Korean Job Discussion Forums

[matthews_world]

Just wondering how much all of you have saved while working in or took home form Korea.

I've paid back bills and haven't saved as much as I would have liked to this point. I've been here 2 years this month and saved 35% of my salary. Could have done better except for buying goods and travelling.

How have you faired?

[justagirl]

Hey there,
I think I'm similar to you. I didn't plan to travel when I first came to Korea, but after being here a while I began to realize that being in Asia and not traveling was a missed opportunity. Even though I suppose we'd be about $10,000 richer, I wouldn't trade the experiences for the money.

Paid off about $38,000 in debt (basically school loans). Saved about $18,000. Went to Thailand, China, Philippines (twice), US, and we're going back to Thailand/Cambodia.

That's my husband and me combined. Now that I look at it, I'm estimating we made about $110,000 in our 3 years here. I suppose we could have saved more, but we've always sent home over 50% of our paychecks. We weren't married the first 2 years we were here, so we had separate household expenses, etc. Since marriage, we've sent home almost 70% of our paychecks every month. We've definitely saved more since our wedding.

So roughly over 3 years:
35% to pay past debt
16% for savings
25% for living expenses in Korea
11% for traveling
10% tithe
3% various

I'm actually really pleased with our finances. I'm sure someone could pick it apart and criticize us, but we've done well. We both went to a private university and ended up with $40,000+ in debt. I think we were too young to realize how much money that was when we were in school. It was only after college that I saw how much of a burden debt can be. However, if we hadn't gone there, we wouldn't have met each other, come to Korea, be who we are today, etc. We have certainly been blessed.

So all that to say we've come a long way financially from graduating from college. I'm sure many of our fellow graduates would love to have $18,000 in the bank and most of their loans paid off.

It's been good, folks. As you can see in my sig, only a few days left. Good luck to everyone else--may your hakwon experience be as good as mine has been.

justagirl

[sistersarah]

I managed to save $18,000 cdn this year, could have done better, but not too bad i suppose......sadly, $15,000 of it went to paying off school debt, but i feel a hell of a lot better with it gone! next year the REAL saving can begin!

[chronicpride]

Good for you, girls. I wish I could say the same for my first 2 years. I didn't save squat. Just bought stuff and put money into entrepeneurial ventures that didn't pan out. But I have a good chance with my current gig in my 3rd year to make up for the previous years, if I show some discipline (knocks firmly on wood).

[livinginkorea]

I'm not here long (8 months) but I've saved about 5 million so far (I also have 2 private classes a week). It's so cheap here and thank God that I had no debts back home. It's a cheap country that's for sure so you can save and still have a good time.

[Grotto]

first year: saved about 12,000US
Second year: saved about 10,000US made more money but had less privates

third year? 2,400 in two months

[canuckistan]

$25,000 Canadian a year for 2 years. But then I like cooking and don't drink a lot.

[diablo3]

About 75% and working back then only 6 hours a day when i had an E-2 visa.

[Homer]

30 000 to 50 000 CDN a year for a good 5-6 years now.

But, my wife works so by myself it would be about 25 000 per annum.

Paid back my student loan after year one. Bought a house back home after year two (renting it so its paying for itself) and have been saving the rest in various investments here and back home.
Then again don't own a car (huge saving each month).

We travel 1-2 times per year and go out a reasonable amount.

But, with the baby coming we will reduce our avings rate as my wife will stop working for a year and I will take 4 months off myself.

Cheers.

[sadsac]

My wife and I have paid off 40,000 in debt and just sent 25,000 home to start an investment account. Spent 15,000 having a 4 month holiday.

[dutchman]

[chronicpride]

Actually, I spoke to a real estate agent in Canada last month, and they said that if you wanted to mortgage rental property, you are required a minimum deposit of $25,000. I'm looking for a way around this.

From a taxation point of view, your friend can file for non-residency in Canada, avoid all taxation on his overseas income, and still own property in Canada, as long as it is held by an arms-length party, such as a property management firm or family/relative.

[dutchman]

[trevorcollins]

I guess $35,000US over three years.
The first year and a half though I lived like a total cheapskate.

[matthews_world]

I might add that I haven't done any privates since I arrived 2 years ago. The ability to pay back bills was nice. I'll be happy if I go home with my 30-40%.