Korean Job Discussion Forums

[OBwannabe]

Based on a salary of 2.3mil/mth I figure I would have about 657,000 won left after deductions and monthly expenses. My expenses include;

Groceries 300k/mth
Internet 40k
Transportation 70
Phone 55-70
Drinking water 20
Gym 80
Gas 20-120
Electricity 20-100
Debt payments 630
And deductions(taxes, etc) 300

So when you figure out the high and the low end and average it out for 12 months it leaves you with 657,000/ month.

Do these numbers seem right? Please tell me that my estimates are inflated. I'm starting to question whether or not it's worth returning for 650k in spending money each month. How do you date, socialize, clothe yourself and
and make any sort of unbudgeted purchase with so little? Or does 650k go further than I remember? Sure hope so.

All this is based on the assumption that 2.3 mil is even attainable these days.

[Daelim]

It's your debt payments that are the problem... not the salary.

If you had a job at home, would you have 700 bucks disposable income a month after all expenses? If so, stay where you are. If not, then of course it's worth it.

[le-paul]

using your list

groceries 2/300,000
internet - free
transport- 40
phone- 20/30
drinking water - i use the tap
gym - i use the park and run etc ie free
gas 20
electric 10/15,000
debt payments - none
health insurance - 45
car insurance - 50
motorbike insurance - 20
taxes/pension - 100

edit forgot savings - 1,000,000 pcm

[andrewchon]

The owner of the place I'm staying at is a hard working man. He's busy looking after his family's wealth (quite substantial). His father began the process by living miserly. Story about father: he had a car but didn't drive it for three years. Result was four flat tyres and a flat battery. What a scrooge you might say, but he's also known for buying morning coffee for his bar girls. Lesson: give up your personal luxuries and be generous with now freed resources. Soon you'd be the richest man in Babylon.

[Deja]

Only 20.000KRW/mo for gas??

[Beeyee]

Groceries 800,000
Internet 30,000
Transportation 50,000
Phone 50,000
Drinking water 20,000
Leisure 300,000
Gas 10-200,000
Electricity 30,000
Rent 500,000
And deductions(taxes, etc) 300,000

Savings: 1,000,000 + wife's salary (2,500,000) = 3,500,000 per month.

[wooden nickels]

Savings!

[OBwannabe]

[OBwannabe]

I consider the years end severance and pension refund my savings. If I have more than 800k in disposable income it would go to savings

[Cacille]

my salary 2.3
about 150,000 is taken out for pension and health insurance

- 26000 internet
-100,000 gas (ish, that's the more winter figure)
-20000 electricity
-75000 smartphone
-250,000 food
Water is paid per year at 150,000. I drink the tap water because it's OK in this town.
That's my Korean expenses (I'm in a RURAL town).

Basically, I keep about 500,000- 600,000 in my Korean acct to pay these expenses per month, and I send all the rest home to pay my bills. I'm trying to pay off over $70k within 4 years. That's my goal at least.

[furtakk]

After saving almost nothing for 2 years, I have become really anal about budgeting.

http://i.imgur.com/EL15SL7.jpg

I spend way less than I used to and still manage to do most things that I did in the past. I just buy fewer useless things.

[nicwr2002]

[Weigookin74]

[No_hite_pls]

The wife and I make 7.7 million a month combined including our investment income.

- .650 tax, pension and health insurance
- .400 daycare
- .800 food/diapers
- .400 car expenses
- .250 household bills (gas, electricity, apartment fees, internet, phone)
- .300 doctor bills average vaccinations are very expensive
- .450 entertainment
- .200 clothes

We save a bit more than 4 million a month.

[Weigookin74]

Power 10,000 winter.
50,000 summer.
Gas 60,000 to 100,000 winter (depending on the month and how cold)
10,000 or less summer.
TV and internet (Olleh with many English channels) 40,000.
Fuel 130,000 a month. (Regional city with suck local buses and changing schools every year.)

Car Insurance 45,000 a month (Paid once a year totel)
Groceries Hard to predict 150,000 to 300,000 (depending on how well stocked in meats, fish, etc).
Groceries also include cleaning supplies, soap, and other such things. Use Costco trip every 2 or 3 months to stock up on meat and fish and cram the freezer. Just stock up on overpriced local veggies, eggs, dairy, bread.

Eat out at a restaurant not done often 5,000 to 10,000 each time maybe 4 or 5 times a month. Biggest expense, especially on weekends is buying an overpriced Korean coffee 4,000 to 5,000 a pop. (Usually, my own coffee mix -not maxim- at schools on weekdays saving cash.)

Haven't been drinking or dating as much most recently. Keeping those costs down, I guess.

Had student loan and credit card debts when I got here and when I moved to my current city 3 to 4 years back. Key money, car purchase (each 3 mil on the card). A couple of Asian trips. This year visiting home, dental work, need to buy clothes once in a while, and other unexpected expenses.

I'm better off than your typical 2.0 mil newbie, but I'm feeling the pinch too and just clinging for a recovery back home.

So, student loan minimums 550 bucks a month. Credit card minimums maybe 150 a month (but usually pay way more than that).

I can't give a definitive answer because things and unexpected surprises rise up sometimes forcing me to dip into my card sometimes. But, I try to otherwise live frugally and go without except for a few minor guilty pleasures. I could prob squeeze an extra 100 to 150 K won out of my expenses but with my debtloads, why bother?