Living as an international student in South Korea, I quickly realized that managing money was a crucial skill. In my first few months, I learned how to balance my budget, work part-time, and cover all my expenses, while still finding ways to save. As a foreigner, one of the first things you’ll need to figure out is where to live and how to manage your money wisely.
Living in a Gosiwon: A Budget-Friendly Choice
When I first arrived in Busan, I decided to live in a gosiwon, a small, affordable shared living space. It's a popular option for students because there’s no deposit required, and the rent is relatively low. In Busan, the cost of staying in a gosiwon is usually between 250,000 to 280,000 won per month. This is much cheaper compared to renting an apartment, which would require a large deposit and higher monthly rent. For students like me, who are just starting out, a gosiwon is the best option to save money while still having a safe place to live.
Food Expenses: Shopping Smart
Food is one of the biggest expenses for any student. I discovered early on that Korean supermarkets like Imart and Ganmart offer affordable options. If you’re looking for fresh produce, the local markets are your best bet. I try to shop in these areas to keep my food costs low. I spend around 120,000 won on food each month. I prefer cooking my meals at home rather than eating out, mainly because it’s much cheaper. Korean restaurants can be expensive, and even though I love Korean food, I save money by preparing simple dishes at home. If I do eat out, my go-to place is Mom’s Touch, a fast food chain known for its tasty and affordable meals.
Health Insurance and Transportation
Another important cost for international students in Korea is health insurance. I pay about 76,000 won per month for the national health insurance, which covers most medical needs. This is a reasonable amount, considering the quality of healthcare available here.
Transportation costs depend on where you live and how often you travel. I usually spend around 70,000 won a month on transportation. Public transport in Korea is efficient and affordable, so it’s easy to get around, even on a student budget.
Mobile and Other Expenses
My mobile bill and other miscellaneous expenses come to around 40,000 won each month. This includes things like internet, some entertainment, and daily necessities.
Earning Through Part-Time Work
The key to making all this work is having a part-time job. I work about 30 hours a week at a local restaurant, which allows me to earn around 1,200,000 won per month. This is enough to cover all my expenses and still save some money. On average, my total monthly expenses are around 600,000 won, meaning I can save at least 600,000 won each month. Of course, this varies from student to student, depending on lifestyle and spending habits. For example, I don’t spend much on eating out, but some students may have different preferences.
Cheaper Alternatives for Daily Needs
Living in Korea doesn’t mean you have to spend a lot on daily products. Stores like Daiso and Karrot offer affordable alternatives for things like stationery, household items, and even food products. 
Living as an international student in South Korea, I quickly realized that managing money was a crucial skill. In my first few months, I learned how to balance my budget, work part-time, and cover all my expenses, while still finding ways to save. As a foreigner, one of the first things you’ll need to figure out is where to live and how to manage your money wisely.
Living in a Gosiwon: A Budget-Friendly Choice
When I first arrived in Busan, I decided to live in a gosiwon, a small, affordable shared living space. It's a popular option for students because there’s no deposit required, and the rent is relatively low. In Busan, the cost of staying in a gosiwon is usually between 250,000 to 280,000 won per month. This is much cheaper compared to renting an apartment, which would require a large deposit and higher monthly rent. For students like me, who are just starting out, a gosiwon is the best option to save money while still having a safe place to live.
Food Expenses: Shopping Smart
Food is one of the biggest expenses for any student. I discovered early on that Korean supermarkets like Imart and Ganmart offer affordable options. If you’re looking for fresh produce, the local markets are your best bet. I try to shop in these areas to keep my food costs low. I spend around 120,000 won on food each month. I prefer cooking my meals at home rather than eating out, mainly because it’s much cheaper. Korean restaurants can be expensive, and even though I love Korean food, I save money by preparing simple dishes at home. If I do eat out, my go-to place is Mom’s Touch, a fast food chain known for its tasty and affordable meals.
Health Insurance and Transportation
Another important cost for international students in Korea is health insurance. I pay about 76,000 won per month for the national health insurance, which covers most medical needs. This is a reasonable amount, considering the quality of healthcare available here.
Transportation costs depend on where you live and how often you travel. I usually spend around 70,000 won a month on transportation. Public transport in Korea is efficient and affordable, so it’s easy to get around, even on a student budget.
Mobile and Other Expenses
My mobile bill and other miscellaneous expenses come to around 40,000 won each month. This includes things like internet, some entertainment, and daily necessities.
Earning Through Part-Time Work
The key to making all this work is having a part-time job. I work about 30 hours a week at a local restaurant, which allows me to earn around 1,200,000 won per month. This is enough to cover all my expenses and still save some money. On average, my total monthly expenses are around 600,000 won, meaning I can save at least 600,000 won each month. Of course, this varies from student to student, depending on lifestyle and spending habits. For example, I don’t spend much on eating out, but some students may have different preferences.
Cheaper Alternatives for Daily Needs
Living in Korea doesn’t mean you have to spend a lot on daily products. Stores like Daiso and Karrot offer affordable alternatives for things like stationery, household items, and even food products.