Korean Job Discussion Forums

[KwardBound]

You know how some folks make saving money into a game in order to keep it interesting for themselves and keep themselves motivated in their penny-pinching practives? Do any of you do this? Do any of you have groups that shop at Costco and them divy up the goods in order to save on the expenses?

[NM14456]

[air76]

We make saving money a game...but we don't go as far as putting together a food co-op group.

The real key to saving money here (or anywhere) is to write up a budget for the month, take out ALL the money you need for the entire month, divide the money into 5 envelopes....1 envelope for groceries, and then 1 envelope for each week's spending money (then of course you have to pay your bills as well)...take out 1/4 of your grocery money every Friday and spend it all, get as much food as you can for that money, and then don't buy any more groceries until the next Friday, no matter what (unless you want to use your spending money)....and then same goes for the spending money, open 1 envelope per week on Friday, if you run out of money on Tuesday, tough shit, don't spend any money at all until Friday. Then, on Friday, when you open your new envelope, put the money left over from the previous week into another envelope marked "Special"...use this money to do something special when you've got 50,000 or 100,000 in there, don't put it in your savings, you need to reward yourself for having not spent all your spending money.

The key is that you CAN'T use your card to buy anything and you CAN'T take out any extra money....when you do it on a weekly basis like this it's much easier to go 2-3 days without spending any money, but when you do it monthly it's much more difficult to hit your budget max with a week to go and then try and spend zero for 7 days straight.

Laugh if you want, but my girlfriend and I will have saved about 140,000,000 won using this system in 3 years by the time we finish this contract. We have been doing the envelope thing for just over a year now and we spend between 450-550,000 each per month, and we've got a car.

[air76]

[NM14456]

[Peter258]

My strategy involves just getting the cheaper option(for food, clothes, transportation) every time. If you do this, you will save as much as you could ask of yourself.

Using this method, I find no need to keep track of my daily expenses, since I know that I'm always going for the more economic option(groceries vs eating out, subway or bus vs taxi, never buying expensive clothes, etc.)

Exceptions involve: any social gatherings...and that's it.

This might sound extreme to some...but it works for me. Throughout the whole process, just knowing that I'm doing the right things to save(ie - being a cheap ass) make it easier and it gives me an energy to keep doing it

[wylies99]

A group that shops at Costco sounds like a good idea. You can split up some of the bigger items.

[NM14456]

[wylies99]

Yes, everyone sets a goal of saving money but it's harder to do than it appears, especially for newbies. Try to save money, even if it's a small amount. Anything is better than nothing. You'll be glad later.

[sojusucks]

I was able to save a lot. What sucked is the exchange rate. But I could do a lot in SK.

Rent is paid for, which leaves me with food expenses. Even if I eat out, eating at cheaper restaurants does not cost much. Don't look for the expensive place that caters to foreigners. Learn how to order in Korean and go where the Koreans go. I can get a huge mean for 5,000 Won, maybe even as much as 7,000 Won. I have even found a few of these places in alleys in Seoul, but it takes a bit to find them.

Learning enough Korean to buy from farmers also saves a lot of money.

I could save between 25%-50% of my salary, but I know how to spend money wisely. I would even go to CostCo and buy Western food in bulk and only buy sparingly from black market stores. Those that go through money quickly are those that like to go to bars. That will eat money up quicker than anything.

Enjoy and do put some money aside. It will allow you to take trips during the summer, and maybe even learn to scuba dive in SK. Having some spare money will definitely help you enjoy your time here more than being broke.

[Kurtz]

[air76]

[Troglodyte]

[guava]

Your toilet paper will last twice as long if you use both sides

[tophatcat]