I wanted a loan, but got fed up with the hassle of having to deal with banks, which ended up jerking me around and wasting time. So, I saved. My landlord was cool enough to allow us to increase our deposit by 10mil won every few months. Last year, I paid off the 120mil Jeonse. My apartment is ok, 3 beds, 2 baths 130 square ms (just under 40 pyeong).
All these posts have inspired me. I will open a hagwon and hire a few dozen people to work for me for 2.1 as everyone seems content to take that salary why not
While I agree aristocrat’s advice is sound, I’d like to chip in my own advice. Dont work for 2.1! 2.1 is a miserable pitiful salary. A very large percent of people in Korea make a better salary than 2.1. Taxi drivers, nike store employees and factory workers to name just a few. None of those jobs require a university degree or leaving your friends and family. If you are accepting a 2.1 million won salary in 2019 you are doing yourself a disservice, and a disservice to the community of foreigners who live and work in Korea. You can do better! T.C.
I have a question: How much do people manage to save from their salaries?Like how much do you spend on food and other aspects of living?
Quick question about pension, since it seems there's some knowledgeable folks in this thread. Is there a limit to how many years you can stay before pulling out your lump-sum refund? For example, after 10 years (or 15/20 w/e) are you no longer eligible for the lump-sum refund? I mean that would be a significant amount of money by then. Or is it simply the case of it being a better financial decision after 10 years to leave the pension and have your home country credit that to your pension there?
Quote from: gagevt on Yesterday at 12:17:04 AMQuick question about pension, since it seems there's some knowledgeable folks in this thread. Is there a limit to how many years you can stay before pulling out your lump-sum refund? For example, after 10 years (or 15/20 w/e) are you no longer eligible for the lump-sum refund? I mean that would be a significant amount of money by then. Or is it simply the case of it being a better financial decision after 10 years to leave the pension and have your home country credit that to your pension there? I would like to know if there is a limit as well. I heard from a friend who's been here for a long time that after ten years your pension gets locked and you can't get the lump-sum refund. I'm planning on doing one more year here before leaving next year and that will be my tenth year. If that's the case and I can't get my money (which is a fairly substantial amount) then it may look like I'll just have to cash it out and leave after my contract ends this August.
Ill find you the smallest cheapest one room on zzigvang I can no worries even seoul dogboxes go for 300-400 a month. Come and work at the chicken hagwon! I promise no more than 30 hours a week class time!
There are two pensions for teachers; nps and ktfp(?). For nps no limits to withdraw. The other one is private and is locked after 10 years. I called nps before to verify hopefully the person knew for sure.
Quote from: TexasChicken on April 03, 2019, 04:49:25 PMAll these posts have inspired me. I will open a hagwon and hire a few dozen people to work for me for 2.1 as everyone seems content to take that salary why not Sure but you'd have to provide them all with housing as well. That'd be the tricky part if you were opening one in Seoul. Having said that, in the early days teachers came over here and put up with sharing a flat with their co-workers so maybe that'll be the next thing to downgrade after the flights and other perks go.
https://www.pkf.com/korea/news/2017/lumpsum-refund-of-national-pension-contributions-for-a-foreign-national/I think my situation is different i started on NPS and switched to KTPS (university pension) its been more than five years since i left the NPS so now my moneys locked in. You must file for lumpsum within five years of your last payment.
Quote from: CypherSoul on April 03, 2019, 12:59:58 PMQuote from: Aristocrat on April 03, 2019, 11:58:15 AMQuote from: tanis62458 on April 03, 2019, 10:58:37 AMQuote from: CypherSoul on April 03, 2019, 10:48:41 AMI have a question: How much do people manage to save from their salaries?Like how much do you spend on food and other aspects of living?monthly food bill before having a kid was about maybe 300-400 if i want to go on the high end. with a baby to feed now, it's probably an extra 100 or so. formula and gerbers. i would go to costco and load up on groceries. ate lunches at school. made my own dinner (i like cooking). transportation was usually about 80 a month maybe even less because i liked walking to work. if there was something going on like the movies, zoo, etc. i always had the cash for that and still had plenty left over. it just comes down to budgeting. once people actually sit down and see where their money goes, you'd be surprised how much you can save without having to make extreme cuts. Income:2 salariesWe both do extra classes, about once a week, and a few privates, still plenty of free time and the extra classes help with job satisfaction as I'm actually teaching motivated students.Our apartment is fully jeonsed, only pay a maintenance fee and are receiving 800k a month in housing allowanceBoth receive the rural and multiple schools allowanceExpenses:Food, food, food. We rarely eat out, but we eat a ton of vegetables and fruit. I order my meat from a butcher in Itaewon and I order expensive bread and cheese off Coupang. I also buy Whey, Creatine and a few other supplements.We don't drink. We have cats who do cost quite a bit in food every month.We go on holiday once a year.SavingsOn an average month, 5mil per month banked.I eat at home for both dinner and lunch, I don't eat meat so that makes things a bit difficult as the dinners at school are always some kind of meat. But I enjoy cooking so it's not too bad. I have worked out where to buy the groceries from (I use Fill Mart, the vegetables are dirt cheap). Except for herbs like coriander (mint I am growing myself) but yeah. @tanis: thank you for the breakdown. I will be printing my bank statements and see where I am spending money. @aristocrat: what butchers do you use? I still eat chicken and fish so it would be nice to order it online! I don't drink either so yeah I know I save money there! Also how much do you guys get paid? Is this still through EPIK? I am with them (just finished my first year so yeah pay is not that high) https://albazaarkorea.com/Yes, we're both 1+ and get the same perks I mentioned. After all expenses (bills, food etc.), we're able to put about 5mil a month into the bank.
Quote from: Aristocrat on April 03, 2019, 11:58:15 AMQuote from: tanis62458 on April 03, 2019, 10:58:37 AMQuote from: CypherSoul on April 03, 2019, 10:48:41 AMI have a question: How much do people manage to save from their salaries?Like how much do you spend on food and other aspects of living?monthly food bill before having a kid was about maybe 300-400 if i want to go on the high end. with a baby to feed now, it's probably an extra 100 or so. formula and gerbers. i would go to costco and load up on groceries. ate lunches at school. made my own dinner (i like cooking). transportation was usually about 80 a month maybe even less because i liked walking to work. if there was something going on like the movies, zoo, etc. i always had the cash for that and still had plenty left over. it just comes down to budgeting. once people actually sit down and see where their money goes, you'd be surprised how much you can save without having to make extreme cuts. Income:2 salariesWe both do extra classes, about once a week, and a few privates, still plenty of free time and the extra classes help with job satisfaction as I'm actually teaching motivated students.Our apartment is fully jeonsed, only pay a maintenance fee and are receiving 800k a month in housing allowanceBoth receive the rural and multiple schools allowanceExpenses:Food, food, food. We rarely eat out, but we eat a ton of vegetables and fruit. I order my meat from a butcher in Itaewon and I order expensive bread and cheese off Coupang. I also buy Whey, Creatine and a few other supplements.We don't drink. We have cats who do cost quite a bit in food every month.We go on holiday once a year.SavingsOn an average month, 5mil per month banked.I eat at home for both dinner and lunch, I don't eat meat so that makes things a bit difficult as the dinners at school are always some kind of meat. But I enjoy cooking so it's not too bad. I have worked out where to buy the groceries from (I use Fill Mart, the vegetables are dirt cheap). Except for herbs like coriander (mint I am growing myself) but yeah. @tanis: thank you for the breakdown. I will be printing my bank statements and see where I am spending money. @aristocrat: what butchers do you use? I still eat chicken and fish so it would be nice to order it online! I don't drink either so yeah I know I save money there! Also how much do you guys get paid? Is this still through EPIK? I am with them (just finished my first year so yeah pay is not that high)
Quote from: tanis62458 on April 03, 2019, 10:58:37 AMQuote from: CypherSoul on April 03, 2019, 10:48:41 AMI have a question: How much do people manage to save from their salaries?Like how much do you spend on food and other aspects of living?monthly food bill before having a kid was about maybe 300-400 if i want to go on the high end. with a baby to feed now, it's probably an extra 100 or so. formula and gerbers. i would go to costco and load up on groceries. ate lunches at school. made my own dinner (i like cooking). transportation was usually about 80 a month maybe even less because i liked walking to work. if there was something going on like the movies, zoo, etc. i always had the cash for that and still had plenty left over. it just comes down to budgeting. once people actually sit down and see where their money goes, you'd be surprised how much you can save without having to make extreme cuts. Income:2 salariesWe both do extra classes, about once a week, and a few privates, still plenty of free time and the extra classes help with job satisfaction as I'm actually teaching motivated students.Our apartment is fully jeonsed, only pay a maintenance fee and are receiving 800k a month in housing allowanceBoth receive the rural and multiple schools allowanceExpenses:Food, food, food. We rarely eat out, but we eat a ton of vegetables and fruit. I order my meat from a butcher in Itaewon and I order expensive bread and cheese off Coupang. I also buy Whey, Creatine and a few other supplements.We don't drink. We have cats who do cost quite a bit in food every month.We go on holiday once a year.SavingsOn an average month, 5mil per month banked.
Quote from: CypherSoul on April 03, 2019, 10:48:41 AMI have a question: How much do people manage to save from their salaries?Like how much do you spend on food and other aspects of living?monthly food bill before having a kid was about maybe 300-400 if i want to go on the high end. with a baby to feed now, it's probably an extra 100 or so. formula and gerbers. i would go to costco and load up on groceries. ate lunches at school. made my own dinner (i like cooking). transportation was usually about 80 a month maybe even less because i liked walking to work. if there was something going on like the movies, zoo, etc. i always had the cash for that and still had plenty left over. it just comes down to budgeting. once people actually sit down and see where their money goes, you'd be surprised how much you can save without having to make extreme cuts.
