Korean Job Discussion Forums

[Shofny]

Hi all,

I will be coming to SK hopefully Pohang but no guarantee, with EPIK in Feb 2010. I just wondered if anyone can tell me the general/typical cost of living. On average how much do you spend on a monthly basis? If anyone lives in Pohang how much (in GBP) do people spend on a month to month basis? I don't mind people breaking it down into KRW as opposed to GBP, as I can use XE Converter to figure it out!

I also have an HSBC account, how much would it cost to open an account there in SK? I am on an MLA (managed loan account) so facilities are limited to me (no overdrafts, credit cards etc!), but if I didn't open a Korean account would I still be charged for withdrawing cash etc from another HSBC machine in SK?

These may be dumb questions and I do apologise if I am repeating previous questions like the ones above but I am new to this and will be travelling for the first time on my own!!!!!

Your help will be greatly appreciated! =)

Shofny

[aishiii]

[curiousaboutkorea]

These questions have been asked countless times. Google is your friend when it comes to this kind of stuff.

If you want to search the forums on Dave's, the search function is a little whacky. Use this modified search engine instead http://www.google.com/cse/home?cx=006359271486458796786%3Azldpir6y9yy

If you have more specific questions, ask them here. Good luck!

[curiousaboutkorea]

[BoholDiver]

If your housing is provided, I'd say you could live very very modestly (like a monk) for 500,000 a month, average for 1 million, and if you like to party/drink, then 1.3-1.5 a month.

[kingplaya4]

Just imagine how much it would cost to live back home if you ate at McDonald's everyday for lunch and dinner, enjoyed Milwaukee's best on the weekend, had no car, your hobbies consisted of taking a walk or joining a club that had minimal or no fees, did little or no shopping, and avoided using your air conditioner or heater unless conditions were practically unbearable. That figure is what many on here will claim you can live on.

To answer your question, if you want to live like a normal human, around 1 million won a month should be sufficient. If you like to party or get a demanding gf obviously you could spend your whole paycheck, but for a single guy, spending more than 1.2 a month regularly would be an achievement in wasting money.

[DWAEJIMORIGUKBAP]

I'm a Brit too, so I'll talk in pounds.

I'll assume you'll be on the average salary here which is 2.2 mil Won.

That's currently just over 1,100 Pounds. Let's say you clear around 2mil Won after deductions. that;s around 1,000 Pounds.


Doesn't sound a lot but trust me you can live very well on 400 pounds a month ( aprox 800,000 Won) here and save the remaining 600 pounds (aprox 1.2 mil won.)

My 800,000 a month is my average and doesn' include start up costs such as mops, clothes hangars etc... So expect to spend maybe 1mil won 1st month.

On 800,000 won a month I eat out at least once most days, have good weekends of drinking, partying or forieng meals with friends and movies etc...

Trust me if anyone tells you they can;t save 1.2 mil if they clear 2mil and have a really good month, they need their head checked.

You should be able to save 6,000 pounds a year no probs if you take a holiday in Thailnad or somewhere in summer and winter or around 7-8 grand if you just stay in Korea...

[Triban]

I party my ass off on weekends and cook good meals at home, I also ocassionally splurge at Yongsan or on clothes. I never go above 700k a month.

[thoreau]

Monthly

30,000 won - Cable
3,500 won - Landline Phone
15,000 won (I think) - Electricity
<20,000 won - Mobile Phone
n/a - Heating oil (haven't bought this yet)
15,000 - Maintenance fee for apt
20,000 - Monthly contribution to teachers club. Pays for food at Volleyball games
40,000 won - Pizza I have every Friday
30,000 won - Internet
~300,000 won - Groceries and eating out
100,000 won - Monthly trip

Total ~500,000 won.


I don't eat breakfast. I think lunch is included at my school or it might be deducted. I usually buy something to cook for dinner on my way home.

I don't drink or go out. I live in a very rural area so there isn't much temptation for either. About 1x a month I go to a bigger city with some friends to see a movie and shop and eat. Also, I am not trying to cut corners or save every single won. I don't give too much thought when shopping.

All that being said, I have around 1,700,000 left over at the end of each month.

[aishiii]

[steveinincheon]

I know very few people who go above 1 million Won a month, and the ones who do party in Seoul every weekend. Living in Pohang you'd be hard pressed to spend more than that a month. I spend about 600K a month, go out to eat regularly, go out drinking fairly often - though I usually don't drink import liquor, and take a weekend trip or two a month. The most I've ever spent is 900K a month - and that was my first month here with buying things for the apartment and going clubbing in Seoul several times.

My guide: 300K-400K you are living like a monk but it is certainly doable. 600K and you can live comfortably. 800K-1million you can spend freely without watching your budget. Above 1 million and you're probably buying imported liquor at Seoul clubs every weekend to hook-up with gold-diggers. You can live on much less in Korea than you can back home, and if you are outside of Seoul, you'll be hard pressed to spend more than half your salary.

[Shofny]

Wow what a response! Some of the posts have made me laugh - what's wrong with Pohang aishii??

Anyway sounds like I could live quite comfortably. I do have debts to pay off, as in student loans and credit cards which will set me back �440 each month - that's roughly 861,816.65 KRW which I need to set aside for my debts in the UK. add on another 800,000KRW and I'm spending almost 1.7 million KRW each month! that leaves me with rough 300,000 - I guess I could save that! I think I will be on 2.2 million KRW per month - how much is tax over there? I keep hearing 3% from some people then 5% from others??? My housing is provided, but bills are exclusive. Is heating really cheap there? When do you guys pay your bills - beginning or end of the month?

I think I should be okay, but like you all said I could live on less if I was careful with my money! I may well avoid eating out, but the first few months might consist of eating out and going out and then after cook from home. I am saving money now so I have something to live off for the first few months!

BTW I wouldn't even contemplate having a demanding GF kingplaya4 as I already have a demanding BF but he'll be here in the UK whilst I'm in SK!

DWAEJIMORIGUKBAP - you mentioned something about going abroad on holidays during the summer? How cheap is it to travel around other places such as Thailand, Japan China, from SK? How far away are they and has anyone else taken trips outside of SK during their contract period? I was thinking of doing a trip out at some point, time permitted!

[Draz]

[Kurtz]

[jvalmer]

For your basics, with eating out for dinner every day (+4 meals on the weekend) and bills (cable, electric, internet, gas...) will come out to around 500,000-600,000. What you do with the remainder of the money is totally up to you (the new pair of pants, the ipod, drinking...).

BTW, I lived way out in the country. In the city add maybe 10%.