Friday, July 6, 2012

Saving & managing your money in South Korea

Well! my blog pertains to the hot issues, latest information, food, cash, living, beauty books etc focusing on living in South Korea.
Saving of money is surely an important aspect of life as your savings make your life easier, happier and content.
Mostly people are worried to save money but I feel if the savings are well-planned the life can be well-managed.
Expenditure Map
First of all you must evaluate your monthly expenditure, what the major sources for the expenditure I made, see the most generalized map below:
Expenditure Map
So you may find that your household expenses like gas bill, car bills, insurance, grocery, food, needy things, clothes etc takes your salary. Then comes your debts and loans which are been taken by you to fulfill your dreams like car loan, education loan, house loan etc. Responsibilities might be fixed or sometimes unexpected to your ailing relatives, or your family, or for children school activities etc.
last comes the entertainment which might be well planned depending upon your limits, which is a need to relax from the stressful world by watching a movie, trying some new restaurants, going on a trip etc.
These are the major expenditure for most people. In these four things you MUST DELETE THE DEBTS in your life as soon as possible.
Management of cash
Next step is to establishing your goals, set some goal for some amount, then step by step you must try to identify the ways to reach it. But setting a goal should be withing a time frame, not a like just wasting your time. Take a look at the steps which will help you achieve your goals:

Saving Methods
There are innumerable methods to save your money. I am not asking to hide it in a pit but save with schemes or events. Sometimes bank offers several methods or schemes to save the money in different interest rates, secondly try to buy some property as investments are always useful for long term savings.
Also many people prefer stocks, but I think you should have a proper knowledge for all this. So keep a track with your friends and bank in your city, for better saving plans.
Basic saving method is shown below:

So I recommend you must be careful in using the money and best way is to manage it with proper planning.
Korean Won

List of Banks in Korea:
1. Kookmin Bank
2. Nongyup Bank
3. Woori bank
4. Shinhan Bank
5. Hana bank
Above is the list of Korean banks where you can take more help.
Don’t forget to enjoy your life which is also important. The money and material is just temporary

things in life which will never last forever. But yours and your family’s happiness is what is the most important and anyway you cannot carry this to your grave. So live life to the fullest with little precautions in life.

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