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How much $ do you have left after expenses?
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OBwannabe



Joined: 16 Feb 2008

PostPosted: Tue Jun 04, 2013 12:17 am    Post subject: How much $ do you have left after expenses? Reply with quote

Based on a salary of 2.3mil/mth I figure I would have about 657,000 won left after deductions and monthly expenses. My expenses include;

Groceries 300k/mth
Internet 40k
Transportation 70
Phone 55-70
Drinking water 20
Gym 80
Gas 20-120
Electricity 20-100
Debt payments 630
And deductions(taxes, etc) 300

So when you figure out the high and the low end and average it out for 12 months it leaves you with 657,000/ month.

Do these numbers seem right? Please tell me that my estimates are inflated. I'm starting to question whether or not it's worth returning for 650k in spending money each month. How do you date, socialize, clothe yourself and
and make any sort of unbudgeted purchase with so little? Or does 650k go further than I remember? Sure hope so.

All this is based on the assumption that 2.3 mil is even attainable these days.
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Daelim



Joined: 18 Jun 2011

PostPosted: Tue Jun 04, 2013 1:18 am    Post subject: Reply with quote

It's your debt payments that are the problem... not the salary.

If you had a job at home, would you have 700 bucks disposable income a month after all expenses? If so, stay where you are. If not, then of course it's worth it.
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le-paul



Joined: 07 Apr 2009
Location: dans la chambre

PostPosted: Tue Jun 04, 2013 1:22 am    Post subject: Reply with quote

using your list

groceries 2/300,000
internet - free
transport- 40
phone- 20/30
drinking water - i use the tap
gym - i use the park and run etc ie free
gas 20
electric 10/15,000
debt payments - none
health insurance - 45
car insurance - 50
motorbike insurance - 20
taxes/pension - 100

edit forgot savings - 1,000,000 pcm
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andrewchon



Joined: 16 Nov 2008
Location: Back in Oz. Living in ISIS Aust.

PostPosted: Tue Jun 04, 2013 1:40 am    Post subject: Reply with quote

The owner of the place I'm staying at is a hard working man. He's busy looking after his family's wealth (quite substantial). His father began the process by living miserly. Story about father: he had a car but didn't drive it for three years. Result was four flat tyres and a flat battery. Laughing What a scrooge you might say, but he's also known for buying morning coffee for his bar girls. Lesson: give up your personal luxuries and be generous with now freed resources. Soon you'd be the richest man in Babylon.
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Deja



Joined: 18 Mar 2011

PostPosted: Tue Jun 04, 2013 6:09 am    Post subject: Reply with quote

Only 20.000KRW/mo for gas??
le-paul wrote:
using your list

groceries 2/300,000
internet - free
transport- 40
phone- 20/30
drinking water - i use the tap
gym - i use the park and run etc ie free
gas 20
electric 10/15,000
debt payments - none
health insurance - 45
car insurance - 50
motorbike insurance - 20
taxes/pension - 100

edit forgot savings - 1,000,000 pcm
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Beeyee



Joined: 29 May 2007

PostPosted: Tue Jun 04, 2013 7:08 am    Post subject: Reply with quote

Groceries 800,000
Internet 30,000
Transportation 50,000
Phone 50,000
Drinking water 20,000
Leisure 300,000
Gas 10-200,000
Electricity 30,000
Rent 500,000
And deductions(taxes, etc) 300,000

Savings: 1,000,000 + wife's salary (2,500,000) = 3,500,000 per month.
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wooden nickels



Joined: 23 May 2010

PostPosted: Tue Jun 04, 2013 7:28 am    Post subject: Reply with quote

Savings! Cool
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OBwannabe



Joined: 16 Feb 2008

PostPosted: Tue Jun 04, 2013 2:33 pm    Post subject: Reply with quote

Daelim wrote:
It's your debt payments that are the problem... not the salary.

If you had a job at home, would you have 700 bucks disposable income a month after all expenses? If so, stay where you are. If not, then of course it's worth it.


Currently I have about 800 left after expenses, but with oil changes and car repairs it always ends up less than that. Plus the government always ends up in your pocket somehow. Example, renewing a driver's license cost $85 every 3 years. My Korean license cost 6000 won and was good for 10 years if I remember correctly.
Not going to lie, I like to drink and be social. But living here with $800 in disposable income/mth leaves very little for that. Socializing costs much, much more here, not to mention how bloody boring it is compared to Korea.
I am able to but 2% into a company profit share program.
But there is no getting ahead in Canada making 40 something grand a year. At least life is enjoyable in Korea
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OBwannabe



Joined: 16 Feb 2008

PostPosted: Tue Jun 04, 2013 2:36 pm    Post subject: Reply with quote

I consider the years end severance and pension refund my savings. If I have more than 800k in disposable income it would go to savings
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Cacille



Joined: 05 Oct 2011

PostPosted: Tue Jun 04, 2013 3:41 pm    Post subject: Reply with quote

my salary 2.3
about 150,000 is taken out for pension and health insurance

- 26000 internet
-100,000 gas (ish, that's the more winter figure)
-20000 electricity
-75000 smartphone
-250,000 food
Water is paid per year at 150,000. I drink the tap water because it's OK in this town.
That's my Korean expenses (I'm in a RURAL town).

Basically, I keep about 500,000- 600,000 in my Korean acct to pay these expenses per month, and I send all the rest home to pay my bills. I'm trying to pay off over $70k within 4 years. That's my goal at least.
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furtakk



Joined: 02 Jun 2009

PostPosted: Tue Jun 04, 2013 4:08 pm    Post subject: Reply with quote

After saving almost nothing for 2 years, I have become really anal about budgeting.

http://i.imgur.com/EL15SL7.jpg

I spend way less than I used to and still manage to do most things that I did in the past. I just buy fewer useless things.
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nicwr2002



Joined: 17 Aug 2011

PostPosted: Tue Jun 04, 2013 9:15 pm    Post subject: Re: How much $ do you have left after expenses? Reply with quote

OBwannabe wrote:
Based on a salary of 2.3mil/mth I figure I would have about 657,000 won left after deductions and monthly expenses. My expenses include;

Groceries 300k/mth
Internet 40k
Transportation 70
Phone 55-70
Drinking water 20
Gym 80
Gas 20-120
Electricity 20-100
Debt payments 630
And deductions(taxes, etc) 300

So when you figure out the high and the low end and average it out for 12 months it leaves you with 657,000/ month.

Do these numbers seem right? Please tell me that my estimates are inflated. I'm starting to question whether or not it's worth returning for 650k in spending money each month. How do you date, socialize, clothe yourself and
and make any sort of unbudgeted purchase with so little? Or does 650k go further than I remember? Sure hope so.

All this is based on the assumption that 2.3 mil is even attainable these days.


Looks about right, I have the same amount of money I have to send home to pay off debts. Cut out the gym and do crossfit training outside unless you want to build massive muscles.
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Weigookin74



Joined: 26 Oct 2009

PostPosted: Tue Jun 04, 2013 9:24 pm    Post subject: Reply with quote

Daelim wrote:
It's your debt payments that are the problem... not the salary.

If you had a job at home, would you have 700 bucks disposable income a month after all expenses? If so, stay where you are. If not, then of course it's worth it.


Do the new batch of English teachers coming over here the past couple of years have no debts nowadays or something? Of course the salary is the problem. When the exchange is way down, salaries the same as a few years ago, and inflation higher, Korea ain't what it use to be. With all this BS, I'd say salaries ought to be in the upper 2.0's to low 3.0's. Stupid US economy!! If and when their unemployment rate goes down to 5%, maybe thing will change. But, it will take some time for Korea to catch up just as it did when the recession first hit.
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No_hite_pls



Joined: 05 Mar 2007
Location: Don't hate me because I'm right

PostPosted: Tue Jun 04, 2013 9:34 pm    Post subject: Reply with quote

The wife and I make 7.7 million a month combined including our investment income.

- .650 tax, pension and health insurance
- .400 daycare
- .800 food/diapers
- .400 car expenses
- .250 household bills (gas, electricity, apartment fees, internet, phone)
- .300 doctor bills average vaccinations are very expensive
- .450 entertainment
- .200 clothes

We save a bit more than 4 million a month.
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Weigookin74



Joined: 26 Oct 2009

PostPosted: Tue Jun 04, 2013 9:49 pm    Post subject: Reply with quote

Power 10,000 winter.
50,000 summer.
Gas 60,000 to 100,000 winter (depending on the month and how cold)
10,000 or less summer.
TV and internet (Olleh with many English channels) 40,000.
Fuel 130,000 a month. (Regional city with suck local buses and changing schools every year.)

Car Insurance 45,000 a month (Paid once a year totel)
Groceries Hard to predict 150,000 to 300,000 (depending on how well stocked in meats, fish, etc).
Groceries also include cleaning supplies, soap, and other such things. Use Costco trip every 2 or 3 months to stock up on meat and fish and cram the freezer. Just stock up on overpriced local veggies, eggs, dairy, bread.

Eat out at a restaurant not done often 5,000 to 10,000 each time maybe 4 or 5 times a month. Biggest expense, especially on weekends is buying an overpriced Korean coffee 4,000 to 5,000 a pop. (Usually, my own coffee mix -not maxim- at schools on weekdays saving cash.)

Haven't been drinking or dating as much most recently. Keeping those costs down, I guess.

Had student loan and credit card debts when I got here and when I moved to my current city 3 to 4 years back. Key money, car purchase (each 3 mil on the card). A couple of Asian trips. This year visiting home, dental work, need to buy clothes once in a while, and other unexpected expenses.

I'm better off than your typical 2.0 mil newbie, but I'm feeling the pinch too and just clinging for a recovery back home.

So, student loan minimums 550 bucks a month. Credit card minimums maybe 150 a month (but usually pay way more than that).

I can't give a definitive answer because things and unexpected surprises rise up sometimes forcing me to dip into my card sometimes. But, I try to otherwise live frugally and go without except for a few minor guilty pleasures. I could prob squeeze an extra 100 to 150 K won out of my expenses but with my debtloads, why bother?
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