Korean Job Discussion Forums

[Illysook]

I'm trying to work up a budget, but I'm not having the easiest time of it. Utility bills don't seem to be consistent yet. Is it better to target an amount to spend per day, or to stock up at Costco? It seems that if I go to costco where I save money mostly by buying in bulk. I'm still going to have daily expenses and I'm not saving so much. A lot of people don't save much in the first three'd months, but I am getting a little discouraged. The fact that 300, 000 a month is still coming out of my paycheck for a "deposit may be a part of it, but not enough.

[wooden nickels]

[Waluigi]

[wooden nickels]

[jvalmer]

800,000- 1 millions won should be easy to save, unless you have a car. That's if you're making at least 2 million. 200,000 per weekend is more than enough to get you through with partying, eating out and a good place to crash.

[Linda868]

I am saving 800,000 each month. I am paying for two people as my husband is currently in school. We go out for drinks/food 1-2x a week (only soju and beer though). We don't eat crappy food either. We eat a lot of chicken, tuna, fruits and vegetables (basically a lot of clean food). By the time I pay internet, cell phones and utilities we are left with an average of 800,000 wons per month. So it is possible to save a decent amount.

Our first three months here last year, we didn't save anything. Once you get settled in and figure out what you want to spend your money on, it gets a lot easier to save.

[Kurtz]

You should know roughly by now how much a week you can spend and stay sane.

For me, it's 250,000 won a week. I walk to work, eat the school lunch, have fruit for brekky, go hiking after work so my Mon-Fri is cheap. I let a bit loose of the weekend, visiting other cities, drinking, taxis, dates whatever.

You have to give yourself a weekly paycheck, make it last a week, and if you have any left over, then that goes towards expensive trips to COSTCO or whatever. I think it's the only way as you control your spending, and you're not always at the ATM decreasing your bank balance by taking out 50,000 won here and there.

I save a lot, but I earn a little more than your standard. I basically save my entire basic wage a week. I spend the extra.

[itaewonguy]

all depends on your life style dude!

[goingtothecountry]

I don't see how you can't save money here unless you're partying and eating sushi practically every night. Restuarants are relatively cheap. Alot of them cost basically the same as eating at McDonalds. Drinks are relatively cheap, besides the wine and cocktails. Clothes are about the same price as back in the states. I can save 1 million won each month without even trying. Probably more if.. ah nvm.

[I-am-me]

Dont go out drinking, cook your food at home, dont buy clothes here, and stay away from restaurants. Go to the markets for vegetables, its a lot cheaper. Do that and you will save a lot. I actually didnt save anything first year here for those very reasons plus traveling around Korea. The 2nd year I really saved more.

[Who's Your Daddy?]

[grainger]

I have a question to add to this discussion.

How much do you think you should have saved before going home to your own country and trying to make a start of it?

Lets say that you have all your debts paid off and you're starting with a clean slate.

[jvalmer]

[grainger]

How about just a healthy down payment; maybe 10%. That's quite a lot on a single income.

I often envy couples here because it costs very little extra to support two people as opposed to one and they can save so much more.

[mmstyle]