Recently, I have been thinking about the future. I am currently working as an English teacher in Japan, a species whose overpopulation may threaten the survival of the group. It seems as each year rolls around, salaries continue their inevitable decline into oblivion, while the amount of work stays the same.
So, in the hopes of escape, I am trying to get my finances under control and find a more stable and rewarding job. Recently, I have been reading a number of business and personal finance books in the hope of becoming financially literate and out of the paycheck-to-paycheck situation I currently find myself in. Life in Japan can be fun, but the fun usually ends up costing you a lot more than you would expect. A night out, some drinks and next thing you know you have spent a magical 10000 yen note. It adds up quickly.
So, I felt quite lucky to come across a site on living frugally in Japan. Ways to save a few yen here and there. Wendy J. Imura’s Frugal Watch, has loads of money saving tips. There’s also the collaborative Frugal Japan Wiki a collaborative effort with tips on everything from cheap DIY projects to saving on travel (if such a thing is possible in the land of the rising sun). Anyhow, there are loads of good ideas to peruse.
Setting up your first bank account in Japan can be a pretty confusing experience for the average foreigner. There are forms to fill out that are filed with kanji. Plus, having to deal with the bank in a language you are still struggling to understand. reward for your labours? An interest rate on savings that is barely discernable with an electron microscope (around 0.3%).
And then there are the ATM fees, which can cost you from 100-200 yen per transaction depending on the time of day, the ATM you are using, or the phases of the moon.
Thankfully, there are some banks out there that offer English services for foreigners and online banking in English. One of them is Shinsei Bank, which currently offers banking services in English, as well as very low-cost access to your money. At the moment of this writing Shinsei offers no service charge on ATM withdrawals at any time of the day. In addition, they offer online services in English, including the ability to send up to four bank transfers (振込み furikomi) a month for free via their online site. To perform these transfers from the ATM of an average bank costs around 300 to 400 yen. Well worth checking out.
That’s all for today’s tips. Take care and happy saving.
