Hey there, it’s time for our first monthly check-in on our goal of saving $42,000 this year in Korea. Which we are calling the road to 42K.
We are a bit nervous to share with everyone all these details but more excited about the possibility of inspiring others to realize that this is an extremely safe, and fun way to start designing your life. Our goal is to set ourselves up for a nomadic lifestyle. There are two awesome advantages to doing it this way.
- You get to find out if you really do love this lifestyle in a safe and fun way. If you don’t like it, its only temporary and you can go home with your head held high knowing you did something awesome and pushed yourself outside your comfort zone. If you end up loving it (like us) you can continue down the rabbit hole.
- You can save 50% or more of your income while doing it, with lots of free time to figure out how you will try and move on and take the next step towards your personal goals.
First, lets get up to speed on how we got where we are now.
- When we moved to Korea we had around $20k saved which was mostly from selling both of our cars (15K.)
- With no experience and making the starting salary we saved just over 32k in our first year living and traveling in Korea.
- We took 1/3rd of the money we saved from Korea and took an eight month trip. Leaving us with an impressive $41,805 left in our savings account.
Ok now that we are all caught up it’s time to talk about our next two goals. Saving money, and creating an online business.
Saving money is important for us because it provides things we desperately need.
- Money for our future/retirement – We aren’t going to get money when we retire from traveling.
- Safety Net incase we fail at first – Sometimes we fail, this is life.
- The ability to do what we love. Travel, Eat and take photos and stories with our readers.
With our retirement being our number one goal in mind we chose Korea (again) over Vietnam because we believe we can save $42,000 this year in Korea VS. $22,000 in Vietnam.
We’ve been working in Korea three months so far so it’s time to start taking a look into how we are doing on the road to $42k. We thought it would be fun to share our journey so we can learn how to improve and motivate others to take the first step in designing the life they want.
Note: Earnings, Money Spent, and Savings are for TWO PEOPLE
Earnings wise, October was what we hope to be a typical month for us. With a combined earnings 6,564,947.50 krw ($5,810.23) for both teaching English and free-lance video editing. In addition we got our flight tickets to to Japan re-imbursed for work in this paycheck but we also used that money to buy Megan an unlocked iPhone in Japan.
Earnings is one thing, let’s see the damage we did in the spending department.
Trips – Total of 790,000 krw or $699.18.
Weekend 1 – Weekend camping trip to photography Fall in Seoraksan. (Scott only) less than 70,000 krw.
Weekend 2 – Inexpensive yet fun dates in Seoul – 50,000 krw
Weekend 3 – Go to Everland, (Korea’s Disneyland) get season passes and food – 320,000 krw – Ironically this is one of our favorite/best methods for saving money.
Weekend 4 – Celebrate Megan’s birthday in Yeosu – 350,000 krw
This is awesome because it’s just shy of our 800,000 krw budget and that is including a big expense for a birthday and a one time fee for an annual pass! Our goal is 100,000 per day on weekends.
We love the fact that we can take 2-4 trips around the country each month and not break the bank.
Everything Else Total – 2,150,000 ($1,903)
- Groceries – 375,000 krw
- Shopping for Winter clothes – 600,000 krw
- Miscellaneous stuff (coffee’s, snacks, danger-ju’s etc…)= 100,000 krw
- iPhone 6S Plus 1,000,000 krw – Not a normal expense
- Transportation – 40,000 krw
- Utilities – 35,000
- Rent – 0 krw.
It’s now extremely common practice for rent to be paid for. Meaning that people doing this on their own hopefully won’t have to worry about and can still save %50 of their pay.
In the month of October we were able to save just over 3,000 USD. Making our total savings in the last 3 months of Korea 9,200,000 krw or $8,142.35.
That’s an average of $2,714. Putting us on pace to save $32,568 before our bonuses of $5,310.23 bringing us to a total of $37,878 for the year. $5,000 shy of our goal of 42k.
This is a great example why we recommend writing down everything. Your goals, your expenses, just all of it. Because, until creating this post we didn’t realize we were behind and now we can make the adjustments to get ourselves back on track.
Not bad for the beginning if you consider we’ve had three purchases of over $1,000 in those first three months that we won’t ever have again.
Start saving with us today and watch your savings grow!
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Goals Towards online Business
Ummm [clears throat] gulp! We are struggling here. So far we are stuck trying to figure out what we have to offer.
We feel strongest that we can help people start to design their own lifestyle. Whether you are like us and are looking for a way to kickstart your nomadic lifestyle and test the waters out before fully committing or just looking for some money saving tips on how to improve the lifestyle you already have. We also think we can show new college grads a way to have a fun and exciting year while saving money to pay off college loans or for some travel before they start their “real” career.
The whole process seems a bit overwhelming so it’s time to break it down into more manageable chunks. By next month’s update here’s what I hope to accomplish.
- Decide what we can offer and have confidence in it.
- Create a questionaire to learn the potential fears, obstacles in their way and desires if those obstacles weren’t obstacles.
- Learn who our target audience is and how to talk one on one directly with them.
Ugh. Just writing that list makes me scared and unconfident that I will know how to do any of these steps. However I have a few online marketing courses and podcast downloaded that can try and help me. It’s just a matter of actually sitting down and watching/listening to them.
I should probably make that goal number one.
A huge thank you!
If you read all of this I just want to take a moment and give you a huge thank you for giving us your time. While I am in no means an expert at this yet I am passionate about figuring out how to ween myself off being dependent of teaching english and looking forward to sharing along the journey as we go along.
If you have any knowledge about saving money in Korea or getting an online business started please share your tips and tricks in the comments below. It would absolutely make my day and mean so much to me.
P.S. If you are interested in following along this journey with us we would be happy to have you. We will update this series every month. They will most likely be quite a bit shorter as we jammed the last three months in here.
We’re ready to take this relationship to the next level. If you are consider connecting with us on your favorite social network sites. Just click your favorite link.
Take your first step today by clicking the button below to get udpates every month on our progress to ween ourselves off teaching english in Korea
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