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How much can I realistically save each month?
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2017-06-02 03:51:29

You will need between 500,000-700,000 per month for living expenses. This will cover all of your monthly expenses including food, transportation, entertainment, and utilities. If you are frugal it may be less than that and if you intend to buy a lot of expensive purchases, it could be higher. Most teachers fall within this range.

With a salary of 2.2 million, most teachers would be able to save between 1.3-1.5 million won. Also, at the end of the contract teachers will receive their severance bonus (one extra month pay) and they will also receive their pension contribution back when they leave Korea (which is close to another full month’s pay). It is quite possible for entry-level teachers to save close to $20,000 dollars per year. While the salaries may not seem that high, with major expenses like rent paid for, it is quite easy to save money in Korea.