{"id":2811,"date":"2016-08-23T17:00:33","date_gmt":"2016-08-23T21:00:33","guid":{"rendered":"http:\/\/www.oxfordseminars.com\/blog\/?p=2811"},"modified":"2017-07-06T16:57:26","modified_gmt":"2017-07-06T20:57:26","slug":"4-tips-for-saving-money-while-teaching-in-south-korea","status":"publish","type":"post","link":"https:\/\/www.oxfordseminars.com\/blog\/4-tips-for-saving-money-while-teaching-in-south-korea\/","title":{"rendered":"4 Tips for Saving Money While Teaching English Abroad in South Korea"},"content":{"rendered":"

Teaching English abroad is a great way to save some money\u00a0or pay off those crippling student loans. If you\u2019re interested in teaching English in\u00a0South Korea, most schools offer contracts that pay rent for you (unless otherwise specified, for whatever extenuating circumstances).
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Saving money before you leave is crucial for when you are just starting your job.<\/p><\/div><\/p>\n

If you\u2019re fresh out of college and have become accustomed to barely scraping by, suddenly finding yourself with so much \u201cdisposable\u201d income can be a little overwhelming, and may lead to some poor financial decisions.<\/p>\n

With that said, here are 4 tips for saving money while teaching English abroad in South Korea<\/a>:<\/p>\n

1. Save Prior\u00a0to Teaching English Abroad<\/strong><\/h2>\n

You should have money saved up before traveling overseas to your job. Many schools in South Korea pay both entry and return flight fees, cutting costs on what you\u2019ll immediately need to pay. However, there are many little fees that add up in the months between your arrival, and when you receive your first payment. For example, the process of your Alien Card registration, or subway and bus fare.<\/p>\n

I would suggest that you to save up three month\u2019s living expenses, which is something around $3,000(USD), but if you\u2019re feeling brave, $1,500(USD) is feasible.<\/p>\n

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Trying Korean food is much cheaper than buying American style food.<\/p><\/div>\n

2. Save on Food<\/h2>\n

Once you\u2019re settled in South Korea, payments have started, you have a bank card, and you\u2019ve set up transfers back home, food is going to be your next biggest priority. Most schools will either include a small amount in your paycheck for lunch expenses, or allow you to eat at the school\u2019s cafeteria.<\/p>\n

I highly suggest you try as many native dishes as possible! If you\u2019re given a stipend, don\u2019t be afraid to eat out. Seriously, eating out in South Korea is very cheap.\u202fKimbap\u202fshops will sell many dishes that are as low in price as 2,500 to 5,000 won (or $2.50 to $4.50 USD). Galbi (meat) restaurants are great if you want to share a meal with a couple friends.<\/p>\n

The only way you\u2019re really going to spend your cash on food is if you eat meals at \u201cWestern-themed\u201d restaurants. If possible, try to avoid frequenting places you can find back home to save money. If you get a taste for something Western, consider getting a Costco card for bulk savings.<\/p>\n

Another excellent way to save some cash on food is to visit the local grocery store. Eggs and rice are found in most dishes in South Korea, so they\u2019re always cheap, and good to have in the house.\u202fKimchi<\/a>\u202fand packs of ramyun or jajangmyeon (black bean noodles) are also great to keep in the cupboard. Making a few meals ahead of time and bringing them in to work is a great way of cutting back on the cost of food.<\/p>\n

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There are many places to shop in South Korea. Resisting the urge to shop is key to saving money.<\/p><\/div>\n

3. Resist the Urge to Splurge<\/h2>\n

After the food and initial expenses are taken care of, the largest hazard to your wallet will be shopping and entertainment. Clothes, make-up, coffee shops, stationary stores, and kpop\/kdrama memorabilia<\/a> are everywhere.<\/p>\n

For those who feel the burning need to spend every single baek-won (100 won is the equivalent to a dime) to your name, the best incentive NOT to do so is to remember that you have to ship it all back home when your contract is up.<\/p>\n

If you\u2019re teaching English abroad in South Korea to save money, try to refrain from large department stores and make use of the shopping centers inside many subway stops, where items are cheapest. Remember, the more money you waste on material goods, the less you have to put towards traveling!<\/p>\n

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Effective budgeting is an extremely useful skill regardless of where you are teaching.<\/p><\/div>\n

4. Keep a Budget While Teaching English Abroad<\/strong><\/h2>\n

The most important thing to do is budget your money effectively. It may seem like you\u2019re making a lot of money, but it\u2019s very easy to get swept up in the night-life and daily entertainments South Korea has to offer. If you\u2019re not careful, saving money while teaching English abroad can be difficult.<\/p>\n