How Much Money Can You Save Teaching English in Korea for One Year?

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Individuals who come to Korea as English teachers are typically serious about growing their savings and/or paying off debts. And for good reason: South Korea provides the most prospects to earn a lot of money and survive on a tiny of any nation hiring foreign English teachers.

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Income
Let's take a look first at possible earnings. Wages for full-time positions normally are around 2.1-2.5 million won. We are going to use 2.3 million four our reference because it is a quite general salary. Along with your paycheck, your net behalf should contain a few additional payouts:
An end-of-the-year incentive corresponding to one month's wages.
Your employer's gift for your federal pension (4.5% of the monthly wage)
How about we add it all together:
Monthly revenue x 12 27.6 million
End-of-contract bonus 2.3 million
Pension payout x 12 1.24 million
Total:31.14 million

Moreover, just about all full-time agreements have housing in case,granted along with round trip travel to South Korea. Though these items aren't beyond doubt part of your income, they bring us to the next component of conserving money...

Living Expenses
Rent
Unless of policy you get a part time job or choose a extra agenda that uses an hourly rate, your apartment in Korea is going to be free. You will have to pay for your own utilities, which vary depending on where you reside. I was located in a somewhat costly high-rise apartment within down-town Seoul, and my utility bill was about 150,000 won. We will employ that for the calculations, although most can count on paying a lot less.

Food
Dining out throughout Korea can be very affordable, specifically if you enjoy Korean food (I beyond doubt like it!). Cooking at your home is even more inexpensive. Food staples like eggs, rice, and specific meats normally are economy than what you would spend back home: by way of example, eggs tend to be 3,500 (≈Usd) for a box of thirty from the grocery store over the street from us. In-season fruits and vegetables can be found in marketplaces (and in all likelihood from the gentleman with his truck parked down your block) for very affordable prices. My grocery bill is normally 30,000 each week. Just in the interests of creating a compassionate estimate, we will employ 50,000 as our appraisal for one person.

The only way to beyond doubt blow your budget on meals in Korea would be to eat out too oftentimes at Western eateries. But fundamentally, as long as you keep your On the Border trips to a minimum, your dining expenditures should beyond doubt be nicely under 300,000 won per month.

Health guarnatee coverage and Tax
These kinds of bills are automatically taken off from your paycheck. Pension payments are deducted, as well, any way I have not listed them here as you get them back 100 % at the end of the 12 months (together with your employer's identical payments!). During my introductory year, I paid out 30,000 won in revenue tax and 60,000 won for condition guarnatee coverage every month.

Getting Around
One good thing about getting your apartment put in place by your firm is you will not need to commute to work. A lot of people, though, may wish to travel to different parts of the city several times per week. A half an hour ride on the Seoul Metro (normal advent from nearly all areas of the city to the uptown area) costs 1,000 won (≈90¢Usd). Do a comparison of that with New York City's flat rate of .25 or Tokyo's 190 yen (≈.25) for the same journey! Taxi cabs start off at 2,400 won and tend to be about half as expensive as Nyc or Tokyo (rough approximation alert!). I am quite active--I ride the metro five-or-so times per week and take a join of cabs During the weekend. All this results in around 80,000 a month on transportation.

How much can you save?
The costs we have added up so far make 620,000, which subtracted from 2.3 million leaves 1.68 million of extra revenue each and every month. The quantity of that you conclude to spend in traveling, shopping, going out, etc. Is needless to say your responsibility, but it beyond doubt is quite uncomplicated to save at a minimum one million from just about every paycheck. contain your year-end bonus plus government pension pay out of 3.5 million, and you will be able to put away 15.5 million or higher by the close of your year. Check out Xe.com's currency converter to see what that means in your home currency!

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