The Money Basics

You can pretty easily save $1000 a month in Korea. You can do this while still going on day trips, or even overnight trips out of town, on a regular basis. This is because your pay will be high, while your tax rate and general expenses are very low.

Money may be a key motivator to coming to Korea. If you are like I was living in Canada, it was payday to payday. That was even with both my wife and I having solid, well-paying jobs. Yet, it was still impossible for us to get ahead. There was always something coming up such as a renovation to our house, a car repair, or a “needed” item. All of these expenses are gone in Korea. Not only will your lodging be paid for, you will not be comparing yourself to people who have more than you. This will limit your feeling that you need something that someone else has.
Income

You will earn at least 2,000,000 won a month on your contract.
*** You will receive a severance of one month’s pay at the end of your contract.
At some schools you can get overtime if you want. The pay depends on the contract. Most teachers teach private lessons on the side, but they are illegal, so please be careful. Never speak of these anywhere near your school. Also, never start a private until you’ve been in Korea for at least 3 months, so you learn the way things work.

Expenses

Utilities – Electricity, water, cable TV, land phone and Internet = 120,000 won/month.
Tax rate is only 3-5%.
Housing – paid for by the school.
Transportation – less than 50,000 won for the month. Transportation
Food – some schools provide free food or very inexpensive cafeteria food. Shopping, Dining Out

Total fixed expenses = 400,000 won a month.

2,000,000 won (Income) - 400,000 won (Fixed expenses) = 1,600,000 won (Disposable Income)

1,600,000 won - 600,000 won (Entertainment) = 1,000,000 won/month savings!

We came here with 38,000,000 won + worth of debt, and it was paid off after only fourteen months. I shudder to think how long it would have taken us if we did not make this trip.

FYI - You can use a Visa card at some larger stores, but for the most part it is a cash society. Before you come to Korea, bring at least 4-6 weeks of money to live off. I suggest $300 worth of Korean won (about 300,000 won). If you can not save, or acquire this amount of money, many of our schools are willing to give you an advance of up to 1,000,000 won when you land in Korea. Order the Korean won at least 2 weeks prior to leaving.

Housing • Shopping • Dining Out • Entertainment Options