Korean Job Discussion Forums

[Lucas]

Either as an individual or as a couple/family?

After I get a couple of years uni experience under my belt I really want to start saving $$$!

[tophatcat]

Today, I saved W1400 on a box of Frosted Flakes.

Regular Price W5800
Sale Price W4400

[CentralCali]

If you shop regularly at E-Mart, Home Plus, or any of the other chains, it's to your benefit to get their loyalty card. You get the discounted price (aka "member price") and you earn points for special deals.

Other ways to save money:

• Stay out of bars; do your drinking at home (or simply don't drink)
  
• Cook at home
  
• Get used to local cuisine; Western meals & ingredients are more expensive than local stuff, in general
  
• Learn to enjoy cheap or free activities in your area
  
• Don't smoke. I'm surprised at the number of foreigners I've met in Korea and China who smoke, some who picked up the habit after arrival
  
• Don't gamble

[tophatcat]

I'm a strict follower of the above^ However, I do fall prey to the restaurant delivery. It's so convenient.

another: set a daily budget. If you can limit your daily expenses the monthly savings will take care of itself.

[SuperfuzzBigmuff]

50-60% of net income

Having staycations helps.

[oatmeal]

Yep, 50-74% for me. But the next question is what to do with all that saved money? As we should all know, holding onto money is a waste of money. We have to somehow get that money to start working for us (Rich Dad Poor Dad - Kiyosaki).

"Savers are losers". I agree to a certain extent. It's tough trying to learn how to invest and put that money back into something that will grow for you and work for you while you sleep, eat, relax, and play.

[PRagic]

Probably 60% of net (after rent, taxes, and health care).

[PRagic]

Oatmeal has a great point. Yeah, our investments generate another ballpark USD $35-40K a year at present, and that gets re-invested.

I'll also get a pension and will fill up the 20 years to make it worthwhile.

[OopsIMadeIt]

When I was there, I could easily save US $500.00 per month. I knew another guy who'd saved a million won per month, which I think back then was close to a thousand US when exchanged. He ended up saving about five-seven million and then took off and traveled.

The upshot was he had a goal and saved.

The downside was he lived a Spartan existence.

This you have to do to save. The thing back when I worked there, however, was to find a job working for a university. I remember getting about US $4000.00 at a university my hagwon sponsored me through and this in a few months' period.

But honestly, you're asking a very important question. Those who save face more security in the end. . . the jumping off point and when you say you've had it. Some go to Thailand, others Taiwan. But to be honest with you, HAVE FINANCIAL GOALS! It'll make everything worthwhile.

[PRagic]

yup. money = freedom. And this also means living within, even below, your means if you plan on making it and keeping it. Simply looking like you've got money isn't freedom; in fact, it's often the opposite. Why be house poor and car poor, and dressed to the nines if you're a slave to debt and can't even enjoy it?

[OopsIMadeIt]

Back in 1999-2000 I was getting 2.2mil won a month. It stabilized at 1.9 and then as time went on crept up to an average 2.0. What's the avg now?

How's the exchange rate?

This, too, determines all.

In Taiwan I couldn't save at all because basically, there was no stability and the exchange rate was a pittance. Korea, in my opinion, really is the place to save and get ahead. I spent about 400.000 won per month on food, maybe 50,000 on bills; then put aside maybe 100,000 for entertainment, paid my own bills and then could easily put aside 500.000-1,000.00 won. I think, at times, I did put close to 1,000.00 aside.

Thing was, boredom. It sunk in like the Siberian cold. Hospital bills piled up, too, outrageous bills that compiled things (300,000 won), and the unexpected happened: I took off out of the country, went back and forth paying airfare and always thinking, I blew it. In the end, I didn't save a dime.

So this is the moral: grin and bear it and save if you can. You really won't find any other ESL market as lucrative as Korea's.

[PRagic]

If you have your MA, and if you're just looking to make and save more, the ME is the place to go. I have several friends who've taught there for 1-3 year stints, but they've all returned to Korea for the university jobs here.

With just a BA and no thought of improving your credentials, then, sure, Korea is probably the best place to be.

And let's face it, it's pretty easy here these days, especially if you're in a major city, even if you're straight off the boat.

[ttompatz]

Korea is an OK place to save and a good starting point for "new to TEFL" teachers.

You still get an airplane ticket in, don't have to worry about a roof over your head and get a regular pay packet.

You can still land with next to nothing in your pocket or bank account and leave after a year or 3 with $10-30k in your pocket without the need to live on instant noodles.

AS to "saving"... and Oatmeal's suggestion that savers are losers that is a somewhat misleading statement. Save for a down payment on some real estate. Whatever anyone else says and whatever the economy does in the short term dirt will always be an asset and the value will increase over time.
If you are younger, take the long view. Save a bit, spend a bit, enjoy your time abroad. Bank some money to go home with. It will make the transition home a lot easier if you have the cash to get a car, pay for insurance, apartment deposit and living expenses for a few months while you get re-settled.

If you decide you actually like the job then improve your qualifications and get off of the entry level rung of the EFL ladder. There ARE some decent jobs in Asia as well as the Middle East for those with the qualifications to move up.

I started in Korea 20 years ago. It was a good start. I traveled a bunch, saved some money, bought a house with 5 hectares of land and had no debt when I left.

I added some graduate level qualifications and I currently work in school admin in Thailand earning 130k baht/month when the average EFL teacher is earning 35-40k. 130k baht/month (US$4k) goes a LONG way in SE Asia and is a nice number even in Korea.
http://teachers.education/dave/EK384.jpg

.

[Lucas]

[weigook744]