How I Saved Over $15K in South Korea
Can we talk about where the money reside? Because after teaching English for one year in Korea it resides in my accounts, okay? So, Imma break down how I saved over $15,000. 15 racks. 15,000USD. From teaching in Korea for one year.
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Alright. The panny. The panini. The pan seared steak. However you wanna call it. That's how I saved some money.. ORIGINALLY, my bright eyed, bushy tailed self thought I was going to Korea to teach English and travel around Asia. I thought I was going to be in Japan, China, Mongolia, Malaysia, all these places. They said, "No, sit down." You can go around in Korea a little bit. Just a little, but you're not going anywhere else.
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So the first maybe five months I didn't even leave my city. I stayed put. I spent maybe $200 a month on everything. That includes groceries, getting around, my utilities, anything I wanted to do. Maybe $300 if I ate out a lot... which I probably did. With my very frugal lifestyle and not even being able to spend money on the things I actually would buy, I saved beaucoup bread.
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Number 2. Severance. When you work in Korea for 12 months you get paid for 13. It's a nice bonus. It's guaranteed. It's in almost every contract. If someone tries to hire you to work without severance? Run. So, severance is a months pay without any deductions.. So, the average salary on the low end is 2.1 million won which is about $2100.
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And one more thing... Severance is not a one time thing. So, if you decide to work for the same company for two or three years, for every year you work you are GUARANTEED severance. Even if you decide to work for one company for a year (finish that contract and get severance) then go to another company in Korea and finish the contract, you get severance again. It's just bread on bread on bread.
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And the third thing is your pension. Now, this depends on which country you're from, but I know for a fact Americans can get their pension back. So, every month pension is taken out of your account. For me, it was about $100 every month just taken out of my check, but when you leave Korea. Not switching jobs, not finishing a contract... When you leave Korea, they run you your money back.
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So, in the past you were able to pick up a lump sum at the airport. As a result of the virus that wasn't an option. You can either get it sent to a Korean bank account and transfer it home or you can get it sent directly to your account at home which I thought was easier. So, that's the route I took. Literally, all I had to bring was my bank statement from my bank at home, my ID from Korea, my proof that I was leaving the country (my plane ticket). Bingo, bango, boom. Fill out a form. Run me my money.
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For your pension, they'll let you know about how much they're going to be giving you and approximately when it should arrive. So, just wait on it.
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So, the combination of my minimalistic lifestyle, a global pandemic and all the extra financial benefits of teaching English in Korea is how I secured the fucking bag.
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