Korean Job Discussion Forums

[apocalyptic_tea]

Hey all, I was just wondering if many of you (specifically those of you living in Seoul) have found that you're spending almost as much as you're making.

I ask because I've been an idiot about keeping track of my expenses (i.e., not doing it, and throwing out my receipts) and it looks like I've spent roughly ₩16,000,000 in the past eight months. Even figuring in my major/main expenses, this seems like almost three times as much as I'd have expected.

I don't have an active nightlife, buy a lot of clothes/groceries, or turn on the heat, but I do spend an inordinate amount on stationery and coffee products, and on the occasional show. So, should I be worried, or is everyone up here seeing similar expenditure rate?

[kardisa]

I have no idea how you could be spending that much, unless you're drinking it away. In the past 4 months, I've eaten out almost every meal, regularly buy clothes and makeup, and have made several large electronics purchases. I still have 4 million won in the bank (salary is 2.2). You might want to carefully record your expenditures for the next month and see where your money is actually going.

[sojusucks]

The best way to save money is to wire it home on payday or before the next weekend. It can be a small amount, but at least it's PROGRESS. From there, make a monthly budget and try to keep within it. It's your money and anything you wire home may not seem important now, but when you are finally leaving Korea you will be thankful for everything you were able to send home.

[Ukon]

Start budgeting...

I saved around 20 mil over two years....could have saved more if I budgeted.

Plan on saving 20 million this year alone(hopefully).

[dudi]

I've had the same problem, since I'm too lazy to keep track of expenses. Someone posted a useful tip that really helped me: make a weekly budget, say 200K Won and at the beginning of every week withdraw that amount in cash. Then, pay for everything with cash (NEVER use your card): drinking, coffee, groceries, etc.

This way, it's easy to see how much you've spent, and once your wad of bills starts to dwindle you'll be motivated to curb your spending until the next week. Sometimes I'll even have money left over and just spend it on something special in the following weeks.

PS: protip - withdraw money on Friday, it's a lot easier to spend less during the week and you won't be tempted to give yourself a little "extra" allowance for the weekend.

[apocalyptic_tea]

[redaxe]

How much do you get paid?

16 million won in 8 months could be a lot of money or not very much at all, depending on what % of your salary it is...

If you make 2.2 milli a month you're spending way too much! But if you're making 4 it's not a big deal!

Although I think most English teachers try to save like a million won a month, give or take. They may not all succeed, but it is achievable.

[wylies99]

One thing I'd like to say about saving money and sending money home is that some months are better than others. Have flexible goals. You may want to save 1 million won each month but during some months that may not be possible. But, don't beat yourself up about it and continue to wire money, even if it is less than your goal. Just wire less money and make up for it in another month.

I've met expats who had too rigid financial goals for saving money and, frankly, it made them depressed when they "failed" to send the goal amount home that month. If that is consistently happening to you then you need to rethink your goals. Saving money doesn't have to be an awful chore and it shouldn't be something that is causing hardships in your life.

[Died By Bear]

And remember the old adage, "it's not how much you make, it's how much you save." Not that it really makes much sense if you're making it on the poverty line though...

[wylies99]

I can give some examples. In November and December many expats may spend more because they buy Christmas gifts to mail home. During January and February they have more time off and spend more money when traveling. They should allow themselves to spend more during months like that and make up for it during months when all they do is work.

Not all spending is "bad" and not all saving is "good." Find the right mix for you and your situation. Just be realistic about what you want to do with your money.

[Yaya]

[AsiaESLbound]

[Illysook]

This afternoon I was at Costco. A fairly nice french press was available for 25,000 and a 2 lb bag of SBux espresso roast packaged in a Kirkland bag was 16,000. That's 41,000 won and at a rate of 2 cups a day at 4-5000 a cup, this purchase will pay for itself in less than 10 days...and add another week if you have to buy a membership card. I buy other well priced items there as well and save a bundle on food, especially since I can easily prepare it at home and restaurant prices seem to be skyrocketing here lately.

[Draz]

[Jane]

I say if it's coffee you love then splurge on it. It's nice to have some comforts from home here; and that comfort is priceless!

I get a latte every morning on the way to work. Am I being gouge by charging me 4,000 won a pop? Certainly. But that is only 20,000won a week, and I regurlarly forgo other 'small but irrelevant' purchases all the time.

It's the small little purchases that add up. Try to be conscious of what you are buying, and only buy things that you really want versus something that you will forget about an hour later.