Moving to South Korea

These 4 words can put quite a bit of fear in some people and the spark of adventure in far more.  In making this decision we looked at everything that was important to us to fully know and understand what we were going to do and what we should expect on our journey.  This blog is for anyone interested in moving to South Korea to teach or simply interested in why this became a reality for us.

1. Pay
2. Taxes
3. Housing
4. Cost of Living
5. Possibilities for Saving and Traveling



1. Pay

Let's be honest, this was a large part of us moving to South Korea.  Joseph and I are getting paid what we were getting paid as teachers in Florida.  




2.  Taxes

Taxes are taken out of our paychecks here just like at home.  The difference?  The amount.  We have 3.3% taken out of our paychecks each month.  Yes, you read that correctly.  What about our paying taxes in America while we are here?  From our research, we do not have to pay taxes on what we make while living in SK as long as we make less than $80,000 or $88,000 per year.  We just need to document all international income to the US government, just like home, in addition to how much money we send home.  As long as we tell the US government what and how much and can prove it, we should be fine.

3.  Housing

By working in a Hagwon (private school) we receive free housing.  This means our hagwon takes care of all of our apartment rental costs.  We are in charge of electric, gas, etc. payments but the large payment of our housing is taken care of by our school.  Yes, please. 

Does this mean we live in squalor?  Nope.  This does mean we do not have a fabulously posh apartment; however, we do have a very acceptable although rustic apartment.

We live within 5 minutes walking distance to our school (lovely).

If a foreign person works at a public school your housing will also be paid for.  At a University however, you will need to speak to the individual institutions for this information.  Some institutions will have a few apartments for you to chose from and some will make you find your own apartment but give you a stipend/housing allowance each month (think of it as an extra $300 or $400 each month). 

If a couple works at different locations one person might have an apartment provided by their school and the other would be wise to find a job with a housing allowance.


4.  Cost of Living

The prices of living in South Korea are very low--for Joseph and I and for anyone.  We have a budget and we live off of 1/4 of our paycheck  each month.  What happens to the rest of our money?  We pay student loans and save.  How do we travel?  How do we have money to go out?  There are two of us, how is this possible?  Do we have any fun? 
We are able to do all of the above and have a small amount left over... sometimes.  We do pick and choose what we would like to do but we are able to do just about everything we would like to do on our budget. 

What about your electricity, gas and other housing bills?  These are very low.  Our gas bill (during the winter it is higher than usual) runs about 90,000W [this is the winter price] and our electricity is approximately 40,000W.  Not too shabby.  These are taken directly out of our paychecks and we do not have to worry about paying these directly.  Each school differs though so make sure you speak to your school about this as soon as you arrive and are awake enough to engage this conversation.  You do not wish to have a nasty bill 3 months in.

We do not live off of ramen and in fact have not eaten this much since being here at all.  We usually spend about 10,000W a day on eating alone.  We eat normal Korean foods--the more you stick with Korean food the cheaper it is.  The second you go to Outback or another foreign restaurant the price skyrockets. 

What if you need to eat something familiar?  It is possible!  Cook your own dishes (get food from the local markets as it is cheaper than Home Plus, Costco, or Emart) or if you have to get something from a particular restaurant or foreign shopping center, don't purchase a large amount if you are trying to budget.  You can also go to foreign and familiar restaurants.  Go with a friend (a group is better) and share a meal. 

5.  Saving/Traveling

This is hard for us not to spend the money on travel.  We love to travel.  We pay ourselves first then pay our bills and last we have fun with the left over amount.  We are two people and are able to manage quite well on what we have each week to live off of.  We do pick and choose what we wish to do and we plan our events, especially the larger ones, with care of how much money we will need.  Joseph and I would much rather have pictures to remember our adventures by than a house full of dust collectors--although a few choice ones would not go unloved or unnoticed.



Bottom line?  It depends why you are here.  If you are here to lower your debt or pay off debt--most foreigners are here for this very purpose--you will be able to do so and in the same turn, have a rockin' good time.  Just plan accordingly. 


South Korea is also the highest paying Asian and European country.  The Middle East pays some of their foreign English teachers up to $5,000USD (in US dollars as well) a month but that is another story in itself.