[Wise Saving Life⑤] Excuses for Jjandoli and Jjansuni

Asia Economy DB

[Asia Economy Reporter Kim Min-young] "Jjandoli" and "jjansuni" are standard Korean words. They are metaphors for "a person who is extremely stingy like a miser." The terms carry negative connotations both in tone and social perception. At one point, the term YOLO (you only live once) became popular, and among young people, jjandoli and jjansuni were sometimes regarded as nuisances not only to themselves but also to others.

However, jjandoli and jjansuni are those who thoroughly prepare for an uncertain future. They proudly embrace their identity by retorting with the phrase "YOLOhada gollo ganda" (YOLO leads to ruin).

While many young people still chant YOLO and sohwakhaeng (small but certain happiness), and there are plenty of people trying to make a quick fortune through stocks and real estate, on the other hand, there are jjandoli and jjansuni who steadily increase their wealth through "jjantech" (jjada + jaetech, meaning stingy + financial technology).

From the perspective of jjandoli and jjansuni, the world is full of places where money goes out. Fixed expenses such as food costs, housing costs, various utility bills, transportation fees, communication fees, insurance premiums, clothing expenses, beauty and grooming costs, and cultural activity expenses are countless. The starting point for jjandoli and jjansuni is to reduce these fixed costs as much as possible.

Reducing transportation costs is the easiest. When commuting, it is best to use buses and subways as much as possible. In Seoul, the basic fare for taking a bus or subway to work is 1,250 won, with an additional 100 won charged depending on the distance.

Taxi fares vary by distance but usually cost at least 6,000 won to over 10,000 won. This means taxi fares are at least five times higher than public transportation fares.

Next is food expenses. Especially for single-person households, food expenses account for a large proportion of consumption items. This is sometimes expressed as the Engel coefficient, and research shows that the lower the income, the higher the Engel coefficient. To reduce food expenses, it is recommended to try "fridge raiding," which means minimizing grocery shopping until all the food in the refrigerator is consumed.

Do you know the "cafe latte effect"? It means that saving the money spent on daily coffee can add up to a large amount. For example, suppose an office worker drinks a 4,100 won Americano coffee every day after lunch. Assuming a five-day workweek and 22 working days per month, the monthly coffee expense is 90,200 won, and annually it amounts to 1,082,400 won. Quitting coffee means saving about 100,000 won every month.

Housing costs are generally fixed expenses. If you live alone, you pay monthly rent or interest on a jeonse loan. Maintenance fees also apply. The best way to save on housing costs is to live with your parents, but if that is not feasible, it is advisable to take out as little loan as possible.

Various utility bills, communication fees, clothing expenses, and beauty and grooming costs are items that are difficult to cut back on. Since individual preferences vary, it will be easier to stop money from leaking if you identify where you spend a lot of money yourself.

This content was produced with the assistance of AI translation services.