Korean Job Discussion Forums

[beckett]

saved nothing ??

I'm starting to think that this is going to become a reality for me.

Too much on drinking , travelling , eating out , girlfriend, casino (stupid I know), other things that I don't even need. I get wasted every weekend and throw money around like a *beep*,pissing it up against the wall . My spending just seems to spiral out of control. I can't get a grip on it all. I had a number in head to have saved by the time I finished my contract here(10million) and it just ain't happening. I guess I have just always been terrible with money and have no clue how to budget.

This is no attempt to brag or boast or anything stupid like that. I am not proud of myself and I actually get quite depressed about it sometimes. My mother could run a house for a month on what I spent last week.

Did anyone else have these problems when they first came out here?
I am not living on my own for the first time and I have lived in many cities before. This has always been a problem for me but here it has been more severe than other places. Maybe it is because I have so much disposable income for the first time.

I'm 23 years old so maybe I shouldn't fret too much but Im starting to feel down.

How did you all fare out in your first year?

[Dr. Whom]

Pretty normal for your age. I remember when I was 23 the priorities were:

1/ Getting some
2/ Getting stoned
3/ Getting drunk
4/ Music (i.e. concerts etc.)

I never saved a dime. Had a good time though.

[tired of LA]

Don't worry about it. You should still come pretty close to your goal. Your last month is a big pay day. You get your last months pay, severance and pension (roughly a month's pay), assuming you're from a country eligble for the pension refund.

[nourozi]

I'm going to presume you work at a Hagwon in Seoul?

I'm also 23 and this is my first year.

I live in an "almost city" with about 150,000 people and work at a public school. I don't really go out on weeknights as I'm too tired and dont mind chilling at home. In the weekends I often go to Seoul clubs and party but less now that I want to concentrate on saving and found that Korean girls don't like me lol. I haven't saved as much as I first intended. My goal was to save at least 15 million but so far I have saved about 9 million after 9 months which isn't very impressive.

My main expenses were Clubs: food, drinks. Clothes, computer, photo camera and vid camera. If I stayed another year, I could easily save 15 million. My friend also had his first year in the same town as me and managed to save 18Mill. Quite impressive, and he still partied hard in the weekends, most of the time.

[air76]

Buy an XBox 360 or PS3...that is what I did my first year to keep myself out of the bar.

[nicholas_urfe]

as long as you had a good time and aren't in any financial trouble... my savings goal in korea went as followed ...had fun, paid off credit debt, had fun and now i'm saving ...i'll probably be about 3 million shy of my savings goal, but hey, there is always next year!

[rickpidero]

I'm in the exact same boat. One of a few reasons I may end up staying one more year. Cannot go back home and be forced to move in with the parents. Not going to happen.

[TheUrbanMyth]

[jonpurdy]

Definitely fell short of my goal. I paid off my debt in about twice as long as I wanted (15 months instead of eight). But I had an amazing time. I spend about 800,000 on a relatively boring month and 1.2 on a great month now so can pocket about a million extra. If I taught after school or extras I'd be able to save a lot more. I live outside of Seoul, though, so expenses are a bit cheaper. Plus I don't bother with foreign food at all.

I highly recommend using Quicken or Excel to make yourself a budget and try to stick to it. Track all expenses (even every day stuff like 4,000 won delivery dinners) and figure out how much you spend in a month. Then total up the categories (food, entertainment, utilities, etc) and see if it is reasonable. Then the next month try to stick to your budget. If you go a bit over then don't worry. If you go way over figure out where the money went!

For me, expense tracking is an absolute necessity. If I don't know how much I've spent for the month I'm much more likely to splurge on a night out or a new suit than keeping it and sticking to the budget.

Edit: spelling.[/b]

[carpetdope]

I've found that as your social circle grows it gets harder to turn down invitations/requests to party. You risk disappointing friends (and enablers) as well as getting the feeling of "What am I missing?" Chances are you're missing the same old people getting smashed. Some of these folks will celebrate the opening of a door. There'll ALWAYS be something going on downtown so don't feel obliged to hit up the bars at the drop of a hat. Relax or go for a run, and when you do decide to go out you'll prolly appreciate it more. Just my 20 won.

[TheUrbanMyth]

[sharkey]

You haven't saved any money? I'm 23, like you... I think you need to check your lifestyle. It seems unhealthy and tiring. I make only 2.0 at my Public School... I need to pay a 200,000won in rent and I still save 1.0 won a month. You literally must be a party machine.

[Senior]

It's almost impossible to save nothing. Your final pay check plus severance will come to 4mil.

[jonpurdy]

[mmstyle]

OP, have you considered sending money home when you get paid rather than after you have met all you expenses? I know, it sounds tough, but it could jump start you. Just a thought.