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Dermot
Joined: 02 Feb 2015
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 Posted: Sat Feb 07, 2015 2:46 pm Post subject: Can you still save money in korea? $$$ |
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hey guys, I'm thinking about teaching in korea but I was wondering how much money you can actually save? A lot of info on the net seems to be from 3-5 years ago but I've heard that living costs have increased since then. Id ideally want to save 700 euro a month.
I am a first time teacher who is planning to go back to uni in a couple of years to do a MA in education (hopefully) so gathering money is a pretty big factor but teaching abroad would be a great experience for me too.
I'm set on teaching abroad so any negative comments aren't going to change my mind so please refrain from being a D**k. So pepole, can I still save in korea or should I maybe look at china instead? |
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edwardcatflap
Joined: 22 Mar 2009
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| Posted: Sat Feb 07, 2015 2:59 pm Post subject: |
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| That's easily doable as long as you don't go out drinking foreign beer too often or eating in foreign restaurants. |
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ttompatz
Joined: 05 Sep 2005
Location: Kwangju, South Korea
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| Posted: Sat Feb 07, 2015 4:27 pm Post subject: Re: Can you still save money in korea? $$$ |
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| Dermot wrote: |
hey guys, I'm thinking about teaching in korea but I was wondering how much money you can actually save? A lot of info on the net seems to be from 3-5 years ago but I've heard that living costs have increased since then. Id ideally want to save 700 euro a month.
I am a first time teacher who is planning to go back to uni in a couple of years to do a MA in education (hopefully) so gathering money is a pretty big factor but teaching abroad would be a great experience for me too.
I'm set on teaching abroad so any negative comments aren't going to change my mind so please refrain from being a D**k. So pepole, can I still save in korea or should I maybe look at china instead? |
Saving is relative to your lifestyle.
With rent free housing and payroll deductions under 10% (assuming you pay into tax, pension and medical) and utility costs (electric etc) under 100k, on a salary of 2.1 million krw there is no reason you couldn't save if you wanted to (and it wouldn't mean living like a monk or hermit).
That said, girls, beer and other distractions can easily eat their way through a monthly pay packet in short order.
The same is true of China.
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DaeguNL
Joined: 08 Sep 2009
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| Posted: Sat Feb 07, 2015 10:29 pm Post subject: Re: Can you still save money in korea? $$$ |
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| Dermot wrote: |
hey guys, I'm thinking about teaching in korea but I was wondering how much money you can actually save? A lot of info on the net seems to be from 3-5 years ago but I've heard that living costs have increased since then. Id ideally want to save 700 euro a month.
I am a first time teacher who is planning to go back to uni in a couple of years to do a MA in education (hopefully) so gathering money is a pretty big factor but teaching abroad would be a great experience for me too.
I'm set on teaching abroad so any negative comments aren't going to change my mind so please refrain from being a D**k. So pepole, can I still save in korea or should I maybe look at china instead? |
you will probably make 2.1-2.2.
you will clear 1.9-2.0 after deductions.
you don't have to pay rent, but you have to pay bills such as internet,phone, electric, gas. this should set you back 150-200.
thats probably about 1400 EUR left, so 700 for food/leisure is easily doable. 100 a week for food and 75 a week for fun and you are set. |
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Troglodyte
Joined: 06 Dec 2009
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| Posted: Sun Feb 08, 2015 12:58 am Post subject: Re: Can you still save money in korea? $$$ |
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| Dermot wrote: |
hey guys, I'm thinking about teaching in korea but I was wondering how much money you can actually save? A lot of info on the net seems to be from 3-5 years ago but I've heard that living costs have increased since then. Id ideally want to save 700 euro a month.
I am a first time teacher who is planning to go back to uni in a couple of years to do a MA in education (hopefully) so gathering money is a pretty big factor but teaching abroad would be a great experience for me too.
I'm set on teaching abroad so any negative comments aren't going to change my mind so please refrain from being a D**k. So pepole, can I still save in korea or should I maybe look at china instead? |
You could easily save 700 Euro per month. You could probably even save 1000/month if you set your mind to it. If your hobbies include things like cycling, hiking, sports, etc then there are a lot of things to keep you busy without costing you much. If you are really frugal, you could sign up for some of the language exchange websites where people offer food and coffee for English lessons or conversation practice (plus you might have some pleasant conversations with locals). There's also online (and other) work that you can take on in your free time for a bit of extra cash. Depending on your employer, you might have the option of extra income from overtime or they might even give you official permission to take on a part-time job at another school (although don't count on it).
Cost of living is lower in China but the job offers vary a lot. In Korea, there's a very standard offer on the table from most schools. If you're really good at marketing your skills and rounding up work then give Vietnam a try. Cost of living isn't so high and there are a lot of part-time and temp jobs available. As far as money, Japan has a higher cost of living and rent is rarely offered as a job benefit, but if you work the same number of hours there as in Korea then you can make a lot more money.
In short, yes, you can easily save 700 Euros per month in either Korea or China. |
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creeper1
Joined: 30 Jan 2007
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| Posted: Sun Feb 08, 2015 3:03 am Post subject: |
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I agree with much of what has been said.
1000 euros a month savings is very much doable.
China is a totally different story. You pay for rent in China and also a hefty “”agent fee just for some guy to find you somewhere to live.
Start up costs in Korea are zero and you are ready to go  |
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happyinhenan
Joined: 01 Feb 2015
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| Posted: Sun Feb 08, 2015 3:20 am Post subject: |
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| creeper1 wrote: |
China is a totally different story. You pay for rent in China and also a hefty “”agent fee just for some guy to find you somewhere to live.
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Do you?
I never have. |
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metalhead
Joined: 18 May 2010
Location: Toilet
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| Posted: Sun Feb 08, 2015 3:56 am Post subject: |
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| And even if you do pay for rent in China you can get a much nicer apartment of your choosing than one in Korea, which you do not need to suddenly vacate as soon as you change jobs/Korean hakwon boss fires you during the 11th month of your contract/Korean hakwon boss does not pay you. |
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Troglodyte
Joined: 06 Dec 2009
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| Posted: Sun Feb 08, 2015 6:24 am Post subject: |
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| happyinhenan wrote: |
| creeper1 wrote: |
China is a totally different story. You pay for rent in China and also a hefty “”agent fee just for some guy to find you somewhere to live.
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Do you?
I never have. |
It's not normal but I've heard of it from time to time. Usually though the apartment comes with the job. Keep in mind though, the apartment can vary just as much as jobs do. It could be a luxurious palace all of your own or you could be sharing the place with a few other co-workers. Fortunately it won't likely be in a moldy old shoe box with a single window because foreigners can only get authorization to live in certain places and those are almost always middle to upper class gated apartment complexes. (Although I'm sure that unofficially some school owners probably do stick their foreign teachers in the cheapest place they can find.) |
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Troglodyte
Joined: 06 Dec 2009
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| Posted: Sun Feb 08, 2015 6:26 am Post subject: |
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| metalhead wrote: |
| And even if you do pay for rent in China you can get a much nicer apartment of your choosing than one in Korea, which you do not need to suddenly vacate as soon as you change jobs/Korean hakwon boss fires you during the 11th month of your contract/Korean hakwon boss does not pay you. |
Most employers in Korea would be over-joyed to give you money and let you rent a place on your own. It's a lot easier for them since they aren't on the hook for the rental contract if they decide to fire you. |
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metalhead
Joined: 18 May 2010
Location: Toilet
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| Posted: Sun Feb 08, 2015 6:41 am Post subject: |
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| Troglodyte wrote: |
| metalhead wrote: |
| And even if you do pay for rent in China you can get a much nicer apartment of your choosing than one in Korea, which you do not need to suddenly vacate as soon as you change jobs/Korean hakwon boss fires you during the 11th month of your contract/Korean hakwon boss does not pay you. |
Most employers in Korea would be over-joyed to give you money and let you rent a place on your own. It's a lot easier for them since they aren't on the hook for the rental contract if they decide to fire you. |
Yeah, but who will pay the millions of won in key money to rent an apartment in Korea, the employer or the employee? For your average teacher coming to Korea, if they were coming with say $10 000 dollars in their pockets, well, I think they'd not be going to Korea in the first place. |
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happyinhenan
Joined: 01 Feb 2015
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| Posted: Sun Feb 08, 2015 9:07 am Post subject: |
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| Troglodyte wrote: |
| happyinhenan wrote: |
China is a totally different story. You pay for rent in China and also a hefty “”agent fee just for some guy to find you somewhere to live.
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Do you?
I never have.
It's not normal but I've heard of it from time to time. Usually though the apartment comes with the job. Keep in mind though, the apartment can vary just as much as jobs do. It could be a luxurious palace all of your own or you could be sharing the place with a few other co-workers. Fortunately it won't likely be in a moldy old shoe box with a single window because foreigners can only get authorization to live in certain places and those are almost always middle to upper class gated apartment complexes. (Although I'm sure that unofficially some school owners probably do stick their foreign teachers in the cheapest place they can find.) |
I am sure it does happen from time to time but it would be easy enough (I imagine) to find a job with accommodation included. I would hate to try and sift through the headache of dealing with Chinese letting agents with minimum Chinese at my disposal. Might be different for Creeper, he never gives much away with his weird ass posts. |
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chrisinkorea2011
Joined: 16 Jan 2011
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| Posted: Sun Feb 08, 2015 4:10 pm Post subject: |
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I would definitely say its doable. Like others stated, you gotta cut some corners and avoid eating out a lot. Also im not suggesting privates as additional income, but its always a choice of the individual. I cant speak for China from personal experience as ive never actually taught there but a friend went there three years ago and has been teaching ever since. He says he loves it and wouldnt trade it for Korea. The only bad thing he said was making money is a little harder in the first one or two years if youre not connected and to avoid Beijing because the air is comparable to being locked in a garage with the car running.
Good luck |
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