Korean Job Discussion Forums

[Gorgias]

For a while now, it's been making me a little sad to know so many teachers out here who don't have money to take a vacation, or survive until their next jobs starts and so on, even though they are making not bad wages. I know a few folks who have saved in the area of 50,000 US in under three years so wanted to make a few observations to maybe help out those who are having trouble building up any amount of money in thier accounts, even despite debts, getting fired or other misfortunes that befall all normal people. I'm doing good with hoarding cash, so this is not just pure objective observation.

-You need a new identity. From now on, you are a cheap-skate. Your friends should know you as Bob the tight wad, or penny pinching Paul. This is your new persona. Don't worry, money grubbers can have lots of friends and have good times too.

-Don't make a budget or save reciepts or keep track of where you are spending your money, simply spend the very least possible at all times.

-Never go to TGI Friday's or Out Back or Subway or even McDonalds. Never. Period, unless your boss or someone is taking you out. Eat at home, eat Korean food, cook for a friend so it isn't intolerably lonely, and when you eat out, only eat at Gimbapnara, or if it's in the evening with friends then go to Korean BBQ or that sort of thing. Non't buy Western goods at the grocery store, by rice, gim, kimchi, stuff like that. Otherwise only white bread and the other very cheapest Western style products.

-Do not buy electronics. Useless. Think about it, you can spend about four hours a day at PC bangs for the price of an internet connection, hook-up and computer, unless you're a serious porn junky, don't buy a personal computer here. That goes for Ipods, MP3 players, DVD players and all that junk. In particular, never never never buy even one CD or DVD, those are nothing but man-wons you throw away for nothing. Also do not buy books.

-Get your bar tab under control. Do not drink imported beer, maybe one bottle in six months if you must. You can drink outside in Korea, once it warms up, its great to sit infront of a Family Mart with some friends and just get the big plastic jug bottle of beer. You could stop drinking, but that is unreasonable for most people.

-Do not go to cafes or Starbucks. Don't sit in there and don't take out. Where can you not get a cup of instant for free or 300 won tops? Or get those 500 won canned coffees and sit in the plaza, the view is just as good if not better.

-Stop shopping for more clothes. No don't even go to Dongdaemoon. Those are just more of those throw away man wons. Sneakers, shirts, jeans, sweaters: no. Get a small wardrob you like and don't add to it unless something gets damaged. It is better to get one pair of 200 dollar leather shoes that will last five years than 20 pairs or 20 dollar shoes (do the math).

-Don't buy stuff for your apartment. You have enough in there to live. Put up cool magazine adds or your friend's drawings to decorate the walls.

-Every time you spend money, think what it will cost over a year to keep that habit up at the same rate and consider that the cash would be nicer. A cup of Starbucks a day adds up to more than 1000 dollars a year, a Subway sandwich a day does too. Even a package of 50 cent gum a day is just about 200 dollars over a year, be very mindful of daily expenses. Never get the cookies or Coke if you must have a Subway sandwich, that's where they make their profit.

-Pay your bills on time. Late fees can add an extra 30 percent to what are otherwise reasonable and necessary expenses.

-Turn off the gas heat. Don't use the air conditioner. Put on a sweater in the winter and get a 5 dollar fan for sleeping at night in the sumer. Also, turn your refrigerator down to one-third, that's the correct temperature for refrigeration anyway.

-Boil water, don't buy it bottled. Again, 200 hundred dollars a year-- or zero.

-Do not join a gym. This is in the same catagory of mindlessly throwing away money as CDs and DVDs. Go for a hike on the weekends and buy a 5 dollar dumb-bell for home.

-Never take a taxi. Never. Wait until the buses start in the morning, walk, or take the subway.

-Don't go to the doctor for nothing. Don't take sick days. Clean up your apartment and get the whole housing deposit back, don't let your employer take a cleaning fee.

-Don't use your credit card. Always always always pay cash, no matter what. A credit card is just a piece of ID, that is it.

-Don't lend any one any money. Not even 100 won. Always feel free to let the other person pay.

Don't think girls won't like you because you are frugal. Most gals would be happy to have you cook them dinner, go to the park, take a walk up the river. If you need to, show her your 20,000,000 won in the bank here, 20,000 dollars back home, and 10,000 in cash in Euros and US dollars. It will probably make a better impression than taking her out to dinner and telling her about your 50,000 dollars of debt.

Good-luck, hope this helps someone. It makes me sad to see two-thirds of my peers broke because of the way they waste millions of won and have nothing to show for a year, two years, five years of work out hear but a bunch of out-dated electronics, CDs they don't listen to and clothes they end up throwing out. Think about what you do want that costs money, better to blow 5,000 dollars all in one place on something you really care about than 2,000,000 won a month for years on end out of habit.

[Faron]

How much do you save doing all this?

[Beavis]

[tacon101]

thanks for cheering me up dude...

the anal approach to penny pinching is a lot funnier than the laid back version ...aka breathing, asking yourself if you want to bother with something new when you have everything around you already. we live in such a disposable, crowded society anyway, why have more clutter?

you mentioned getting your friends to pay...how about parents? it seems like the less i want, the more they want to give...and when they understand i don't need stuff, they hand over money or pay for traveling expenses (money of course will be saved to pay for their incredibly nice and thoughtful gifts, visits, and good deeds i'll give them in the future)

[pet lover]

Never buy books?! You acknowledge that for some it's too hard to go without alcohol but you never even consider the extreme hardship some might go through without books?!

[tacon101]

well there's always a possibility of borrowing from friends, a library, finding internet downloads...

[Demophobe]

One would definately save money with all of these tips, but I have to question quality of life. I mean, yeah, having a bankroll is a good thing, but surely your ideas, if all put into practise, would make for a pretty empty lifestyle.

I think that while many of your ideas are easily done, some are just a bit over the top. Getting a computer for home can be cheap and very, very useful biding the time between work and doing nothing. Your friends won't call 'cause you are only up for a free ride, or no ride.

You can't take it with you when you go. A balance is best. Be happy while alive, but not stupid.

[Wangja]

Let me add a thought if I may.

How many rich people do you know who are not tightwads?

[tacon101]

they may be watchful of where their money goes, but many are also giving

[Yo!Chingo]

Wangja's right...many people that I know well off are tight with their $. I've known guys and girls in my hometown in their 40's and 50's with millions in the bank who wear blue jeans with holes in them just b/c. They drive around in the same car that they paid cash for in 1995 and are still lovin' it. I respect the PO for his $ saving ability. Many people just don't look down the road to see who the smarter person is.
I however do not agree with allowing others to pay bills for me or forsaking a pack of gum for the long term gain. Too much!!!and let me say this b/c I used to be that way! This I SWEAR!
I worked 45-50 hours at 1 job, took 1 day off and worked a part-time on sundays for 8 hours. I would pay my car note and budget $300 US for monthly food and the eating out of 2 people. I was saving about $1500.00 per month but it was very stressful. I would only buy what was on sale when I went to the grocery, always price compared(forget about the brand!) and would usually go to between 3-5 stores per week for the different sale items. I was a coupon clipper and never used the C.C. My house was set on 80 degrees F in Summer and 65 degrees F in Winter. Good forgive anyone that complained! We would eat out once per week maybe at the corner Mexican joint. I know what he's saying! I now say be conservative but don't live your life like you're poverty stricken! You only have 1 life, and what's the good of having $50 grand in the bank if you were miserable getting it?
Now that we're here in Korea my hubby and I are still very conservative and we live on my part time salary while we stash his entire paycheck. No car notes and no rent. This deal is way too sweet for everyone that works here to not be able and save at least $1,000,000 won per month! For many here,that's between $800000 won and 1,200,000 to live on! Most of us have no car and no rent so what's the excuse for not saving?!?
Trust me...if I can control myself while food shopping with a hungry stomach and a MCdonald's staring me down you can stop buying crap in the overpriced Shinsegae!!!

[Return Jones]

While some of the OP's suggestions are overboard, he does make some good points. I know far too many people here who can't seem to get by on salaries exceeding 2.0 a month. True, some of them are paying debts back home, but many just can't seem to patch the hole in the pocket. A good friend of mine in Korea, who came here from living very frugally in New York, once said that there was no excuse to be broke in Korea. I tend to agree.

[alinkorea]

Surely the OP is joking? Sadly, I think he/she isn't. This is a pet-hate of mine. People who scrounge around trying to save every last 100 won. There are plenty of them over here. I absolutely refuse to accept that if a person lives acording to the OP's rules, they can be truely happy. Maybe for a short period of time, but the OP's talking about 3 years. I find it hard to imagine a happy, vivacious and interesting individual whilst living such a life. Rather I imagine someone leading a pretty miserable, drab and boring existance.

[Faron]

I think if you have a computer, a nice mp3 player, make more meals at home, stick with korean food and avoid spending all your cash on a GF, you should do pretty well financialy.

[JZer]

[krats1976]

I could be saving tons of money if I wasn't sending $1000 + home every month to cover student loan/credit card debt.