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Living on a Budget in South Korea

Although once considered extremely inexpensive by Western standards, South Korea's prices have risen dramatically since the 1988 Olympics.

Don't be surprised if things in Seoul seem as expensive as those in the State; however, you can save a significant amount of money if you avoid tourist traps and budget carefully. It's easy to live in Seoul for W643,800 (US$780) a month. By doing this, you should be able to save at least W858,400 (US$1,040) a month. Here are a few suggestions:

• Limit your meals out or eat at local restaurants. Alternatively, ramen can be purchased at the grocery store and is much cheaper than eating out - you only have to add water!
• Set up a savings plan once you've established yourself. After you find a job and pay your initial expenses, figure out your monthly income and your fixed expenses - rent, transportation, food, etc. Depositing half or more of the remainder in a savings account will quickly result in substantial savings.
• Limit going out to once or twice a week. Most bars insist on customers at least ordering hors d'oeuvres, which can make for a very expensive evening.
• Take the bus or subway whenever you can rather than catching a taxi. Bus and subway fare cost much less than any taxi far to the same destination.