Yonsei How To Pt 14 (1) - Money Management
Since I returned to Korea I’ve been trying out some new money management strategies to try and cut my spending. Why did I do this? I have a few reasons. 1) There were some issues with my personal finances this winter so I didn’t have much wiggle room. 2) Saving money is a good thing for the future and sometimes it can be a little expensive paying what I call the “foreigner tax.” 3) Sometimes saving money can be good for your health as well, so it’s keeping me in better shape.
I’m going to do this in a few parts just so it doesn’t go too long. First, I want to talk about some easy things you can do in transportation and living arrangements to be more efficient with your money.
1. Fly to/from Korea a few days early/late
This is a pretty simple tip I can give because airline booking sites now make this pretty easy to do by comparing flights/days for you. I have done this every time I travel for school because it can make not only a money difference, but can also put you on flights that are less crowded. For my flight to Seoul, I connect in Toronto from Philly, but my first flight leaves at 6am, which is cheaper and less populated.
Another reason you should do this is because, when leaving after the semester, you never know exactly when your last final will be. You can even stay in the dorm for a small fee for a few extra days, if you overestimate, for a small fee.
2. When staying in Seoul off-semester stay in a friend’s apartment or a sharehouse, not a private Goshiwon or apartment
Something that Seoul really does well is student housing, but some places are better than others. In my few days here and there before flights and after flights I’ve stayed in a few places, all through Airbnb. If you search before (a month or so) your stay, you can get private Goshiwons or beds in great share houses for as little as $16 a day. You can also securely store luggage at these places.
For longer stays, you can easily also book through Airbnb, which offers discounts sometimes for longer stays. A friend of mine took classes at the Sinchon campus during the winter vacation and stayed in a friend’s apartment while they went home. I believe she paid a discounted rent to stay there, but I can’t be sure.
3. Live in the dorms
This applies to during the semester and off. If you plan to stay and take classes over break this is a good option since it’s run securely through the university and it’s near classes. During the semester the same logic applies. For at least the first few years, dorm life is pretty easy. Everything is a set price and you don’t have to worry about extra bills for WiFi, laundry, temp, water, etc. Dorms also tend to have cheaper food and other amenities. (I’ll come back to this later on)
4. Choose transportation wisely
Living in Songdo, you generally have to travel more. Transportation can get expensive if you do it wrong. Here are a few tips:
A) If you are only going one subway stop away (like Sinchon to Hongdae or Edae), see if there is a bus instead since it’s cheaper.
B) Never take a taxi if it isn’t necessary. They’re pretty cheap compared to other countries, but they can still add up. Also, taxi drivers are crazy.
C) Take the subway in stead of the long-haul buses like the M6724 or 9201. The subway may take longer, but with Seoul traffic buses can be slow and uncomfortable and these buses are more expensive.
D) Utilize free transfers. Within 30 min of exiting one mode of transportation to use another, you can get free or discounted transfers.
E) When coming home from a night out, don’t take the last bus/train. It’s always crowded and, in the case of buses, you may not be able to get on.
F) Only put KRW 20,000 on your card at a time. This means you have to watch how much you spend and
That's all for now. Next is food.
