points or mileage you can accumulate using a credit or debit card. for example shinhan's basic debit card gives cash back at a percentage of what you spend and it actually adds up. back before i got a credit card here and was using my debit card only i was getting around 30-50k won back each month from shinhan. an extra 600k plus 1.5mil a year is nothing to scoff at.

chungbukdo, i'm not sure what the exact percentage is. and yes it's everyone who has a national id e visas, f visas, etc. and a bank account with a debit/credit card. all your purchases are automatically submitted to the tax office and all you do at the end of the year is go to their website and file for a return.


anyone who uses cash here definitely shouldn't.


You didn't receive a deduction of 1.5 mill based solely on credit card usage.
The maximum possible deduction for credit card usage is 3mill (deduction from income), which at the highest tax rate, results in a rebate of just under 1.2million.

To answer the question of how much you'll save by using a card. It's about 4%.

Detailed but badly worded explanation:

Depending on your purchase, 15-30% is deductible, which will the be deducted according to your tax rate. (up to a cap of 3mill).
For the average ESL teacher earning less than 46mill per annum, this rate is 24%.
So assuming you spent about 20mill on your card, the money in your rebate will be about 800k won.

In the case of lets say monthly expenses, buying cigs, etc, of 200k per month (2.4mill per year). That will translate into a rebate of about 100k.
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wishfullthinkng



Joined: 05 Mar 2010

PostPosted: Sun May 18, 2014 5:57 pm    Post subject: Reply with quote

i didn't say solely on cc usage. it was also due to using my cc for public transportation and for medical expenditures.
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