How to Save Money Living in Korea As An Expat

I am mainly reaching out to the ESL teachers of South Korea, but this advice, I think can go for anyone living in Korea as an expat.

I am basically going to give a breakdown of how I usually spend my budget for the month and give you some tips on how to save extra money to travel with.

Before I begin, I want to start out saying that I make between 2.2 and 2.8 million won a month, which is standard here in Korea as an ESL teacher.

1)Food

Breakfast

For breakfast everyday, I eat the exact same thing.

1 hard boiled egg/ .23 cents a day

1 peanut butter toast/ .56 cents a day

1 black Kanu coffee/ .20 cents a day

A carton of 30 eggs from Kim's Club costs roughly 6000-7000 won.

A half loaf of multi grain bread (12 slices) costs rough 2000 won.

Peanut butter which lasts me 1 month (Korean brand) costs roughly 6000 won.

Kanu coffee costs roughly 20,000 won for 100 sticks.

Therefore, each day, for breakfast spend about 1,000 won or 30,000 won a month in breakfast.

Now I am left with 2.17 million- 2.77 million for everything else.

Lunch

Lunch is provided by the school, and it is free. Even though it may be gross sometimes, it's free. Remember that!

Still left with 2.17 million- 2.77 million for everything else.

Dinner

For dinner each week, I meal prep for Monday- Thursday every Sunday.

For dinner, I eat the exact same thing each day.

Chicken

Broccoli

Mushrooms

Bell PeppersInstant Rice ( 1 pack )

Kimchi

Samjeaon Sauce

3 chicken breast 450 g costs roughly 6000 won at Kim's Club.

Instant Rice (8 pack) 210 g costs roughly 6000-7000 won at Kim' Club.

Samjeon Sauce 200 g last about 1 month and costs roughly 3000 won at Kim's Club.

Broccoli

Bell Peppers > Prices vary but I can usually get all 3 at a local mart for 10,000 won

Mushrooms

Kimchi- Free, I take it from work, because no meal is complete without kimchi ;)

Total weekly cost of this meal = 19,100 won

Cost of each meal= 4,775 won

Monthly cost= 76,400 won

Still left with 2,093,600 won - 2,695,400 won for everything else.

Beer

Almost all 7/11 and CU has 4 premium tall cans for 10,000 won ;)

Korean beer is also quite cheap. You can get FiLite Beer for 1,600 won for a tall can or a normal 6 pack for 5,000 won at Kim's Club.

So let's say I get 4 for 10,000 won each week. 1 beer per meal.

Dinner beer = 40,000 per month

Still left with 2,053,600 won - 2,655,400 for everything else.

Water

Seoul and surrounding area water is safe to drink. It's free!

If not, bottled water is in 6 packs for 3000- 4000 won.

Save the planet and drink tap water. It also puts hair on your chest. That's a good thing ;)

Leisure

This is the only part of my life that varies really.

This part can get tricky as it really depends on how much I want to have or where I go.

But a great rule of thumb is try to budget 200,000 won per week for leisure and fun.

That will equal to 800,000 won per month, which is WAY MORE THAN ENOUGH.

So let's do the math.

After food, and leisure in one month of budgeting, you are:

Still left with 1,253,600 won- 1,855,400 won to save and and send home.

That means you could save anywhere between 15,042,200 won- 22,264,800 won in one year!

I know this recipe doesn't work for everyone, but it has been working for me.

And yes, sometimes you might go over budget and spend a little extra.

Some months yo might be eating ice and bread a few days before pay day.

For the most part, this budget is attainable and to be honest, you could probably save more if you ate a cheaper dinner and cut out week day drinks.

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