|
Korean Job Discussion Forums
"The Internet's Meeting Place for ESL/EFL Teachers from Around the World!"
|
| View previous topic :: View next topic |
| Author |
Message |
osan2001
Joined: 24 Oct 2015
|
 Posted: Mon Nov 16, 2015 1:23 pm Post subject: First post: Saving money in Korea |
 |
|
Hello,
First time poster, nice to meet you all.
I am a young American recent graduate who is strongly considering teaching abroad for a year, in part (but by no means limited to) because I need to save up some money. South Korea seems to be the best place to do that, so I'm mainly focusing on teaching jobs there. I'm pretty well acquainted with the region (love it) and Korean culture, so I generally know what I'm getting into. The big question is teaching kids-and I'm applying to YBM as well so I can have some flexibility there. If I get a job working for them, I'm willing to live in a goshiwon.
I love Korean food much more than Western food, I'm not much of a drinker/partier, and I'm pretty low maintenance in general. Any other tips you are willing to give me? How much have people saved in one year? I know that private tutoring is illegal in Korea, so maybe I could offer English conversations in exchange for a free meal? |
|
| Back to top |
|
 |
Overture1928
Joined: 12 Jan 2014
|
| Posted: Mon Nov 16, 2015 2:09 pm Post subject: Re: First post: Saving money in Korea |
|
|
| osan2001 wrote: |
Hello,
First time poster, nice to meet you all.
I am a young American recent graduate who is strongly considering teaching abroad for a year, in part (but by no means limited to) because I need to save up some money. South Korea seems to be the best place to do that, so I'm mainly focusing on teaching jobs there. I'm pretty well acquainted with the region (love it) and Korean culture, so I generally know what I'm getting into. The big question is teaching kids-and I'm applying to YBM as well so I can have some flexibility there. If I get a job working for them, I'm willing to live in a goshiwon.
I love Korean food much more than Western food, I'm not much of a drinker/partier, and I'm pretty low maintenance in general. Any other tips you are willing to give me? How much have people saved in one year? I know that private tutoring is illegal in Korea, so maybe I could offer English conversations in exchange for a free meal? |
Have you lived in a goshiwon before or just seen pictures? They may look like a comfortable size from pictures but they use camera magic to make them look cleaner and bigger than they usually are. However, if you do decide to live in a goshiwon for an extended period of time I would say make sure your room has a window the faces the outside of the building (not the inside hallway), and air conditioning. Being able to adjust the temperature of your room via window/AC is key. A lot of goshiwons offer discounts if you pay cash and if you pay multiple months at once, so keep that in mind/ask about it. You also have to be pretty quiet in goshiwons, so forget having people/lovers over, sometimes even watching TV without headphones can be too loud, depends who is living next to you. Also cooking is going to be a pain. Hot water can also be an issue during peak times. I think a goshiwon is really only a good option if you plan to come over on your own and use it while hunting for a job/looking for a new place to live. I don't think there is a great reason to live in one for an entire year. If you want to save money in terms of housing then I would say live outside of Seoul. My girlfriend has a place in 대전 that is the same price of a goshiwon in central Seoul but completely furnished and 5-6 times the size. Another way to save money is to live walking distance to your school, could save about 700,000원 per year. Other ways to save money would probably be not to get a regular cell phone plan. Get a monthly pay as you go plan from Olleh. 30,000원 for a 6 month sim card and as low as 8000원 per month for 300mb data, 200 minutes and around 100-200 texts. If you really want to save/make money in Korea, I would think selling a kidney should be quite lucrative. |
|
| Back to top |
|
|
jackson7
Joined: 01 Aug 2006
Location: Kim Jong Il's Future Fireball
|
| Posted: Mon Nov 16, 2015 2:20 pm Post subject: |
|
|
Good suggestions above. In my earlier years here, I found it much easier to save money by spending more on a nicer apartment near a large grocery store. If I hadn't lived in a spacious, well-lit space that was air-conditioned, I think I would have sought out more social time outside my apartment, which quickly adds up, depending on your social group.
Being near a grocery store and/or traditional market allows you to overcome the little voice in your head telling you to improve your Korean skills by ordering anything and everything via phone, and if you really like Korean food, it's VERY easy to cook most of the dishes here (despite Koreans' thoughts to the contrary, perhaps perpetuated by ajummas wishing to stay relevant) as the recipes are quite often one-pot kinda deals.
J7 |
|
| Back to top |
|
|
Hokie21
Joined: 01 Mar 2011
|
| Posted: Tue Nov 17, 2015 7:26 am Post subject: |
|
|
I lived in Korea teaching for a couple of years and I found it was pretty easy to save about 50% of my salary...and I'm someone who enjoys having a couple of beers on the weekend traveled abroad on the holidays.
If you're starting off at 2.1 and get severance at the end then it's not hard to save $10+ grand in a year. I know others who were super strict and literally ate nothing but kimbap 3 times a day and very rarely went out and took zero trips...sure they saved an extra two or three grand but they also lived a miserable existence and were generally not the happiest of people.
Easiest way to save money? Don't get a Korean girlfriend. |
|
| Back to top |
|
|
osan2001
Joined: 24 Oct 2015
|
| Posted: Tue Nov 17, 2015 12:13 pm Post subject: |
|
|
| Hokie21 wrote: |
I lived in Korea teaching for a couple of years and I found it was pretty easy to save about 50% of my salary...and I'm someone who enjoys having a couple of beers on the weekend traveled abroad on the holidays.
If you're starting off at 2.1 and get severance at the end then it's not hard to save $10+ grand in a year. I know others who were super strict and literally ate nothing but kimbap 3 times a day and very rarely went out and took zero trips...sure they saved an extra two or three grand but they also lived a miserable existence and were generally not the happiest of people.
Easiest way to save money? Don't get a Korean girlfriend. |
That's around the range I'm hoping to save, although I'd really like to get to 15+ if possible-and if you save a little bit over half your salary per month and add in bonus/severances, that doesn't seem to be too hard. Travel is my one huge weakness, but if you stay within South Korea, it's really affordable and shouldn't get in the way of saving that amount. Especially with jjimilbangs in the bigger cities cutting the accommodation cost low.
Of all the problems I could worry about, that's really not one of them. I generally break the stereotype of introverted, geeky white males in not being attracted to Asian women. Besides, if I have a fair amount of spare time in Korea, it is going to be spent mostly doing intellectual and physical training. I probably won't be looking for a girlfriend.
Last edited by osan2001 on Tue Nov 17, 2015 12:28 pm; edited 4 times in total |
|
| Back to top |
|
|
osan2001
Joined: 24 Oct 2015
|
| Posted: Tue Nov 17, 2015 12:19 pm Post subject: Re: First post: Saving money in Korea |
|
|
| Overture1928 wrote: |
Have you lived in a goshiwon before or just seen pictures? They may look like a comfortable size from pictures but they use camera magic to make them look cleaner and bigger than they usually are.
|
Just pictures. Remember, this is only if I take the YBM job to stay within the housing allowance, and that's probably only going to be the case if I get a job within the Seoul area. I know the risks, but I do know what I'm talking about when I say I'm low maintenance and a bit of a claustrophile.
| Quote: |
However, if you do decide to live in a goshiwon for an extended period of time I would say make sure your room has a window the faces the outside of the building (not the inside hallway), and air conditioning. Being able to adjust the temperature of your room via window/AC is key. A lot of goshiwons offer discounts if you pay cash and if you pay multiple months at once, so keep that in mind/ask about it.
|
I'll have the chance, if the situation arises, to look at the place beforehand, so that shouldn't be a problem.
| Quote: |
You also have to be pretty quiet in goshiwons
so forget having people/lovers over, sometimes even watching TV without headphones can be too loud, depends who is living next to you.
|
Music to my ears. I don't watch TV and I'm probably not going to be having people over.
| Quote: |
My girlfriend has a place in 대전 that is the same price of a goshiwon in central Seoul but completely furnished and 5-6 times the size. Another way to save money is to live walking distance to your school, could save about 700,000원 per year. Other ways to save money would probably be not to get a regular cell phone plan. Get a monthly pay as you go plan from Olleh. 30,000원 for a 6 month sim card and as low as 8000원 per month for 300mb data, 200 minutes and around 100-200 texts.
|
Thanks.
| Quote: |
| If you really want to save/make money in Korea, I would think selling a kidney should be quite lucrative. |
How can I look into that? |
|
| Back to top |
|
|
edwardcatflap
Joined: 22 Mar 2009
|
| Posted: Tue Nov 17, 2015 3:43 pm Post subject: |
|
|
| Quote: |
| Of all the problems I could worry about, that's really not one of them. I generally break the stereotype of introverted, geeky white males in not being attracted to Asian women. Besides, if I have a fair amount of spare time in Korea, it is going to be spent mostly doing intellectual and physical training. I probably won't be looking for a girlfriend. |
Shame, coz if you're as introverted and geeky as you seem to be, your time in Korea could be your one and only chance to be a bit of a player. |
|
| Back to top |
|
|
cj1976
Joined: 26 Oct 2005
|
| Posted: Tue Nov 17, 2015 6:40 pm Post subject: |
|
|
| edwardcatflap wrote: |
| Quote: |
| Of all the problems I could worry about, that's really not one of them. I generally break the stereotype of introverted, geeky white males in not being attracted to Asian women. Besides, if I have a fair amount of spare time in Korea, it is going to be spent mostly doing intellectual and physical training. I probably won't be looking for a girlfriend. |
Shame, coz if you're as introverted and geeky as you seem to be, your time in Korea could be your one and only chance to be a bit of a player. |
Get in the game. You'll make a huge saving on kleenex and moisturizing lotion. |
|
| Back to top |
|
|
sligo
Joined: 15 Oct 2008
|
| Posted: Tue Nov 17, 2015 7:01 pm Post subject: |
|
|
Saving money in Korea is the same as saving money anywhere else. Be aware of what you eed, and what would be a luxury. Location, location, location! In Seoul it is very easy to be distracted by the range of places to spend money. If your goal is to save money, give Seoul a miss as a living sppace, and use it as a "place to visit on weekends". A day trip to seoul / weekend in a cheap motel will allow you to see Seoul on your terms and will save you a fortune in living costs.
But, the most important thing when it comes to saving money early on, is to understand the money. As it is a foreign currency, you may not be aware of the value or buying power of 1,000 Won, or 10,000 Won. At home you instinctively know what is good value, and what isn't. It is very easy to spend too much early on as this money has no real meaning to you. 1,000 Won may be similar in value to a US$, but the buying power is slightly different. |
|
| Back to top |
|
|
SeoulNate
Joined: 04 Jun 2010
Location: Hyehwa
|
| Posted: Tue Nov 17, 2015 7:34 pm Post subject: |
|
|
10,000$+ is going to be hard these days on a starting wage if you want to live in a city. Probably possible in the countryside with fewer temptations and lower prices on everything from food to rent.
Also, the exchange rate at the moment is complete crap. In order to save 15k like you said, you would probably need to save something like 75% of your salary. |
|
| Back to top |
|
|
Who's Your Daddy?
Joined: 30 May 2010
Location: Victoria, Canada.
|
| Posted: Tue Nov 17, 2015 9:57 pm Post subject: |
|
|
| Instead of looking at your costs, try to increase your revenue by teaching more. You can really improve your standard of living, and savings by just a little extra work. |
|
| Back to top |
|
|
Weigookin74
Joined: 26 Oct 2009
|
| Posted: Tue Nov 17, 2015 10:17 pm Post subject: |
|
|
| Hokie21 wrote: |
I lived in Korea teaching for a couple of years and I found it was pretty easy to save about 50% of my salary...and I'm someone who enjoys having a couple of beers on the weekend traveled abroad on the holidays.
If you're starting off at 2.1 and get severance at the end then it's not hard to save $10+ grand in a year. I know others who were super strict and literally ate nothing but kimbap 3 times a day and very rarely went out and took zero trips...sure they saved an extra two or three grand but they also lived a miserable existence and were generally not the happiest of people.
Easiest way to save money? Don't get a Korean girlfriend. |
Only if you're including the pension refund and the 12 month severance payment. Otherwise, it'd be much less. Korea has gotten more costly in the past 10 years son. A 2.1 won't cut it anymore.
Deductions will bring you to 1.9 million won. You're going to need 800.000 won or maybe even 900,000 won for your monthly expenses. More if you're travelling away every weekend. It use to be you'd only need about 500,000 or 600,000 a month 10 years ago when you were earning the same salary.Let's say you could send home 1.3 million a decade ago, now you can send home 1.0 million a month. 1.3 at the time was worth at least 1400 or 1500 bucks. Today, one million is worth 850 bucks. So, for 12 months and no travlling on the weekends nor visiting other nearby Asian countries will get you around 10 thousand bucks if your lucky. Plus 10 K if you tack on the severance and pension which will prob have some tax taken off too. Those two with the bad exchange rate will get you an extra 3100 bucks. So, you could theoretically end up with $13,300 or so. Same salary, cheaper living cost, and better exchange rate several years ago would have got you $21,500 or so for the year. This is reasonably frugal living without necessarily eating ramien or gimbap for every meal. (This is
So, Korea has declined and the salaries need to go up to bring back a better quality of life. A similar or even higher salary is offered in China, but with a cheaper living cost. Not sure if your interest here is just to get a couple of years experience or because you're a Koreaphobe. Some folks use to be like this over Japan and would endure the most extreme poverty like conditions to be able to live there.
You can still make some money, but it is declining. Not sure what it will be in 5 years time unless there's some serious rebound in America and China keeps ramping up it's hiring of teachers. |
|
| Back to top |
|
|
DaeguNL
Joined: 08 Sep 2009
|
| Posted: Wed Nov 18, 2015 3:10 am Post subject: Re: First post: Saving money in Korea |
|
|
| osan2001 wrote: |
Hello,
First time poster, nice to meet you all.
I am a young American recent graduate who is strongly considering teaching abroad for a year, in part (but by no means limited to) because I need to save up some money. South Korea seems to be the best place to do that, so I'm mainly focusing on teaching jobs there. I'm pretty well acquainted with the region (love it) and Korean culture, so I generally know what I'm getting into. The big question is teaching kids-and I'm applying to YBM as well so I can have some flexibility there. If I get a job working for them, I'm willing to live in a goshiwon.
I love Korean food much more than Western food, I'm not much of a drinker/partier, and I'm pretty low maintenance in general. Any other tips you are willing to give me? How much have people saved in one year? I know that private tutoring is illegal in Korea, so maybe I could offer English conversations in exchange for a free meal? |
in 2009 I sent home 1 million just about every month. my salary was 2.2, and I cleared about 2 million. The other 1 million went to expenses, and it can go a pretty long way when you dont have to pay for an apartment, and with no car your travel costs will probably be 50 a month.
I think I sent home about 10 million up until my final check. my last day of work i got my final pay and severance (approx 4.1). I got a pension refund of 2M a month after I went home.
So yeah I saved about 16M won, managed to go to Japan,China and Philippines, bought whatever I wanted, went out for food and drinks a few times a week, ate exactly 0 kimbap and ramen...
thats about 18K Canadian now, unfortunately it was only about 14.5k in 2009 haha |
|
| Back to top |
|
|
World Traveler
Joined: 29 May 2009
|
| Posted: Wed Nov 18, 2015 3:22 am Post subject: |
|
|
| I doubt the OP has the F-visa/K-wife though. So it's 2.1 a month for him. |
|
| Back to top |
|
|
osan2001
Joined: 24 Oct 2015
|
| Posted: Wed Nov 18, 2015 11:41 am Post subject: |
|
|
| edwardcatflap wrote: |
| Quote: |
| Of all the problems I could worry about, that's really not one of them. I generally break the stereotype of introverted, geeky white males in not being attracted to Asian women. Besides, if I have a fair amount of spare time in Korea, it is going to be spent mostly doing intellectual and physical training. I probably won't be looking for a girlfriend. |
Shame, coz if you're as introverted and geeky as you seem to be, your time in Korea could be your one and only chance to be a bit of a player. |
Oh, you'd be surprised. I mean, I'm not intent on being a player or the like, but I do fine with women outside of the USA-in Europe, for example.
But as I said, after I make some changes in my life, that's probably not going to be a problem anymore. |
|
| Back to top |
|
|
|
|
You cannot post new topics in this forum
You cannot reply to topics in this forum
You cannot edit your posts in this forum
You cannot delete your posts in this forum
You cannot vote in polls in this forum
|
|
FAQ
Search
Memberlist
Usergroups
Register
Profile
Log in to check your private messages
Log in
