Will I Make Enough Money In Korea?
It’s no secret that education is not the most sought out career path when it comes to making lots of money, especially in the United States. When I was first in talks with Aclipse about teaching overseas, most of my questions revolved around how much compensation I would receive. As a recent college graduate with student loans, I was extremely worried about my finances. Well, I am happy to say that my paychecks in Korea are more than enough to sustain my life here!
How much you make in salary is based on your previous work experience, educational background, major, and performance on your interview. The amount you save truly depends on where you are located. Aclipse links you to a location based on your preferences and will walk you through this. Living in bigger cities like Seoul and Busan come with its perks, but the cost of living is more expensive. You can save much more living in smaller cities or rural areas since the cost of living is much lower, while you are still paid the same amount.
How My Paycheck Breaks Out
For myself, about ⅓ of my paycheck goes towards my rent and utilities. There are two options for housing contracts: you will either pay your own rent with a higher salary, or your location will cover your rent for you! My location offered me a higher salary where I cover my own rent! The other ⅔ of my paycheck can be allocated to anything I want! Clothes, treatments, travelling, fine dining, etc. As I said before, this will truly depend on where you are placed; but the proportions I just listed will be approximately the same.
TIP: If you wish to send money back to your home country bank account, you will need to wire transfer money from Korea to your home country! I use SentBe! For only a small fee, you can wire transfer money from your Korean account to your home country’s personal account, straight from the app. This makes the process SO much easier than going through a traditional, international wire transfer where you typically have to go into the bank branch.
Being Smart
While the amount of money that I make in Korea is the perfect amount for my life here, it is definitely not as much in America. This means that I do have to be smart with my money while I am here.
Admittedly, I was absolutely NOT smart with my money my first term of teaching. The shopping, food, and experiences that are here in Seoul were too good to pass up! While it’s still possible to do all of these things, here are a few tips that I wish I had before I received my first paycheck.
Save Up Before Moving
This might be obvious, but it is super important that you come to Korea with as much money as possible. I recommend saving at least $2,000. This will ensure that you have enough money for your first month here/until you are able to create a bank account. I also recommend bringing most of that money in CASH and Having to consistently find banks to exchange currency can be a real hassle. Exchanging your money all at once, especially at the airport, will be a lifesaver!
Track Your Expenses
When I first moved to Korea, spending money did not feel real. I was using American credit cards for a majority of my purchases, so the money was not actually coming out of my account. It wasn’t until I checked my credit card balances that I realized I had been spending FAR above my means. If I had kept a record of how much I spent on clothes and food, I definitely would have realized much earlier that I needed to cut my spending.
Make a Wish List Before You Leave
Korea, especially Seoul, can be extremely overstimulating at the beginning. The crazy pop-up stores, the amazing food, the immersive experiences, and even the transportation system can really sweep you off your feet. I moved to Korea with no expectations of what I was looking to buy, see, or experience. This led me to not constructively thinking about my purchases; which resulted in A LOT of impulse spending. Making a wishlist of different brands, products, foods, or excursions you wish to experience can help you be mindful with your money while you are here.
TIP: Tourism apps like “Klook” are a great tool to find, book, and receive deals on common activities in Korea.
These tips are not meant to scare you! These are all things that I wish someone told me before moving across the world. Money can be a scary topic for so many people. I can confidently say that Aclipse will help you with every step of the way. I’m so grateful that the people at Aclipse ensured that all my needs would be met and answered every question I could think of. Here is another great blog that might help you budget when you get here.
Although being an English teacher in Korea is not going to make you a millionaire, it is a job that allows you to travel the world and make so many meaningful connections; both inside and outside of the classroom.
Gabriel White, Marketing Assistant
Gabriel (Gabe) White is an English teacher in South Korea. He is a Korean, Puerto Rican-American from the Richmond, Virginia area and received a bachelor’s degree in English from Virginia Commonwealth University. Being involved in student organizations like Filipino Americans Coming Together at VCU (FACT@VCU) and VCU Globe during his college years, Gabe learned just how much he enjoys experiencing new cultures. In his free time, Gabe loves teaching local dance classes, spending quality time with his loved ones, exploring new cities, and watching nostalgic movies.