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Saving Good Money by Teaching ESL in Korea

by Dong D'Albertis (2020-03-14)

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Those who choose to come to Korea as ESL teachers are usually focused on growing their savings and reducing debts. And for good reason: Korea provides the most prospects to earn a lot of money and survive on a little of any country using the services of English teachers.
Let's take a look first at at how much you can earn. Earnings for full time jobs in most cases are around 2.1-2.5 million won. Let us work with 2.3 million as a reference because that's a very common salary. Along with your paycheck, your net profit will include two further payments:an end-of-the-year incentive corresponding to a single month's earnings and your school's contribution to your own federal government pension plan (4.5% of the monthly earnings).
How about we add everything up:Monthly paycheck x 12 27.6 million+ End-of-contract bonus: 2.3 million + Monthly pension contribution x 12: 1.24 million = 31.14 million
Besides this, the vast majority of full-time agreements include a free apartment along with round trip flights to South Korea. Though these may not be actually part of your pay, they take us to the next part of conserving money...
Living Costs
Unless you get a non-full time job or pick a particular employer with an hourly rate, your housing in Korea is going to be free. You've got to pay your own utilities, which fluctuate depending on where you reside. I was located in a somewhat high priced apartment within the downtown area of Seoul (the most expensive part of Korea by far) my first year, and my bill was about 150,000 won all included . We are going to employ that for our calculations, although most people can anticipate paying a lot less.
Dining out throughout South Korea is normally extremely inexpensive, particularly if you like Korean cuisine (I adore it!). Normal restaurant delicacies range somewhere between 1,500 won for a roll of kimbab ("Korean sushi") and 5,000 for a main dish like bulgogi (seasoned beef) and rice.Preparing food in your own home is even more inexpensive. Basics like eggs, rice, and particular meats commonly cost less than what you would shell out back home: for example, eggs are usually 3,500 (~$3USD) for a pack of thirty from the supermarket across the street from us. In-season fruits and veggies can be obtained in markets (and possibly from the man with his vehicle parked down your street) for incredibly affordable prices. My own food bill is usually 30,000 a week. Just in the interest of creating a generous appraisal, we will use 50,000 as our estimate for one person.
The only method to really blow your finances on meals in Korea would be to eat out excessively at foreign restaurants. But generally, if you keep your On the Border outings to a minimum, your eating expenses should really be very well under 300,000 won monthly.
Getting Around
One awesome thing about having your housing put in place through the company is you will not need to commute to your workplace. The majority of people, though, 주식 may wish to travel to various areas of the town several times per week. A half-hour trip on the Seoul Metro (normal from most areas of the city to downtown) costs 1,000 won (~90cUSD). Contrast that to New York City's flat rate of $2.25 or Tokyo's 190 yen (~$2.25) for the same journey! Taxi cabs start from 2,400 won and tend to be about half as pricey as in NYC or Japan (rough approximation alert!). I am pretty busy--I take the metro five-or-so times per week (round trip) and take a couple of taxis during the weekend. All of this adds up to roughly 80,000 each month .
Insurance coverage and Tax
These kinds of costs are usually automatically deducted from your income. Pension payments are subtracted, as well, however I have not involved these here as you are reimbursed for them completely right at the end of the contract (as well as your employer's identical installments!). Within my initial year, I paid out 30,000 won in fees and 60,000 won for health insurance coverage every month.
The final estimation
The expenses we have added up thus far come to 620,000, which subtracted from 2.3 million results in 1.68 million of discretionary money each and every month. What amount of that you decide to spend on vacationing, shopping, going out, etc. is needless to say your choice, but it truly is quite simple just to save at a minimum one million out of every paycheck. Add to that your year-end bonus plus pension payout of 3.5 million, and you should be able to save 15.5 million or more by the conclusion of your contract.

2-4-180626082245-thumbnail-3.jpgFind out everything you need to know about teaching ESL in Korea at Teach Korea Tips . com.

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