How to Teach in South Korea on a Budget

Ready to be a millionaire?! Teaching abroad in South Korea will do just that. Well, sort of—you will be a  ‎WON-millionaire, but with the currency conversions you will realize that you can teach in South Korea on a budget all while living comfortably. Say hello to many financial perks—assah!  “Where do I sign up!?” you ask. 

Ok, let’s talk money. South Korea is fun, lively, bright, and will leave you in a food coma after a long night binging on Korean barbeque. Although modern and westernized which may trick you into thinking you will be spending loads, it is easy to live and  teach in South Korea on a budget.  

Understand your financial situation

Whether you’re scraping pennies between the couch cushions or have already started building up your retirement plan, you can truly teach in South Korea on a budget. Before you snag your passport and sign your contract, keep into account what your current financial situation is. Whether you are frugal or not, it’s always a good idea to set a budget before you begin your expat adventure abroad. 

Some up front costs that you will need to consider are your passport, luggage, and what you will pack to take abroad. Depending on your contract, you may have to pay for your flight up front to get you to Korea. However, in that case, your school should reimburse you. Also, keep in mind that you should bring enough cash to cushion your first month of living expenses as you will likely not get your first paycheck until the end of your first month teaching. With living expenses in Seoul, you might want to have about $1,000 for up front costs, while in other cities you can bring a bit less. 

Typical salary of an ESL teacher in Korea

An ESL teacher in South Korea will make about 2.2 million won per month which is about $2,000. Slow down before you think you’ll have to give up all of those lattes just to survive. It is illegal for a school not to provide you with housing as a part of your teaching contract. You will only need to pay for cable, electricity, water, and internet which are all very minimal costs. Besides the ~$2k per month, you will typically get a one month bonus after completing a year long contract which is the equivalent of your monthly salary. Some schools even offer pensions for ESL teachers. 

The best part of your $2,000 per month salary is that you can save! It is easy to live off of $1,000 per month or less in Korea which would allow you to save over $10,000 in just a year! The average cost of living in South Korea is much less than western countries. Teaching abroad in Korea is perfect if you need to pay off debt back home, want to save to travel, or want to put money into a long term retirement plan. 

Average cost of living in South Korea 

Rent = free .✔️✔️✔️ How amazing that rent for your newly furnished apartment will add up to 0% of your income?! In the States, the average millennial spends 45% of their income on their rent. That burden in Korea is non-existent for English teachers. 

There are all sorts of Korea cost of living expenses that you need to take into consideration. Eating local rather than at western restaurants on a regular basis will save a chunk of change. The same goes for booze. If you go out and spend money at the bars every weekend you will spend a lot more than if you just pregame at your local 7-Eleven with your brand new teacher friends.

At the time of writing, a bus trip costs just over $1, a meal at a local restaurant costs $5-$10, dinner and drinks at a Korean BBQ joint will be about $20, a latte is about $4, and a night out on the town singing at a local Noraebang could possibly add up to a whopping $20. Living expenses in Seoul will be a bit more than other cities in Korea, but even Seoul is much cheaper than many modern cities around the world. 

8 money-saving tips for teaching English in South Korea

You want to save boatloads of money, right? Pay down those student loans? Fund a trip to the DMZ or the newly instated unified Korean peninsula? It’s all 100% possible while living and teaching abroad in South Korea.

1. Eat local. 

Luckily, this should be no problem, as you can find tons of delicious food in Korea. Cost of living will stay low as you can eat at Korean cafes for $5-$10 or grab street food for just a few bucks. Even eating out at nice sit down restaurants will typically cost you under $20—less if you don’t drink alcohol! Korean food will keep your budget in check. Eating western will always be more expensive. Yes, you may crave that Tex Mex restaurant every now and then, but try to keep the majority of your meals Korean to save you moola. 

If you can cook your breakfast, eat free school lunches, and then eat local for dinner, it will save you a lot of money! Food and drinks will likely be your biggest expenses while teaching in South Korea. 

2. Learn your ideal transportation routes. 

Public transportation in Korea is easy! If you live in Seoul or Busan, the subway is a breeze and only costs ~$1. If you live in a town without a subway, the bus is usually a great and very convenient mode of transportation. Not feeling like a bus? Buy a bike or motorbike to squeeze past traffic. The best part about buying a bicycle or motorbike is that you can sell it to someone when you are finished up with your contract. That way you can get a bit of your money back when you leave the country. Regardless of how you roam about, transportation in South Korea is cheap, easy, fast, and comfortable. 

3. Explore Korea during your time off instead of taking international trips.

Your school will have some sort of vacay package when you teach abroad in South Korea. If you’re on a budget, stay close to home and explore the country you are living in! You don’t need to buy a ticket abroad when you are already living abroad! Whether it be orange picking on Jeju Island, playing on the beaches of Gojae, exploring the old capital city of Gyeongju, hiking in one of the famous national parks, or checking out the controversial DMZ border, there is plenty to see in the very country that you are living in. Exploring Korea won’t just save you money, it’ll keep you cultured.  

4. Go for cheap accommodation options when traveling to neighboring cities. 

If you love the idea of exploring all that Korea has to offer, you can do it all without ever stepping into a fancy hotel. Hotel prices can add up. But there are so many other options for accommodation while on a budget in South Korea. 

• Love Motels. You can find these in all major cities and just post up, pay about $20-$30, and have a place to stay. The kitschiness of the Love Motels is half the reason to go. Pro tip: you can usually ask for a discount at the front desk. There is no reason to pay full price. 
  
• Hostels are around $15 in big cities.  
  
• You can find free camping all over Korea. 
  
• Make sure to sleep in a jimjillbang at least once. These Korean spas will provide you with a scrub down from an ajumma, a sleeping mat, and a space on the floor for about $5. 
  

5. Check your soju budget. 

Ok, so maybe a bottle of Soju at your local convenience store only costs $1-2. CHEAP. But hey, that doesn’t mean you should be popping into your CVS every day. Yes, maybe in Korean culture it seems so normal to get sloshed after a days hard work, but keep it chill. Regardless of where you travel, live, expat, or play abroad, it’s always smart to have a booze budget. It’s easy to buy alcohol when it’s cheap, but it still adds up. So of course, try a bit if it fancies your taste, but relax on the “I drank too much last night” lifestyle. 

6. Research FREE AND CHEAP festivals and events. 

Koreans love their festivals. And where else in the world will you get to cram on a beach with a zillion other people to watch a fireworks show? Where else will you throw mud on your friends at the beach? Have you ever put a plastic bag over your head at a baseball game? Whether it be Cherry Blossom festivals in the spring, celebrating Chuseok with a local family in the fall, or a bright lantern festival, you will have plenty of celebrations to occupy your time without feeling money guilt speaking to the back of your mind. 

7. Ditch the shopping habits. 

If you are a bit of a shopaholic type, you may get addicted to buying hilarious Konglish t-shirts, bright hair bows, and cutesy phone cases. Create a budget for that! Remember that you are likely going to end up getting rid of everything or shipping it home, and less is more when living abroad. Try to create a minimalist mindset when you are teaching in Korea. Also, keep in mind that most teaching jobs in Korea have pretty relaxed dress codes. You don’t need to bring tons of work clothes and can dress fairly casual. Best of all, you don’t even need shoes. Just have your slippers and you’re all set. No need for fancy dress shoes at your workplace.  

8. Actually set a budget. 

If you’re income is about $2,000 per month, set a budget for much less. You don’t want to go to Korea just to break even. See if you can set financial goals for your future after Korea. Whether you have to send money back home to pay debt, save for a dream vacay, or save for ten years in the future, there is no reason you should feel like $2,000 per month isn’t enough money. It’s all about how you prioritize your expenses and make them work with what you have. You will have the time of your life whether you spend $1,000 a month or $2,000 per month. Be sure to create some savings! 

It’s easy to spend those colorful Korean bills, but remember you’re not REALLY a millionaire—just a won-millionaire. As easy as it is to save, it is easy to spend, so just be wary of your finances so that you can teach in South Korea on a budget.

You’re ready to come out in the green after teaching in Korea

It is completely doable to teach in South Korea on a budget. It’s a great place for people to go and teach if they want to learn about a new culture, get experience in the classroom, and don’t want to have financial headaches. Learn to live local, embrace the culture, make loads of new friends, and have fun! That’s what the adventure of teaching in Korea is all about. 

Get More Great Tips on Travel—Subscribe & Save →