Korean Job Discussion Forums

bob · Joined: 22 Nov 2006

Hi. I am new to Korea and would like to know how much is the norm to save for most people per month on a 2.1 million won salary? Also, as far as i know - my tax is 3.3% and i wondered if this included the residents tax as well as the income tax? (still to earn my first pay cheque). Also, how much do the average bills and utilities for the apartment usually come to? Are there any other deductions? Finally, how much money is enough to live on? I need to budget daily and am not sure what is a reaonable daily amount without being too frugal?

Thanks...

braunshade · Joined: 19 Apr 2006 Location: Somewhere better!

You can live very well on 1.0 and save around 750K.

poet13 · Posted: Thu Nov 23, 2006 3:56 pm Post subject:

Your budget questions depend on where you live, and what your life style is. If you live in da big city, and you're a party animal, zero savings. If you live out in the country like me, and aren't a party animal, you can save a lot more than 750. I make 2.1. I send home +1.3....
Average water/electric/gas bills? Again, depends on where you live and how much you use. With the contract I just started, I have yet to pay a bill. In my previous contract, that was taken care of.

other deductions. Pension. Health. Cell phone. K-girfriend (Big bill there) Tax is too high though. Should be less than 2% I think.

wylies99 · Joined: 13 May 2006 Location: I'm one cool cat!

I make 2.3, plus OT, and I can comfortably send about 1.4-1.6 back to my US bank account each month.

Figure out how to use cheaper items (eggs and rice can stretch a food budget), and drink the cheapest beer you can stand. You can have a lot of fun and save a lot of money along the way. Just be smart and stick to a budget.

poof · Joined: 23 May 2005

With an 'average' lifestyle, I'm quite sure everyone can save at least 1 million from their earnings. I know that during some months where I've had really busy work schedules and no time for leisure, I've got as much as 2 mill left after money spent just on meals. As most teachers get free housing with their job, your only real expense will be for groceries and the odd night out. You're really not going to be dirt poor here unless you have to send all your wages back to pay for university loans, or if you opt for going to the ski resorts everyday this winter vacation! For a single person, salaries are fine here, but if you are in tow with a family, 2 mill salary will not be enough.

ChopChaeJoe · Joined: 05 Mar 2006 Location: Seoul

I never could save nothin'.

Pay off your debts, buy some nice clothes and a new computer. Get some electronic gear you can't get at home. Travel around. Fix up your home.

You've got maybe a couple grand left at the end of a year.

but if you're here only to work and save money -- sure, you can save 10,000 American dollars.

I just don't choose to live like that.

alabamaman · Joined: 25 Apr 2006

Atavistic · Posted: Sat Nov 25, 2006 4:51 am Post subject:

I travel, buy cool electronic gadgets (am contemplating a $1500 digital SLR right now), and still manage to save about $800 a month. I make an average amount of money and don't do privates. I think the difference is that my social life is mostly martial arts and dinners, theater, movies with friends, not drinking drinking drinking.

And I'm not one of those people that lets the Koreans pay for everything all of the time, either. (One of the boys in my studio asked me to go out to dinner with him. I said sure. He said, "You have money right?" I burst out laughing. I said, "Yes, I'm the oldest one here and you're all high school students, I know I'm paying." He then invited four more boys to join us. Silly kid...)

I mean, the chick I worked with at my old job sent 1,000 Canadian home ONCE and still only had 16,000 won to her name after 4 months. One guess as to what she did every single weekend. I remember seeing her budgeting system. Drinking was budgeted more money than food.

bob · Joined: 22 Nov 2006

Thanks everyone for your input and info. I keep hearing tax is 1.6% or around 35,000won for the 2,100,000 monthly salary. So if I am to be charged 3.3% or 70,000won by my school for tax then what shoud I do to go about getting the lower rate? I mean, I have only just got here so don't wish to cause an upset.

Also, what's the common daily amount to stick to a budget? About 15,000won? No mid week boozing for me. Cheers!

Oreovictim · Joined: 23 Aug 2006

I get my first paycheck next week. I make 2.1, and I'm REALLY curious as to how much I'll be able to save. After taxes and utilities, my coworker said that I should have about 1.8 - 1.9 left.

From what I've been told, the first two months you don't get as much because you have an apartment deposit, internet connection, etc. But still, if you don't have a girlfriend, you'll sock away a lot.

If there's ever a point that you have too much money, feel free to send some my way.

alabamaman · Joined: 25 Apr 2006

bob · Joined: 22 Nov 2006

Okay - so how does the internet connection billed? Is it a fixed amount for unlimited adsl use or do you have to pay each time you surf?

Also, how many months deposit for the apartment do you have to pay at your school and for how many months?

Wonder what the average monthly cost of bills is this time of year too?