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magicmajenta
Joined: 03 Feb 2007
Location: Saint Paul Minnesota
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 Posted: Sat Aug 11, 2007 3:56 am Post subject: Savings in Korea |
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| I am thinking of going to Korea to be an ESL teacher and wanted to know some hard numbers on how much money people have saved there. I have heard that the saving potential is huge. Post how much you saved in $$. You can also post how much people that you know over there saved. I am curious as to whether it is really worth is spending a year there. |
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ChopChaeJoe
Joined: 05 Mar 2006
Location: Seoul
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| Posted: Sat Aug 11, 2007 4:30 am Post subject: |
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I can only save $200-$600 a month, but I travel more weeknds than not, eat in restaurants 5-10 times a weekand and have horrible spending habits. Plus I buy electronics here and there.
Oh, i also invest 340,000 won a month in the Korean equity markets. |
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Fresh Prince
Joined: 05 Dec 2006
Location: The glorious nation of Korea
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| Posted: Sat Aug 11, 2007 4:40 am Post subject: |
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| I don't mind commenting on threads but really, there was a thread started today with the same question and there are some good answers already posted. |
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shaunew
Joined: 17 Apr 2007
Location: Calgary
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| Posted: Sat Aug 11, 2007 9:27 pm Post subject: |
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| My wife and I save over 5 million a month and put 300,000 in one mutual fund, 500,000 in another and 150,000 for a education fund for our son. We still have lots of money to live a great lifestyle. |
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VirginIslander
Joined: 24 May 2006
Location: Busan
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| Posted: Sun Aug 12, 2007 1:29 am Post subject: |
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The average is about a 1,000 month.
For some its nothing, for others its 85 million in two and half years (without his wife's help  . |
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naturegirl321
Joined: 18 Jul 2006
Location: Home sweet home
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| Posted: Sun Aug 12, 2007 6:11 am Post subject: |
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| shaunew wrote: |
| My wife and I save over 5 million a month and put 300,000 in one mutual fund, 500,000 in another and 150,000 for a education fund for our son. We still have lots of money to live a great lifestyle. |
How are you saving so much? you must each make 3 mil. |
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jellobean
Joined: 14 Mar 2006
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| Posted: Sun Aug 12, 2007 8:12 am Post subject: |
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| How much you save depends on how much you spend.... I can live on $500 per month ($250 rent & bills / $200 food & other stuff), but I'm also very frugal and share an apartment... I have other friends who live on about 1.2 mil per month that aren't quite as frugal as I..... |
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Saxiif
Joined: 15 May 2003
Location: Seongnam
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| Posted: Sun Aug 12, 2007 7:44 pm Post subject: |
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| It really depends on your life style but a million won a month is very doable. Me and my wife put 2 million won a month total into long-term savings. |
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naturegirl321
Joined: 18 Jul 2006
Location: Home sweet home
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| Posted: Sun Aug 12, 2007 7:48 pm Post subject: |
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| If I went to Korea, I'd hope to save at least 1500USD a month. How doable is that? |
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Saxiif
Joined: 15 May 2003
Location: Seongnam
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| Posted: Sun Aug 12, 2007 8:13 pm Post subject: |
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| naturegirl321 wrote: |
| If I went to Korea, I'd hope to save at least 1500USD a month. How doable is that? |
If you have a standard newbie job and no privates very hard but in theory doable if you don't like restaurants, meat or bars... |
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VirginIslander
Joined: 24 May 2006
Location: Busan
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| Posted: Sun Aug 12, 2007 8:17 pm Post subject: |
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Nature Girl wrote:
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| If I went to Korea, I'd hope to save at least 1500USD a month. How doable is that? |
Yes, you could. Just find a job for 2.3-2.6 (more hours will get you more of course). Its tough but not unheard of. However, your husband might have difficulty finding employment.
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shaunew wrote:
My wife and I save over 5 million a month and put 300,000 in one mutual fund, 500,000 in another and 150,000 for a education fund for our son. We still have lots of money to live a great lifestyle.
How are you saving so much? you must each make 3 mil. |
His wife is Korean so he can legally teach privates. 10 hours a week at $50 an hour is an extra 2 thousand (+) on top of his salary.
However, it is illegal for you to teach privates. You have to teach at your school. If you have a generous boss, he may allow you to work at another location--if Immigration allows it. But, you can only make half of your regular salary.
So under those conditions, you could save $2,000 --$2,5000 a month.
With privates, however, the sky is the limit. |
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Matt_22
Joined: 22 Nov 2006
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| Posted: Sun Aug 12, 2007 8:19 pm Post subject: |
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| 1500 is doable. i often save over 2000/month and i'm a total rookie over here. |
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LuckyNomad
Joined: 28 May 2007
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| Posted: Sun Aug 12, 2007 8:20 pm Post subject: |
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| By the end of this month I'll have about 18 million won saved. Also, I have about 1.2 million won that goes into the national pension fund each year, which I will get back when I eventually leave. So I'd say 1500 is doable. |
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shaunew
Joined: 17 Apr 2007
Location: Calgary
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| Posted: Sun Aug 12, 2007 8:24 pm Post subject: |
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| naturegirl321 wrote: |
| shaunew wrote: |
| My wife and I save over 5 million a month and put 300,000 in one mutual fund, 500,000 in another and 150,000 for a education fund for our son. We still have lots of money to live a great lifestyle. |
How are you saving so much? you must each make 3 mil. |
I make over 5.5 million won and my wife is making over 3 million, I have some higher expenses then others. brand new car and a brand new baby. But we can easily save over 6 million a month. But for you if you work hard and play the game you can get 2 million a month. |
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Oreovictim
Joined: 23 Aug 2006
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| Posted: Tue Aug 14, 2007 6:23 pm Post subject: |
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I make 2.1. After bills, I'm down to about 1.9 (It would be less, but my boss doesn't take out for pension or insurance.)
I tried saving 1.3 a month when I got here, but it was too difficult. Now, I save anywhere from 1.1 - 1.2 a month. |
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