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Thread: Saving money on JET

  1. #1
    Senior Member par92186's Avatar
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    Default Saving money on JET

    Short and sweet: Is it possible to payback student loans on a first year JET Salary?

    Thanks for any help

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  3. #3
    Billy Big Bollocks Ini's Avatar
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    Default Re: Saving money on JET

    depends on how frugal you want to be. I couldn't but MJN seems to enjoy living like a character from angelas ashes.
    Great men of action never mind on occasion being ridiculous; in a sense it is part of their job.

  4. #4
    Senior Member par92186's Avatar
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    Default Re: Saving money on JET

    I'm from the U.S.

    I know a lot of what I'm going to be able to save will be dependent upon my lifestyle, but just curious as to what other JET's were able to pocket.

  5. #5
    Comrade therealwindycity's Avatar
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    Default Re: Saving money on JET

    Short answer: yes.

    Long answer: there are a lot of factors, the biggest one being the cost of living in the area that you're placed, but it's unlikely that you wouldn't be able to send any money home at all. Even in a really expensive placement I imagine you'd be able to pay back a couple thousand dollars' worth. I paid my $5000 loan off completely in a year and still had enough to take a trip home and go to Korea.
    Last edited by therealwindycity; December 3rd, 2013 at 16:04.

  6. #6
    Billy Big Bollocks Ini's Avatar
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    Default Re: Saving money on JET

    if you dont have a car and you end up not having to pay rent then you should be able to and still have some fun. If you do end up with those expenses then you will have to choose - wine and women but no repayments or long nights at home reading the bible by candlelight and a fat stash of cash to send home.
    Great men of action never mind on occasion being ridiculous; in a sense it is part of their job.

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    Senior Member par92186's Avatar
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    Default Re: Saving money on JET

    Quote Originally Posted by therealwindycity View Post
    Short answer: yes.

    Long answer: there are a lot of factors, the biggest one being the cost of living in the area that you're placed, but it's unlikely that you wouldn't be able to send any money home at all. Even in a really expensive placement I imagine you'd be able to pay back a couple thousand dollars' worth. I paid my $5000 loan off completely in a year and still had enough to take a trip home and go to Korea.
    Thanks for the response TRWC. Student loans aside, realistically how much do you think is possible to be saved each month? Assuming a frugal budget throughout the month.

  8. #8
    Gizmoduck - blatherskite Gizmotech's Avatar
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    Default Re: Saving money on JET

    Ini is spot on. I have sent quite a bit of money home. I have also drank myself stupid more than I would like to count recently. I lucked out in a position where I can avoid having a car and pay very little rent. I make money hand over fist over hooker.

    Life is pretty good.

    In theory, had I been particularly frugal I could've sent back atleast 30k by now by just sending back half my salary every month. That being said, I have also travelled most of Japan, been to hawaii, will go home again in August for a visit, paid off all my credit card debt back home along with some of my student loan (15k ish...) and live a very comfortable life for the past 2 years.
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  9. #9

    Default Re: Saving money on JET

    Depends on what kind of placement you get. I've got outgoings of around 45-50,000 a month and after 2 years have been able to send about 5000 GBP back home, mostly to pay off student debt.

    I've eaten out almost every night in that time, plus done loads of travelling in Japan and abroad. Even with the weaker yen a tightarse could easily double what I managed, but if you go down the frugal route you'll regret it in 10 years time.
    Last edited by mrcharisma; December 3rd, 2013 at 16:21.

  10. #10
    Senior Member par92186's Avatar
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    Default Re: Saving money on JET

    great responses! thanks

  11. #11
    Comrade therealwindycity's Avatar
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    Default Saving money on JET

    Quote Originally Posted by par92186 View Post
    Thanks for the response TRWC. Student loans aside, realistically how much do you think is possible to be saved each month? Assuming a frugal budget throughout the month.
    I would say that most people should be able to save at least 400-500 dollars per month without a lot of difficulty, but then again I feel like if you can't save at least that much it has less to do with your living situation and more to do with your money managing skills. Really, though, I've seen everything from zero savings to a friend who has paid off 20000 in student loans in 2 1/2 years.

    And don't forget about the pension refund - even with the weak yen it's a significant contribution to your savings when you get back.
    Last edited by therealwindycity; December 3rd, 2013 at 17:07.

  12. #12
    Sociopathic Scroogemcduck MJN's Avatar
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    Default Re: Saving money on JET

    Quote Originally Posted by Ini View Post
    depends on how frugal you want to be. I couldn't but MJN seems to enjoy living like a character from angelas ashes.
    I wasn't that frugal. I splurged a lot (well, a bit) and only managed to send 2x 7-digit transfers home. I was hoping for more before I finished the 2 years on JET, but couldn't make it in time thanks to a combination of new car and tax.

    I did land with virtually no expenses though - no rent, no gas and electricity seemed cheap as fuck. My biggest expense was the weekly drive down to the city to see the girlfriend.
    Last edited by MJN; December 3rd, 2013 at 22:01.
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  13. #13

    Default Re: Saving money on JET

    I didn't pay much attention to money when I was there and just lived normally, and I was easily able to send 50,000 yen home a month every mont. When I lived more frugally I could send home 100,000 yen. I saved about $12,000 over 2 years, not counting pension.

  14. #14

    Default Re: Saving money on JET

    Newbies get a lot less money these days.
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  15. #15

    Default Re: Saving money on JET

    Quote Originally Posted by uthinkimlost? View Post
    Newbies get a lot less money these days.
    It's not that much less, is it? I thought they had the same salary as the old days by year two. The exchange rate has tanked, though. I think I remember looking up that I made something close to $45,000 a year with the exchange rate and current JETs are making closer to $32,000. It doesn't really affect your quality of life in Japan, but it has a huge affect on sending money home.

  16. #16

    Default Re: Saving money on JET

    Going from 3,600,000 to 3,360,000 is a sizeable loss. Combine that with the exchange rate and an unlucky placement and poverty could follow.
    Quote Originally Posted by Jiggit View Post
    But what if we reverse the polarity of the quantum string theory? According to uncertainty principle there are infinite worlds out there, so it stands to reason schrodinger's cat is alive in one of them.


    Quote Originally Posted by Apollo87;
    U da real mvp.

  17. #17
    Senior Moment Antonath's Avatar
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    Default Re: Saving money on JET

    Quote Originally Posted by uthinkimlost? View Post
    Going from 3,600,000 to 3,360,000 is a sizeable loss. Combine that with the exchange rate and an unlucky placement and poverty could follow.
    And the new salary is before taxes, isn't it? Americans are tax-exempt for two years, but for JETs from other countries, that's another hit to their pocket.
    ...because Japan.

  18. #18

    Default Re: Saving money on JET

    If you have a car you will also spend more money due purely to the fact more shit is available for you to do.

  19. #19
    Senior Member tedcase's Avatar
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    Default Re: Saving money on JET

    While on JET I managed to save enough money to pay for a Masters Degree when I got back to the UK.
    After two years I had saved ten grand. Most of that I saved in the second year.

    This was possible because I was very frugal, I didn't own a car, my apartment was paid for, I lived in a relatively economically depressed rural area and the Yen was quite valuable at the time.

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  20. #20
    Senior Member Aurano's Avatar
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    Default Re: Saving money on JET

    Man if I saved 10k, I would be tempted to bang it in some kind of world tour. Then again, with the inability to get statutory funding for most post-grad study these days, then I guess it would be a good move.

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