Estimating the Monthly Living Expenses for a Man in His 70s in Daegu, South Korea

Estimating the Monthly Living Expenses for a Man in His 70s in Daegu, South Korea

※ Estimating the monthly living expenses for a man in his 70s living in Daegu, South Korea, can vary depending on several factors such as housing costs, food, transportation, healthcare, and other daily needs. In this blog, we will break down the expected living expenses for a man in his 70s residing in Daegu.

 

1. Housing Costs

Housing costs represent a significant portion of monthly expenses in Daegu. If you own a home, your main expenses will be maintenance fees and utility bills. Monthly maintenance fees for an apartment, along with electricity, gas, and water bills, are estimated to range between 150,000 to 300,000 KRW. On the other hand, if you are paying rent or repaying a loan, rent can vary from 300,000 to 700,000 KRW per month.

2. Food Expenses

Food costs can fluctuate depending on personal preferences and lifestyle. If meals are mostly prepared at home, the average monthly food expenses are expected to be around 250,000 to 400,000 KRW. If you frequently eat out, the cost may rise to over 500,000 KRW. Additionally, if you consume nutritional supplements or prefer premium foods, this expense may increase further.

3. Transportation Costs

Daegu has a well-developed public transportation system. If you primarily use buses or the subway, the monthly transportation costs are estimated to be between 50,000 to 100,000 KRW. However, if you own a car, you will need to factor in fuel costs, insurance, and parking fees, which can raise the transportation costs to between 150,000 and 300,000 KRW per month.

4. Utility Bills and Maintenance Fees

Utility bills, including electricity, gas, and water, are estimated to cost around 100,000 to 200,000 KRW per month. Additional costs can arise during the winter for heating or the summer for cooling. Apartment maintenance fees typically range from 50,000 to 150,000 KRW per month.

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5. Healthcare Costs

Healthcare becomes a significant expense in one’s 70s. Monthly healthcare costs, including medical checkups and prescription medications, can range from 100,000 to 300,000 KRW, depending on individual health needs. Those with chronic illnesses or regular medical visits will incur higher expenses. Additionally, costs for any supplemental health insurance should be considered.

6. Leisure and Hobbies

Leisure activities significantly contribute to the quality of life. For a man in his 70s, hobbies like exercise, reading, or traveling may be part of his routine. The monthly cost for such activities is around 50,000 to 150,000 KRW. If you frequently travel or have specific hobbies, this cost may be higher.

7. Miscellaneous Costs

Other expenses, such as clothing, home repairs, or appliance maintenance, are estimated to cost around 100,000 to 200,000 KRW per month. If you frequently attend family events or exchange gifts, these costs can increase further.

Estimated Total Monthly Living Expenses

When combining all the above expenses, the total monthly living expenses for a man in his 70s living in Daegu are estimated to range from 1,000,000 to 1,500,000 KRW. However, higher housing costs or medical expenses could push the monthly budget beyond 2,000,000 KRW. Conversely, if housing costs are minimal and one maintains a frugal lifestyle, monthly expenses could be lower, at around 800,000 KRW.

While Daegu is more affordable than Seoul, individual lifestyle and personal preferences can significantly affect the budget. Therefore, it is essential to plan carefully and set a budget that aligns with your financial situation.