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Kim Jong Jordan
Joined: 13 Mar 2004
Location: The Internet
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 Posted: Wed Jun 30, 2004 4:50 pm Post subject: Saving money in Korea |
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| How much money did all of you have saved at the end of your first year in Korea. Just curious. (I know this is probably dependant on a number of factors, but I'm just looking to get e general feel.) |
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chronicpride
Joined: 16 Jan 2003
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| Posted: Wed Jun 30, 2004 6:25 pm Post subject: |
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10million Won is the oft-quoted average. Factoring in privates, you can do more.
PS. As you are new here, I'd recommend pouring thru http://www.eslcafe.com/forums/korea/viewforum.php?f=7
You'll find lots of answers to your questions. |
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Juggertha
Joined: 27 May 2003
Location: Anyang, Korea
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| Posted: Thu Jul 01, 2004 4:08 am Post subject: |
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| most people save more their second year. Often I find the majority pay off bills or buy things they've always wanted in their first year. |
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chronicpride
Joined: 16 Jan 2003
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| Posted: Thu Jul 01, 2004 4:53 am Post subject: |
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| Juggertha wrote: |
| most people save more their second year. Often I find the majority pay off bills or buy things they've always wanted in their first year. |
Phew! I'm glad to hear that I'm not the only one that had that happen to them. I still feel guilty of accumulating stuff in my first year and not saving a dime.  |
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Eazy_E
Joined: 30 Oct 2003
Location: British Columbia, Canada
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| Posted: Thu Jul 01, 2004 6:47 am Post subject: |
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| I should be right around 10 million by the time the year is up. I haven't made any major purchases and I was careful with my money, but I didn't live like a hermit either. Of course privates could have boosted my savings. |
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Gollum
Joined: 04 Sep 2003
Location: Japan
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| Posted: Thu Jul 01, 2004 4:52 pm Post subject: |
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Stay away from "the hill" in itaewon.
Gollum says,
"They tooks my monies, and all I gots to shows for its is memoreees." |
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W.T.Carl
Joined: 16 Jan 2003
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| Posted: Fri Jul 02, 2004 10:46 am Post subject: |
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| 10K US is a do-able target. I put this away, vacationed for a week in Thailand ( living like a god), ate out every night, loaned 1,300,000 to a fellow teacher who got burned by the school ( that Canuck has yet to pay me back) so that he could get out of the country and lived fairly well. If I could do this, so can you. |
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just because
Joined: 01 Aug 2003
Location: Changwon - 4964
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| Posted: Sat Jul 03, 2004 1:01 am Post subject: |
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I aim for about 13 000 000 won ayear.
Then at the end i use 3 000 000 for a trip to somewhere.
The less I save over 10 million the crappier the trip is which is a good incentive to save. |
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Zyzyfer
Joined: 29 Jan 2003
Location: who, what, where, when, why, how?
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| Posted: Sat Jul 03, 2004 6:34 pm Post subject: |
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| 10 million won is a cinch if you're not a drinker. In fact, you could bank a fair share more than that if you so desired. But if you take to the drinking culture, or get a steady girlfriend, you'll find your resources compromised to a degree. I wasted an awful lot of money last year and went on two trips, and still had 9 million won to show for it. |
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mindmetoo
Joined: 02 Feb 2004
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| Posted: Sun Jul 04, 2004 1:41 am Post subject: |
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| Zyzyfer wrote: |
| 10 million won is a cinch if you're not a drinker. In fact, you could bank a fair share more than that if you so desired. But if you take to the drinking culture, or get a steady girlfriend, you'll find your resources compromised to a degree. I wasted an awful lot of money last year and went on two trips, and still had 9 million won to show for it. |
I second this. I think too many teachers fall into this life where they wake up late, work at night, and then find there's nothing to do but drink after work with the other ESL set.
Depending on how your apartment is outfitted and what your director is willing to pony up there are some start up costs the first couple months. Budget at least 100,000 - 200,000 won for the first couple months buying things like a vacuum cleaner, cleaning products, some extra towels/sheets, maybe a toaster oven, coffee maker, alarm clock. |
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Juggertha
Joined: 27 May 2003
Location: Anyang, Korea
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| Posted: Sun Jul 04, 2004 5:29 pm Post subject: |
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Seems to me like a pretty easy equasion...
Drinking = less money.
Everyone I knew that "really enjoyed" drinking here lost out on alot of savings. |
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inspector gadget
Joined: 11 Apr 2003
Location: jeollanam-do in the boonies
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| Posted: Mon Jul 05, 2004 3:08 am Post subject: lots |
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Two days from flying back to Canada, I have been here for one year and I am leaving with about 25,000 Canadian over (over 20 million won). I chose to live in a small town for savings purposes. My monthly Salary is 2.2 million, I get fed a big meal at work everyday and I drink on occasion (4 times a month or so). I have been to Thailand, Japan and a good piece of Korea. Saving money here is very simple if you have will power and a bit of common sense.
Have fun, I did but I am looking forward to getting back home. |
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mindmetoo
Joined: 02 Feb 2004
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| Posted: Mon Jul 05, 2004 3:57 am Post subject: Re: lots |
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| inspector gadget wrote: |
Two days from flying back to Canada, I have been here for one year and I am leaving with about 25,000 Canadian over (over 20 million won). I chose to live in a small town for savings purposes. My monthly Salary is 2.2 million, I get fed a big meal at work everyday and I drink on occasion (4 times a month or so). I have been to Thailand, Japan and a good piece of Korea. Saving money here is very simple if you have will power and a bit of common sense.
Have fun, I did but I am looking forward to getting back home. |
That's damn good with no privates. You were saving about 1.5 million a month? Assuming your take home was about 2,100,00 and your utilities were about 100K, you were spending about 500K a month? That's pretty doable. Good job. |
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inspector gadget
Joined: 11 Apr 2003
Location: jeollanam-do in the boonies
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| Posted: Mon Jul 05, 2004 6:02 am Post subject: savings |
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| At times I was saving more than 1.5 million a month. I was working some OT throughout the year but not a tremendous amount. Its all about priorities, I tend to avoid impulse purchases both big and small. That is one of the keys no matter what country your in. For example drinks, food and whatever else you may want, try to avoid the corner stores and take the time to go to the grocery store. 250 won for small bottle of water is 700 and a corner shop etc. That stuff adds up over a long period of time. If you set a budget be reasonable and when you beat that budget everymonth like I did reward yourself with a little something. After the 11th month you will see the real reward. |
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mindmetoo
Joined: 02 Feb 2004
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| Posted: Mon Jul 05, 2004 3:47 pm Post subject: Re: savings |
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| inspector gadget wrote: |
| At times I was saving more than 1.5 million a month. I was working some OT throughout the year but not a tremendous amount. Its all about priorities, I tend to avoid impulse purchases both big and small. That is one of the keys no matter what country your in. For example drinks, food and whatever else you may want, try to avoid the corner stores and take the time to go to the grocery store. 250 won for small bottle of water is 700 and a corner shop etc. That stuff adds up over a long period of time. If you set a budget be reasonable and when you beat that budget everymonth like I did reward yourself with a little something. After the 11th month you will see the real reward. |
My weakness is clothing and Starbucks. I do find, however, not having a credit card here does amazing things for cutting down on big ticket impulse buying (that and "I'm only going to be here 2 years... why buy a food processor? I can get buy without making my own hummus.")
The best thing to do is set a budget every month. I keep an Excel spread sheet. Enter in my take home, subtract my apartment fee/utility bills (it's good to over estimate for bills that come in mid month), and what I want to save that month (basically 50% of my pay). The rest is what you have to live on for the month. When you take money out of your ATM, update your bankbook, and then subtract that from your spreadsheet's "remaining cash" figure for the month. And that's the key. You always know how much money you have to spend that month and can then make informed purchasing decisions.
"Hmmm okay 50,000 won to go before payday... I won't be eating sushi this weekend."
This pay period that just ended I seem to have lived a monk-like existence and had over 300,000 won left and 3 days until pay day. Ho dad! Boy did I pig out on kaitan sushi. |
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