Yeah, my company has just made me proud...

...to see them on FAIL blog.

People who come to Korea to teach English tend to be serious about saving money and/or paying off debt.  And for good reason: Korea offers the most opportunities to make a lot and live on a little of any country hiring English teachers.  So how much exactly can you expect to save?

Income

Let’s look first at your earning potential.  Salaries for full time jobs usually fall between 2.1-2.5 million won.  We’ll use 2.3 million as a reference because that’s a very common salary (in fact it’s what Lindsey and I made our first year).  In addition to your salary, your net income will include two more payments:

1. A contract-completion bonus equal to one month’s pay
2. Your school’s contribution to your government pension fund (4.5% of your monthly salary)

So let’s add it all up:

Monthly salary x 12	27.6 million
Contract-completion bonus	2.3 million
Monthly pension contribution x 12	1.24 million
Total:	31.14 million

On top of this, almost all full-time contracts include free housing and round trip transportation.  Although these aren’t truly part of your income, they do bring us to the next element of saving money…

Expenses

Housing

Unless you get a part time job or choose a special program with an hourly pay rate, your housing in Korea will be free.  You will have to pay your own utilities, which vary depending on where you live.  We lived in a rather expensive building in downtown Seoul our first year, and our bill was about 150,000 won for everything.  We’ll use that for our calculations, but most people can expect to pay less.

Food

Eating out in Korea can be very cheap, especially if you like Korean food (we love it!).  Common restaurant meals range between 1,500 won for a roll of kimbab (“Korean sushi”, pictured) and 5,000 for a main dish like bulgogi (seasoned beef) and rice.  Cooking at home is even cheaper.  Staples like eggs, rice, and certain meats generally cost less than what you would pay back home: for example, eggs are 3,500 (≈$3USD) for a pack of 30 from the supermarket across the street from us.  In-season fruits and vegetables can be found at markets (and most likely from the guy with his pickup truck parked on your street) for incredibly low prices.  Our grocery bill is usually 50,000 a week combined.  Just for the sake of making a generous estimate, we’ll use this as our estimate for a single person.

The only way to really blow your budget on food in Korea is to eat out too often at foreign restaurants.  But basically, if keep your Outback Steak House visits to a minimum, your food expenses should be well under 300,000 won per month.

Transportation

One nice thing about having your housing set up by your employer is that you won’t have to commute to work.  Most people, though, will want to travel to different parts of the city a few times a week.  A half-hour ride on the Seoul Metro (typical from most parts of the city to downtown) costs 1,000 won (≈90¢USD).  Compare that to New York City’s flat rate of $2.25 or Tokyo’s 190 yen (≈$2.25) for the same ride!  Taxis start at 2,400 won and are generally about half as expensive as in NYC or Tokyo (rough estimate alert!).  Lindsey and I are pretty active–we ride the subway five-or-so times per week (round trip) and take a couple of cabs on the weekend.  All of this adds up to roughly 80,000 per month.

Health Insurance and Taxes

These expenses are automatically deducted from your paycheck.  Pension payments are deducted, too, but I haven’t included them here because you get them back in full at the end of the year (plus your employer’s matching payments!).  During my first year, I paid 30,000 won in taxes and 60,000 won for health insurance each month.

So How Much Can You Expect to Save?

The expenses we’ve added up so far come to 620,000, which subtracted from 2.3 million leaves 1.68 million of discretionary income each month.  How much of that you choose to spend on traveling, shopping, going out, etc. is of course up to you, but it is not too difficult to save at least 1 million from each paycheck.  Add to that your year-end bonus + pension payout of 3.5 million, and you should be able to save 15.5 million or more by the end of your contract.  To see what that means in your home currency today, check out the form below:

Any questions about saving money and/or paying off debt while working in Korea?  Post them in the comments below and I’ll be sure to reply.

It's normal for Westerners to name their children once they are born - or even before. In fact, the traditional Catholic dogma of my upbringing almost demands it insofar as an unchristened babies are left in limbo, or at least they used to be until the infallible Church changed its mind three years ago. But leaving organised religion aside, it seems sensible that a baby should have a name, rather than simply being 'the baby' or any other range of personal pronouns.

This is not the traditional Korean way. The foetus is given a nickname which often sticks until a name is chosen two or more weeks after the baby is born, which is when the advice of a fortune-teller/Chinese character naming specialist is sought - they suggest the most fortuitous names, and how to write them in Chinese, based on the baby's date and time of birth, and the father's surname. You can't know some of these things until after the birth, ergo it is impossible to properly name the child beforehand.

Choosing a Surname

The first problem to be tackled was the thorny subject of the surname. Korean family names almost always one-syllable whereas my Irish one has four and consists of eight characters. This causes problems within Korea's bureaucracy because it doesn't always fit into databases which were designed exclusively for homogeneous domestic use. And if my son was to inherit my family name we feared it would really mark him out as a non-Korean, and only add to the problems he's likely to face growing up here. On the other hand we knew he was going to have to live with being different - it wasn't as though the surname was the only issue. An additional complication was that unlike the Western tradition, wives don't take on their husbands' surnames in Korea and neither did mine. So perhaps someone was going to feel left out one way or the other.

We made the decision to keep my surname, and choose a Korean first name. This condemns our son to having an impossibly long name by Korean standards, but on the plus side if he ever gets conscripted he probably won't be chosen for dangerous missions, because by the time they've called out his name the war will be over.

Choosing a First Name

I believed choosing the first name would be the easier decision. It wasn't, and not just because of the need to consult a fortune-teller/naming specialist whose decision we didn't want to be beholden to. We needed a name that my wife felt was a good Korean one, and which was relatively easy to pronounce for my relatives back home. It needed to be non-embarrassing if our son ever lives in the West, which ruled out a lot of 'hos' and 'suks' amongst others. It needed to be modern, which seemed to dash my hopes of naming my son after a famous Korean physicist on the principle that it was something more to aspire to than the usual bland meanings behind Korean names such as 'noble' or 'heroic'.

I tried to do some research but apparently Western websites mainly list Korean baby names which most Koreans have never heard of or find laughable. We spent six months before the birth gathering ideas but nothing leapt out at us and we had to wait for the naming specialist's suggestions anyway.

Korean Mother Comes Down From the Mountain

Then a few days after my wife gave birth I was sat at my desk when Korean Mother entered the room and announced a new name I hadn't heard before. I assumed it was just another idea but then she came back shortly afterwards with it written down. She repeated it verbally, pointing out while doing so the corresponding Korean characters which I was perfectly capable of reading on my own. It seemed to have come from Korean Father down in Namhae. The mood had changed. There was something serious about this. It was as though she'd just come from from Mount Sinai with the ten commandments on stone tablets and put them in front of me.

I didn't really know what she was getting at, but what irked me was that the name was written as my wife's Korean surname followed by the newly chosen first name. My surname was nowhere to be seen. I suddenly wondered whether to her, this was going to be his name, and this is what she'd be calling him, possibly along with everyone else. It's bad enough that my own identity is being eroded here, without watching my son's vanish before my eyes. I gave her my best "thanks but don't call us, we'll call you" look, and in return I got the "I find your lack of faith disturbing" face back. I texted my wife in hospital.

Our Plan Versus What Actually Happened

So here is what we planned to happen. When my wife finally escaped the hospital we would go see a fortune-teller, get a handful of suggestions based on the specifics of our baby's date and time of birth, and then we choose one of them, or something else entirely. It's the well-worn path a friend who has just given birth went down.

Here is what actually happened. Korean Father recruited an allegedly famous fortune-teller from his social network to do his thing and we got one name back - and only one - and this is the name that had landed on my desk. Through being a police officer, Korean Father knows some... interesting people, so, given that the name of our child is quite important, I just wanted to check how he knew the naming specialist. Well, yes, he had been in prison. OK, but at least tell me it wasn't for fraud I asked half-jokingly. Sure enough... But my wife liked the name anyway.

Several hours later two friends of ours visit the hospital and out of nowhere, and apparently on the spur of the moment while brainstorming, one of them suggested two names that I actually rather liked. In fact one of them seemed rather clever because it's a fusion of the Korean words for 'Korea' and 'England' and it's actually used as a real Korean name, although my wife feels it lacks the levity of the fortune-teller's option, and it might be a little old fashioned. Anyway, I'm in no position to decide on the suitability of a first name.

But we knew that if we chose the fortune-teller's singular suggestion then we'd always have the vague feeling that he named our baby, not us. If we didn't choose it, every time our son suffers a misfortune it's possible that my wife is going to think that somehow it might not have happened if we'd chosen the right name for him. In other words, the moment that name landed on my desk it was probably a done deal.

We decided to consult another naming specialist to try and break the spell, but I'm not sure this was entirely to Korean Mother's approval. An animated discussion on the subject took place in my wife's room at the hospital and although I didn't think Korean Mother was particularly happy I didn't read too much into it because honestly, Busan people can talk about what they had for lunch and make it sound like an international crisis. But here's the thing. I'd spent a lot of one-to-one time with Korean Mother since my wife went into hospital and we became something of a double act as we laughed our way from one attempt to communicate to the next. Walking home together after the hospital that night was no laughing matter, because it was in total silence.

The second naming specialist provided us with ten additional suggestions, and also told us that the name recommended by the first specialist was "no good". But predictably most of the new names could be immediately ruled out for incompatibility with English or English pronunciation. And my wife still liked the original name, so it stuck.

Although...

Just as we accepted our son's new name in our mind, it turned out that Korean Father had given the wrong time of birth to the first naming specialist, potentially changing the baby's fortune and rendering the name inappropriate. But Korean Father didn't want to contact him again to tell him because of the loss of face this would involve, which left us at an impasse. My wife eventually got in touch with the specialist to be told that the hour difference "didn't matter".

But somewhere quite far along the way it had also become apparent that the chosen name - and its 'flow' of strokes in Chinese characters, was in any case based on the incorrect premise of my son having my wife's Korean surname. Since this wouldn't be the case, it rendered the whole process suspect at best.

And that's the story of how I set out with aspirations of naming my son after a famous scientist and actually finished up having him named by a convicted fraudster.