Korean Job Discussion Forums

[redlights]

My husband and I are heading to Korea. We will be making 2.6 million each. We will be getting his housing allowance and using my apt, so that will bring us another 400K.

Sum total for both: 5.6 million/month. What do you think our net pay will be after taxes/Pension/insurance

We are expecting to pay around 200K month for utilities/fees (max?) from what we've read on here.

Phones for both will be what? 100K?

We will have to eat - we will most likely cook in a lot because that's how we do things. We eat a LOT since we are both athletes, so I'm assuming that we'll want a liberal grocery budget. Perhaps 400K on groceries and another 200K for eating out? We'll probably eat mostly local foods, not worrying so much about finding the international foods. This will be good as we mostly cook Thai/Japanese/Korean at home here in the states and the imported stuff here will be local there! Will that be enough?

What does a monthly metro pass cost these days? Any other expenses we should know about?

On top of living expenses, we are trying to pay off 11K (USD) in student loans and build up an emergency fund - we've settled on 10K. Anything over that we'll use for traveling someday and living. We are hoping we can at least pay off the loans in under a year, and build the emergency fund as fast as we can after that.

Think this is do-able while living comfortably, but not extravagantly?

[andrewchon]

If you don't have any children, and if you live frugally as you said would, you can expect to save more than half your combined income. I'd say you'd pay off $11K and save $10K in a year, easy.

[mc_jc]

The biggest question is where are you both going? Seoul or any other city.

If you both are settling in Seoul, then you might need to budget alittle more in the way of utility fees and such. Also, is your school putting down the apartment deposit? Thats another huge question because that alone could cost anywhere from 3 million won to about 5-7 million won for an average sized apartment. Again everything is dependent on location.

100,000 for phone?
That depends on how much you both use it and where and when you call. Some phone carriers could be affordable but others are alittle more than that.
If you calculated that you both would be making about 5.6 million a month- I'd set aside about 1.5 million for expenses. Food here is about the same as what it would cost in the states. But if you like rice and vegetables and can do without alot of meat in your diet, then you can spend about 50-75K a month on food (remember that rice is sold in 40-50Kg bags that sell for about 45-60K a bag).

I think alot of other people will contribute soon. But the best advice I would give you both is to wait until you get here to see what you can realistically budget.

[PatrickGHBusan]

You should manage to save more than half if you plan it right. However that 400K grocery bill is low considering you said you both eat a lot....figure on it doubling, especially if you eat healthy and focus on fruits and veggies.



As for this:

[blackjack]

[PatrickGHBusan]

Good point blackjack.

The OP could very well be getting an officetel.

[blackjack]

[detourne_me]

You could easily save.
2.6 in your first year is quite impressive. congrats guys, stop worrying about the money.

[DaffyD73]