Korean Job Discussion Forums

[Weigookin74]

Oh yeah, 200,000 or so for taxes, medical, and pension.

Gym 80,000 (Based on 3 month discounted price cause only place in town that uses the air con and not retarted like other cheaper gyms in town.)

Buy a book once in a while. I'm sure, I'll think of other things too.

Pay more than the previous minimum on the credit cards, though surprises come up sometimes pushing it back up.

[candy bar]

Savings with no intent to touch for the next 5+ years.

9 million won per month. 9,000,000 wpm.

[No_hite_pls]

thank god my wife works or we would be poor. If she didn't work we would have very little investment income and have to live off of my salary. we wouldn't save s---t specially with children. For most people the only way to save good money is with double income. But man, is it hard to raise a family with both parents working.

[fustiancorduroy]

I've been meaning to calculate my expenses for a while. Off the top of my head:

Average Monthly Income between 7.7 and 8.7 million
- Hagwon Salary: 5.5 to 6.5 million
- Writing Projects Salary: 2.2 million

Monthly Expenses
Rent: 1.2 million
Utilities: 100,000 to 300,000
Car and Transportation: 300,000
Groceries: 250,000
Eating Out and Drinking: 800,000
Clothing: 200,000
Home Items: 100,000
Pet Supplies: 30,000
Miscellaneous: 200,000
Deductions: 200,000 to 250,000

Total Monthly Expenses: 3.38 to 3.63 million

Total Monthly Savings: 4.0 to 5.3 million

I guess I could save a bit more by eating out less and cooking more, but, eh, I don't really want to. But I'll try.

But really, the best solution is to get a higher paying hagwon job and/or do more writing work on the side. I need to stop procrastinating and get to work!

[surendra]

I was saving more than 1.0 mil on a 2.0 mil salary. Easy.

What I did:
-Don't drink every night (out or home).
-Get the 1 GB data plan. Why anyone needs unlimited is beyond me. Never hit 500 MB with Kakao on all the time and random usage of google maps when lost.
-Also bought the phone used so no contract.
-Don't eat out all the time. Korean food is really all the same or at least same enough to not warrant "trying" new food every other night.
-If you really want to stretch the penny (or won), bring lunch to work

[Weigookin74]

Reminds me, I forgot to add being charged 60,000 a month for school lunch too.

[Poker]

Income
Pay: 2,400,000
Housing Allowance: 400,000
2nd Job from MOE: 400,000

Total 3,200,000

Expenses
Deductions (Tax, Insurance, School Lunch): 250,000
Rent: 320,000
Phone: 80,000
Electricity: 10,000
Gas: 80,000
Transportation: 50,000
Groceries 200,000
Water:10,000

Total Base Expenses: 1,000,000

Money left over: 2,200,000
Optional Expenses
Girlfriend, Travel, Eating Out, Coffee Shops, Shopping: 520,000
Oriental Doctor and Medicine: 400,000
Gym: 80,000

Total Optional Expenses: 1,000,000

Money left for Investments and Savings: 1,200,000

I would say I am average at saving and spending. Could save more with more focus.

[jjajangmyun]

This will not be precise because part of my pay is based on commission.

Average Monthly Income between 6 and 10 million (high end is from May-August, then again in December-January, few weeks in March)
- SAT hagwon: 6 mil/month
- Summer/Winter intensives: based on commission ~10 mil/month
- Average income: ~8 mil/month

Monthly Expenses
Key Deposit: 30 mil (which i get back anyways)
Rent: 1 mil/month (total 2 mil/month -> shared with roommate)
Utilities: 600,000 to 1,500,000 (high end in the summer/winter)
Scooter/Moped insurance: ~23,000
Gas: ~30,000
Subway/Taxi: 125,000
Groceries: 450,000
Phone: 100,000
Eating Out and Drinking: 1,200,000
Clothing: 100,000 to 200,000
Gym Membership: 120,000
Travel: 200,000 (what i eat/drink during travels was included in eating out/drinking category)
Household appliances, toys, tv, furniture: 200,000
Miscellaneous: 100,000 to 200,000
Taxes: 200,000 to 250,000

Total Monthly Expenses: 4.4 to 5.6 million

Total Monthly Savings: 2.4 to 3.6 million

to be fair, my monthly expenses also include the cost of my GF who lives with me part of the week and is probably responsible for most of my grocery/eating out/utilities cost.

i haven't saved as much as i should for the past few years but since march, i've been saving like crazy, around 60-80% of my income, because roommate and I are making our own hagwon set to open at the end of this year. i've reduced eating out considerably, cut out my monthly KTX trips, stopped using taxis, and we turned off AC for summer and will just use space heaters for winter. This will probably save another 2 mil at least. GF has agreed to cook for us so we don't have to eat out or clean dishes.