Faced with the escalating price situation, young Koreans race to take on the challenge of Don’t spend money, some even hide in the house to complete it.
Kim Ji-yeon, 29 years old, is an elementary school teacher, she proudly brags that she hasn’t spent a dime for 2 weeks in a row. In order to do that, Ms. Kim gave up the habit of eating out at restaurants, instead she will eat both meals at the school canteen one day. She also gave up the habit of drinking coffee every afternoon, switching to instant coffee available at the office.
“I know of the No Money Instagram challenge and find it a great way to save money in the current economic climate. In just 2 weeks, I have saved about 20,000 won (more than 6 million VND).”
Rising prices in Korea
Kim Ji-yeon is just one of countless millennials and Gen Zers (those born between the 1980s and 2010s) trying to save money to cope with the rising prices in Japan. Korea as it is now.
On Instagram, nearly 3.3 thousand hashtags “do not spend”, “do not spend money”, … are mentioned. Along with it are spending lists, saving methods that many young people share with each other. YouTubers also do not miss this interesting challenge by making videos on how to minimize the cost of living or making vlogs like “One day without spending money”.
Kim, an emerging vlogger thanks to posting videos teaching how to cook simple meals with extremely low cost but still full of nutrition, 4-5 people eat comfortably. She also set a spending limit for herself of no more than 50,000 won, or nearly 900,000 VND per week.
“I checked my account and saw a round zero, I was really shocked. Maybe I have to save now or I don’t want to starve in the future.” Kim said in her YouTube video.
He9rang, a content marketer also shared about how to save 80% of her income and how she earned nearly 2 billion within a few years. She also introduces people to good books on finance and how to spend wisely to control your pocket.
Kim Min-jae, an office worker who has given up the habit of buying new clothes every week or eating out at restaurants, aims to save money so he can retire early. Thanks to accumulating by saving 90% of his salary every month, at only 35 years old, Kim had an account balance of up to 1.8 billion won, or nearly 30 billion VND.
Kim shares her savings method.
To do that, like other young people, he tries to avoid wasteful spending. Kim eats all the meals of the day on the company, limited or even bought new clothes, did not drink expensive drinks but instead bottled soft drinks. Thanks to that, Kim only spends $200 on living expenses every month.
“My goal is to save as much as possible so that when I get old, my family and I can live comfortably on that money.” Kim said.
However, as the “don’t spend money challenge” is becoming more and more popular, experts are concerned about the health and psychological problems of participants:
“Fruity is good, but extreme savings to the point of cutting off social relationships with people, isolating yourself is not a true life anymore.” Lee Eun-hee, a professor of consumer science at Inha University said.
The consumer price index rose 6% to 108.22 as of June, its highest level in more than 23 years and seven months, according to data from the Statistics Korea. Korea in recent years. Inflation is also alarming when it is about to reach 11%.
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