Tips On How To Save Money While Living In South Korea?

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By StevenGadson

While studying or working, saving money is always an essential skill you need in Seoul housing. Today, we’ve made a list for you on how you can save money while living in South Korea.

Kakao free transfer 

Kakao Bank in South Korea also has a transfer function. If you’ve already opened a bank account, you don’t need to download another app. You can directly verify your name on Kakao and enter your account, and you can transfer money to the other party’s Kakao Bank account for free, eliminating the transfer fee for ATM inter-bank transfer. You can also transfer money without a bank account because Kakao also has a function called “Kakao wallet”, which is a function of the app where you can top up and withdraw money and link it to your bank account. The first 10 Kakao transfers each month are free, and after exceeding, the fee for one transfer is about 500 Won.

Subway regular vouchers 

South Korea’s subway regular ticket is always needed when going around. You can take the subway up to 60 times within 30 days, which is cheaper than a single calculation. However, it does not apply to transfer discounts between the bus and the subway.

For example, if Peter takes a 1,250 won subway and transfers to the bus, he can get a transfer discount. However, if Peter uses the regular voucher, he can get on the bus but he has to pay the regular bus fare.

  • Regular coupon fee:
  1. Card purchase fee: 2,500 won
  1. 30-day regular fee- 60 subway rides within 30 days: 55,000 won, but overdue or overtime vouchers will be invalid.

Bank, news agency discounts 

Not only does each bank have different discounts, but different cards of the same bank also have different discounts. Brochures will be given when the card is issued, there you can find discounts according to your type of bank card.

For example, Kookmin Bank(노리체크카드), there is a 10% discount for public transportation, and a 35% discount for CGV, etc.

Then there are the news agency offers. Mobile cards also have membership points(멤버십), you can download the news agency app and log in to check the points and membership level.

For example, LG’s membership app is U+ Members(U+멤버스). When purchasing or checking items out, show the membership card in the mobile app to enjoy benefits such as GS25 convenience store discounts that can be used once a day: 10% discount for more than 1,000 Won of purchase, but does not include alcohol, tobacco, and lottery tickets. At Tous Les Jours, Paris Baguette: you can get a discount of 100 Won when buying bread worth 1,000 Won, and a 200 Won discount for buying worth 2,000 won, and so on.

Consumer shopping 

It is well known that South Korea has high prices, but many businesses provide certain discounts every day and at the end of each month. You can buy goods and keep them in stock, in case you need them later.

  • Bookstores

Korean books are usually expensive, but if you want to use new books, go to a chain of second-hand bookstores, Aladdin (알라딘). Although they are second-hand books, their standards are relatively high, they sell second-hand books that look brand new! A book with an original price of 20,000 Won can be bought for a much cheaper price but with its state of looking brand new.

  • Cosmetic collection shops 

Olive Young, Lalala, and LOHBs are common cosmetic collection shops in Korea. There is no need to look for it online, a collection store provides cosmetics, toiletries, and snack areas. These companies have monthly periods that give discounts up to 70-80%, the discount range is very large, and usually, there are many 50% discounts, which can help you reduce your cost of living.

  • Supermarket

You can usually go to the small supermarkets around Food Marts(식자재마트) and Discount Mart( 할인마트) to buy vegetables, which are more affordable than supermarkets. But it is not recommended to go to the supermarket on weekends, because there will be certain price increases. Also, South Korea has very strict requirements on the shelf life of fresh food in supermarkets. So, when you go to the supermarket at night, there will usually be discounts on fresh food/produce.

  • Daily necessities 

Everyone in South Korea knows about Daiso. Not only does it have a wide range of goods, but the prices are also very affordable, and the quality is not bad at all. You can download the mobile app of Daiso(다이소), register as a member, earn points, and then you can get cash deductions and coupons for your purchases.

  • Online shopping 

You can buy large quantities of items such as rice, water, facial masks, coffee, etc., which are cheaper, and they deliver it straight to your home so you won’t need to leave home or carry heavy bags when you buy in bulk.

  • Furniture

There is furniture for sale in online stores such as Ohou(오늘의집), etc., but it may be more expensive. Among the students in the same school, they are struggling to find proper second-hand furniture transactions in South Korea like the app Karrot(당근마트), an app for buying and selling. Second-hand transactions are quite risky, so you must confirm them before purchasing the product.

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