{"id":118282,"date":"2021-07-15T17:00:49","date_gmt":"2021-07-15T17:00:49","guid":{"rendered":"https:\/\/fin2me.com\/?p=118282"},"modified":"2021-07-15T17:00:49","modified_gmt":"2021-07-15T17:00:49","slug":"how-a-26-year-old-expat-in-seoul-south-korea-lives-on-24000-a-year","status":"publish","type":"post","link":"https:\/\/fin2me.com\/business\/how-a-26-year-old-expat-in-seoul-south-korea-lives-on-24000-a-year\/","title":{"rendered":"How a 26-year-old expat in Seoul, South Korea lives on $24,000 a year"},"content":{"rendered":"

This story is part of CNBC Make It's\u00a0<\/em>Millennial Money<\/em>\u00a0series, which details how people around the world earn, spend and save their money.<\/em><\/p>\n

Not everyone can say they're living out their childhood dream, but Michaela Cricchio can.<\/p>\n

These days, Cricchio, 26, calls Seoul, South Korea, home. She wakes up every morning in an apartment in the city, hops on the subway and gets to school to teach English to elementary school students. On the weekends, she meets up with other expat friends to explore Seoul's cafes, restaurants, art galleries and city life.<\/p>\n

She's called South Korea home since November 2019, when she left her hometown outside of Washington, D.C., to live and work abroad.<\/p>\n

"Living abroad is great because you get to experience a whole new culture, customs, food, meet incredible people," Cricchio tells CNBC Make It. "I've created such strong friendships here. I've seen so many amazing things that I would have never been exposed to if I decided to stay home."<\/p>\n

Here's how Cricchio made the leap from debt-saddled college graduate to cruise-ship worker to English teacher living abroad on $24,000 a year.<\/p>\n

Fulfilling a life-long dream<\/h2>\n

Cricchio was obsessed with the idea of traveling as a kid \u2014 she counts Samantha Brown and the late Anthony Bourdain as some of her childhood idols. But her parents and three older siblings weren't as interested and the family only took <\/strong>domestic trips to see relatives in the U.S.<\/p>\n

But while Cricchio was studying international relations at Virginia Commonwealth University, a professor introduced her to the idea of teaching English abroad as a way to see the world while earning money. She researched a few programs, but couldn't afford the $1,000 price tag to join a program, get certified and apply for a visa.<\/p>\n

Before she could look into other, more affordable options, Cricchio got a financial wakeup call: In 2018, "three days before I graduated, my dad gave me a spreadsheet and was like, 'These are all your bills you have to pay now that I'm not helping you anymore.'"<\/p>\n

One big bill she was on the hook for: around $16,000 in student loans.<\/p>\n

Cricchio took the "tough-love" lesson to heart and got a job on a cruise ship as a kitchen steward and server, where she could earn $2,000 every two weeks and live rent-free. During her second contract, she was able to save up $13,000, so she decided to revisit her teaching abroad plans.<\/p>\n

Cricchio took an 11-week course online with the International TEFL, or Teaching English as a Foreign Language, Academy <\/strong>to become certified to teach English. She chose to teach in South Korea because she heard the cost of living there was very low. All told, she spent about $1,300 to get her teaching certification and working visa, then booked a one-way ticket to Incheon International Airport outside of Seoul.<\/p>\n

"I remember getting on the plane my first year and thinking, 'What am I doing? I'm crazy. Who told me this was a good idea?'" Cricchio recalls. "But honestly, the risk was all worth it because of the rewards that I got out of it."<\/p>\n

How she spends her money<\/h2>\n

Cricchio is currently on her second year-long contract teaching English in South Korea. She works with elementary school students at a hagwon, or a private academy, and earns $24,000 a year.<\/p>\n

Here's a look at how Cricchio typically spends her money, as of May 2021:<\/p>\n