Korean Job Discussion Forums

Dev · Joined: 18 Apr 2006

One of my weakpoints is money management. I don't think I save as much of my salary as I should.

I know a lot of people manage their incomes by setting percentage goals according to categories. For example: Rent & Utilities, Food, Transportation, Retirement, & Disposable income.

Me? I have a much simpler approach. Just every time I spend money, I ask myself "Do I really need this?" I don't think this is a good approach because I feel like I am depriving myself of fun when I don't need to. Everyone should give themselves an allowance for fun stuff. On the other hand, one has to impose limits on spending money on non-necessary things.

All I can say is that I'm glad that I'm not into the bar scene. I'm sure that can get expensive.

So, I'd like to know. What's your system for budgeting?

tzechuk · Joined: 20 Dec 2004

I have several accounts.. I put money in them. Then I spend the rest.

Hahah..

ella · Joined: 17 Apr 2006

I use an Excel spreadsheet. Bills are paid first then I put a certain amount into savings and investments. Whatever is left is broken up weekly to live on: food/water, transportation, entertainment, and so on.

pdx · Joined: 19 Jan 2007

I have a hard time using excel because I just can't stick to something like "60,000 won -entertainment". It just seems weird to me.

However. I know how much I'm getting paid a month. I know how much my bills will be. I figure out how much I want to be able to send home. So, I know how much money I can spend. Sometimes toward payday I have some money leftover, and maybe I'll buy something, maybe I won't.

Got a little extra cash this month from extra classes. Maybe I'll buy new glasses.

jlb · Joined: 18 Sep 2003

I don't have a budget but always take the cheapest option possible.

Take the bus? No...I could walk!

Buy those 4 nice looking apples for 10 000 won? Wait...that's crazy...there's some oranges over there on the discount rack.

Go out for supper? Rarely....I can cook at home for much cheaper.

Go out for a movie? Never...I have a computer and internet and can download and invite friends over for free.

Drinking on weekends? Only if the company is paying. Otherwise, it's hiking the local mountains or playing ping-pong or tennis or something cheap.

Join a gym? No! I have my weight set at home and go running a lot outside.

Talk on cell-phone? Why? I have a phone at home and work.

Buy water? That's crazy...I can fill up for free at work!

Well I guess the no budget thing isn't entirely true. On payday, I take out 400 000 from my account and use this to pay for everything I will need for the month. I usually have 50-70 thous. left over and will sometimes (not too often) splurge on something like some new clothes or a little trip. Most of the time I will just take out that much less for next month.

This isn't really something I've started in Korea...I've always kind of been thrifty, preferring not to buy into the whole consumeristic mentality. Plus I've been in student-spending mode for a long time and am finding it a hard habit to kick.

aldershot · Joined: 17 Jul 2006

1/2 = saved
1/2 = not saved

kimchi story · Joined: 23 Nov 2006

I spent the first few months not thinking about it and just getting comfortable. Now I'm into frugal mode and I save 400 to live on, then pay bills, then everything else gets sent home.

RACETRAITOR · Joined: 24 Oct 2005 Location: Seoul, South Korea

Forget going to bars and night clubs. Get your drinks from convenience stores.

saybanana · Joined: 28 Mar 2006 Location: LA

I think how much you save and how you choose to save it says a lot about who you are.

Im not as organized with money and those who already posted using speadsheets and allocating precise percentage slots.

The first few months are very difficult cuz you want to party away, and buy stuff for your comfortable living enviornment.
After that, there isnt much of an excuse (for me).

Now, I set aside nearly 70% (1.5 million won)of my budget to pay credit card bills and student loans. I need to do this (like rent, you must do it). Everything else is money (400-600K) for bills, food, fun. And thats the order I spend my money. Bills must come first (maintence fees, phone, cable, internet, gas, gym fees), followed by sensible grocery shopping and eating out (not Outback every day), and of course everything else (drinks, shopping, yongsan DVDs, nice restaurants, so on).

I still have money left over after all that. I learned to limit my spending. I dont need any more clothes, or do I drink much. I shop at costco so things in bulk are much cheaper. I download from bitTorrents, and made a weekly friends come over for potluck dinner thing.

I don't deprive myself that much. If you think eating at TGIF only 2 times a week is depriving yourself, REally?? Or Partying in Itaewon only 3 of 4 weekends, oh my god?

Going back to my first sentence. How you save and spend your money says a lot about who you are.

hubba bubba · Joined: 24 Oct 2006

Budget? Save??? What on earth are you guys talking about???

Work in a job you like. Spend money on things you want. Die.

Corporal · Joined: 25 Jan 2003

Homer · Guest

You can live well here without digging a hole and living like a monk!

Just choose your activities and balance this with what your saving goals are.

Some people send a set amount home every month and live on the rest.

Others manage their money with a detailed spreadsheet budget.

We (wife and I) fall in between. We have a target savings number each month (it includes investments and savings + a travel fund + an account for unexpected expenses) and we live on the rest.

If we make more for a bit (it happens because of my consulting contracts) then we adjust the savings in consequence.

If we have unexpected expenses we dip into the account we have for this.

When I was on my own here I was paying off a loan so my target number was set in stone....I lived on little but I did this for a little over a year to pay back my loan as quickly as possible.

jlb · Joined: 18 Sep 2003

Homer · Guest

jlb...I was with you until...

VanIslander · Posted: Wed Feb 21, 2007 2:27 pm Post subject:

Budg... budge... budgie? I like budgies. But your spelling is different. Dunno that word.

As for money, put some in bank accounts as another poster said, and spend what's left, or not, depending how one is so inclined in a given month. Who needs money issues! You got it you got it, you don't you don't. No need to lose sleep over it.