Warning: If you are averse to numbers, don't read this post! Read my other posts instead. :-)
I'm a personal finance nerd. I spend an abnormally high amount of time reading about investing, conscious spending plans, and retirement strategies. To that end, I've crunched a few numbers to compare my monthly living expenses in Atlanta and in Daegu. These numbers are taken from my actual spending patterns and I hope that they'll be useful for future EPIK teachers. Here we go!
In summary, I spend 55% less money in Korea on monthly expenses. I should acknowledge the big differences between the two columns above. A few notes:
- My apartment in ATL had its own gym, so it was included in the rent price
- Transportation in Atlanta = Car, gas...two things I don't have to pay for in Daegu! This number doesn't include parking fees and tickets, which would bump it up by at least $50.
- My rent here is free because the Korean government pays the rent of all EPIK teachers.
- There is no cable bill included because I don't watch TV. That probably makes me a little weird, and that's just fine with me!
- The Daegu numbers were calculated by using the Korean Won-U.S. Dollar exchange rate from Jan. 31, 2013.
- I'm not actually using the gym regularly now because it's so cold, but this expense will recur again in the spring, so I included it. I supplant gym time with capoeira training.
I haven't written anything about my discretionary spending (eating out, shopping, etc.) because that's classified information. But let's just say I spend a LOT LESS in Korea on discretionary things. This is a function of all of the following:
- My access to desirable items is limited -- there's no Lenox Mall near me in Daegu. Actually, "malls" in the U.S. sense don't really exist in Korea. And most other items that I'd want to buy are so much more expensive here that I can't justify the purchase, so I don't bother.
- When I wanted something back home, I just hopped in my car and got it. Here, I'd have to walk to the subway (in 12 degree F weather, during the winter) and then maybe a bus and then a short walk. Clearly, the path of least resistance is for me to only buy things if they'll really add value to my life, a philosophy that I will carry with me from this point on.
- The clothes here don't fit me, so I don't buy them! No Nordstrom sprees in the ROK :-)
- Going out for dinner or drinks here is honestly much more work than it was at home, so I only do it sparingly. Many Daeguers -- including yours truly -- hate the cold, and why suffer through it when the Korean food delivery system is so extensive?
- I understand my spending patterns much better now, and am saving very aggressively for travel experiences (India in September and the World Cup in Brazil).
Finally, in case you're wondering how I get these exact numbers, I use Mint to automatically track all my expenses. I paid for 95% of things with plastic in the States, so I just looked at my charts to get these numbers. On the Korean side, I track my spending on my phone --sounds like a lot of work, but it's not, and knowing where every penny goes really helps you to keep things under control!
*Disclaimer: I don't receive any financial incentives from Mint; I merely like to promote services that I love using and from which I benefit.
~WTRJ
