There are numerous factors for the rising amount of debt in Western countries. Many countries cite wage growth slowdown and a rising cost of living as the primary reasons for an increase in household debt.
An article from the ABC about ‘rising costs of living in Australia‘ states:
‘It’s impossible to even move out of home’ May said she was 27 and that about half of her friends were still living at home with their parents.
One young couple, May and Ben, said they had been spending increasing amounts of their money on food, rent and transport.
A retired couple from Switzerland, the country with the world’s highest living costs, said Australia was heading in the same direction as their own country citing Sydney is nearly as expensive as Switzerland now.
A similar article highlights the struggles that ‘Canadians are facing to save money‘ as well:
“Originally we were following the prescriptive path that our parents gave us, which is get a job, buy house, work until you’re 65, and retire,” Shen said. But exorbitant housing prices in Toronto made it impossible to follow that path.
So, you want to know how to free yourself from this financially draining cycle and start paying off those debts?
Become a TESOL teacher and join thousands of other ESL teachers around the world who are now financially free!
Here’s some great examples of how TESOL teaching overseas can help you drastically reduce your cost of living, save money, and still travel.
A car salesman making $30,000 a year quit his job to become an ESL teacher and was able to save more than 65 per cent of his salary. Or, Sarah decided to move overseas to pay down about $16,000 of credit-card and student-loan debt and still be able to travel.
Her salary was about $35,000 a year, and her employer paid for housing, so she was able to drastically reduce her cost of living and put money toward her debt.
She ended up loving her experience so much — and saving so much money — that she moved to China afterward to teach for another eight years.
I bumped up my savings rate to about 55%. In that one year in South Korea, I saved about $9,000. Throughout the years, I’ve been able to use this cash for things like investing, paying for a wedding, and having a baby.
Tips for paying off debt and saving money as an ESL teacher that Sarah used
Obtain a position that includes housing in the contract – eliminating the need to pay rent. The housing is usually close to the school so you also save money on transport. Calculate the cost of the rent and transportation money that you are saving and put that amount towards your debt repayments – you will be surprised at how fast that money adds up and you will have paid off your debt in no time.
Eating out in Asia is very cheap. Cut your food costs by eating at local restaurants and grocery shopping at local markets where food prices are far cheaper than Western countries. The average meal in Asia will cost you $2 to $10 – a bargain compared to home.
Being an ESL teacher in Asia gives you the luxury of being able to travel while still saving. That’s because flights around Asia are much cheaper and you can stay in smaller hotels and eat out for much less than other countries around the world. For example, in Thailand, a nice clean hotel will cost you around $30-$50 per night and eating some of the world’s best street food, like Michelin starred Noodles in Chinatown in Bangkok, will cost you a mere $3.
After you have paid off your debts, continue saving the rent and transportation costs and put it into a savings account to use for other things you may need in the future.
Check out some of ATA’s exclusive ways to save money as an ESL Teacher
Grocery shopping hacks – Shop where the locals shop, look for catalogues and coupons, and go supermarket shopping at the end of the night when hot food items and baked goods are discounted.
Choose to teach in a smaller city – The demand for teachers is higher and the living costs are lower so you can save even more $$$
Live like a local – Eat where the locals eat, use rideshare and food delivery apps that the locals use, and get to know locals so they can give you insider tips for the cheapest and best options in your city
While you are saving, make sure to add a side hustle if you want to earn more too – Earning more means saving more
Refer students to ATA TESOL College and affiliate programs
We offer a great referral and affiliate program for anyone to join. You will earn up to $200 for every successful referral that signs up to our TESOL Courses. Simply go to our link http://www.atatesolcollege.com/ambassador/ to join the program. Then just by sharing your unique link and referring the people you know, you could be earning even more money as an ESL teacher, just for spreading the word.
Get an ATA TESOL certificate before you go overseas or start teaching online
Reputable schools overseas and online require you to have a TESOL certificate. With a TESOL certificate you will be paid more because you will be qualified to teach English overseas. You wouldn’t hire an electrician without an electrical license, so why would an English school hire an English teacher without an International TESOL Teacher’s License?! The answer, a reputable school wouldn’t.
When choosing your TESOL course, remember that TESOL certificates vary in quality. Make sure to study with a highly rated and award-winning TESOL College like us. This way, you will have access to Australian support when you need help with your studies. Also, make sure that your TESOL college has industry contacts with schools overseas. Many TESOL schools have job boards where they post any job that they can find. We pride ourselves on being different and we have over 15 years of direct industry contacts with schools and corporations all around the world, so we can help you find the job for you. Once again, what good is a qualification if you can’t use it.