Impact of rising oil prices and exchange rates
You may wonder, 'Why is war news connected to my living costs?' If oil prices and exchange rates go up, transportation costs, grocery shopping, and remittance costs also go up together.
Korea imports a lot of energy. So when international oil prices rise, logistics costs go up, and food and delivery prices also easily follow.
Foreigners are more sensitive to exchange rate changes. Even with the same salary, the money sent home can become less. Practical tip: write down living costs and remittance fees separately.
First, check transportation costs.
Second, check grocery costs.
Third, check remittance fees.
For example, even if you reduce delivery from 3 times a week to just 1 less time, your monthly spending goes down clearly.
Living costs that rise first
When oil prices rise, it is easy to feel the items below first.
| Item | Why it goes up | What to do now |
|---|---|---|
| Transportation costs | Fuel prices and shipping costs go up | Check your commuter pass and transport pass again |
| Delivery fee | Fuel costs and minimum order burden get bigger | Reduce delivery orders and make combined orders |
| Grocery costs | Logistics costs are reflected in shopping prices | Check supermarket and market prices together |
| Remittance cost | Exchange rate and fee differences get bigger | Do not use only one place, compare them |
7 steps to protect living costs
You may feel stuck and think, 'What should I cut first this month?' If you block the big costs first, you can reduce losses. It is not your fault. Right now, the whole system is shaking.
Start by cutting fixed costs.
Next, reduce variable costs.
Finally, check the transfer timing.
Split your remittance day
Do not send a big amount at one time. Send it in parts. You can reduce losses on days when the exchange rate jumps fast.
Turn on exchange rate alerts
Turn on alerts in your bank app or remittance app. If you set a target exchange rate, you lose less when you are in a hurry.
Compare transfer fees
Even for the same amount, fees are different by service. Before sending, make sure to compare the final amount received.
Reduce delivery frequency
For delivery, the delivery fee can feel heavier than the food price. Even reducing it to 1~2 times a week can help a lot.
Grouped grocery shopping
Rice, eggs, and frozen foods are cheaper when you buy them together. It is good to buy with friends or family.
Check your transport pass again
If your commute is long, a pass may be cheaper. Check how many times you travel each week and change it.
Check utility plans
Look again at your electricity, gas, and mobile plan. Even removing options you do not use can save money right away. Practical tip: check them all at once within this week.
Response order by persona
You may wonder, 'What is the most important thing in my situation?' First, focus on the biggest expense.
Even if your salary is the same, the amount received in your home country may go down.
So you need to check the exchange rate and fees together.
If tuition is high, even small living costs feel more painful.
Comparing grocery unit prices is more important than eating out.
If you have many dollar payments or overseas subscriptions, the exchange rate has a bigger effect.
You also need to check rent and insurance together.
If child education costs and food costs rise together, the burden gets bigger.
Many families feel worried at this stage, but if you set an order, you can reduce it.
Frequently Asked Questions
Check one more time before sending money
You can save money just by checking the fee and exchange rate difference.
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