Carolyn Phamtran, Yonsei International Summer School Summer 2024
Living in a dorm during a six-week program can often make it inconvenient to cook. In Seoul, eating out tends to be cheaper than making a meal from scratch, making it a practical choice for daily sustenance. My routine typically included buying breakfast, lunch, and dinner from my school’s cafeteria, convenience stores, or sharing meals with classmates and friends. This not only saved time but also allowed me to experience the local cuisine.
To manage my expenses, I used Microsoft Excel to monitor my weekly budget, which I set before the beginning of the semester. This tool helped me keep track of my spending and ensured that I stayed within my financial limits. I found that the best way to save money was to eat out with friends, as the cost of meals is split, reducing the per-person price significantly. Sharing meals became a regular practice, making dining more affordable and enjoyable.
One of the challenges of living in Seoul is the temptation to make small, frequent purchases. It’s very easy to buy one or two items daily, but these small expenses can accumulate quickly and strain your budget. To avoid this, I made it a habit to be visible and actively aware of my purchases. By diligently updating my Excel sheet, I could see where my money was going and make quick analyses of my spending patterns.
This visibility allowed me to reassess and adjust my budget for the following week. It was essential to track my expenses and ensure that I was making financially sound decisions. Being proactive about budgeting helped me maintain control over my finances and avoid unnecessary debt. For anyone in a similar situation, I recommend using a budgeting tool like Excel to keep a clear record of your spending. This approach can help you make informed decisions and enjoy your time abroad without financial stress.
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