Hey there, it’s month 5 on our road to saving $42,000 while living and teaching english in South Korea. You may remember that last month things took a bad turn. The dollar got stronger and we lost some money. We’ve figured out how to recoop some of those losses by saving an extra 100,000 won each week, or 400,000 a month. We are exploring investing in bitcoin, transfering money overseas, or holding onto the money for the year. We haven’t decided.
As things stand right now will still most likely fall about $6,000 below our initial goal at the beginning of the year. But hey it’s still pretty damn good if you ask us.
So lets get started.
Note: Earnings, Money Spent, and Savings are for TWO PEOPLE
Just a recap we are salaried so this is pretty our combined income every month after taxes.
Trips – Total of 1,060,000 krw or $874.56.
Weekend 1 – Another awesome weekend at Everland and Gangnam 140,000
Weekend 2 – Coworkers Wedding and other Coworkers Band Perforamance – We got a bit carried away and spent about 250,000.
Weekend 3 – Christmas Celebrations/Star Wars/Night out with Coworker/Lotte World – 250,000
Weekend 4 – Celebrate the New Year with the Hedgers in Jeonju 420,000. Seems expensive and crazy but rooms for major holiday was expensive and 150,000 for KTX :(.
This was an awesome month in the entertainment department and we got to go on our first major trip which we were very excited about.
Everything Else Total – 1,340,000 ($1105.58)
- Groceries 2 Costco trips – 575,000 krw
- Megan’s Doctors Fee’s – 150,000 krw
- Date Nights & Dinners 230,000 krw
- Miscellaneous stuff (coffee’s, snacks, danger-ju’s etc…)= 310,000 krw
- Transportation – 90,000 krw
- Utilities – 85,000
- Rent – 0 krw.
We did surprisingly well with our budget this month. Saving an extra 400,000 won because of our scheme to save an extra 100k each week. (That hack will get us an extra 2.8 million won over the next 7 months.)
Our current savings is just over 15 million won. By now we were hoping to be at 18 million by now to make up for the difference in calculating every 1,000 won as $1. Also the falling won or the rising dollar now means that we would need to have 50 million (44m + a 6m bonus) by the end of the year. Unfortunately this pace puts us at 42 million (36m + 6m bonus.) Eight million won or six thousand thousand dollars below our goal.
Lastly we have been complaining about the falling won/rising dollar and still haven’t decided what to do. Debating investing in bitcoin, wealthfront, sending it home or sitting on it. We are feeling a little bit scared that we don’t know the best decision to do. Will be trying to fix that this month.
Start saving with us today and watch your savings grow!
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Goals Towards online Business
Ok we finally have something to start getting excited about. We are about a month away from launching Hyperlapsephotography.net. This will be Scott’s side project as a way to connect with and get inspired by others doing hyperlapse photography. As well as a way to grow the community in a place where people can learn.
The site is live so you can sign up today. If you are interested in learning hyperlapse photography that site will have a free E-book for you.( If you have signed up here, or given me your e-mail address I have already added it to the list.)
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A huge thank you!
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.
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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