How much money do you need to live in Singapore?

Singapore is comparable to the topmost expensive cities to live in. A lot of young couples coming out into the workforce would always wonder how much money is enough to sustain a comfortable living in Singapore. What are my expenses like after having a kid and having a house and how do people afford a house with zero down payment?

Everyone’s life in Singapore is totally different. To give you an exact answer to how much money you require to live in Singapore is subjective. However, I will give you a breakdown of the average expenses needed and from there you can gauge roughly how much you will need. Earning a good $5,000 – $8,000 per spouse will give you a comfortable life in Singapore, as long as you spend within your means.

Monthly expenses as a single

ExpensesMonthy
Phone Bill$45
Transportation$150
Normal Meals$200
Luxury$250
Parents$400
Insurance$200
Total$1,245
Average Context of a Single spender

The above table will show an average spender who is single. Coming from an Asian country, we would normally contribute back to our parents after finding a job. Depend on yourself, some might give up to $1,000 per month but we are taking an average, hence, capping it at $400 per month.

Normal meals would comprise of 2 meals a day, either breakfast and lunch or lunch and dinner. Luxury would mean outings with friends and spending at some other activities. Dining out at restaurants will come under luxury as well. So all in all, it comes out to about $1,245. Take note that this will come out of your salary after CPF deduction.

expenses as a family with house

ExpensesMonthy per spouse
Phone Bill$45
Transportation$150
Normal Meals$200
Luxury$250
Parents$400
Insurance$200
House utilities$115
Baby Expenses$200
House Monthly Installment$1,000
Groceries$150
Total$2,710
Average Context of a family spender

The above table shows a single spouse spending expenditure. In this instance, we assume that both spouses have the same income, therefore, the spending among each spouse is equal. House utilities would include water, electricity, gas and internet bills. Baby expenses will include monthly expenses like milk powder, diapers, and other consumables. For the monthly installment, we are assuming that the young couple stays in a 4rm-5rm HDB flat with a 30-year loan, hence, monthly installment for the house would finalize at approximately $2,000 per month. Groceries for the whole household would be on an average of $300 per month. As you can see, the average expenses would be roughly $2,710 per month for each spouse.

conclusion – How much money do you need

As mention, each spouse would live more comfortably with a $5,000 to $8,000 income. This is because after CPF deduction, assuming 20%, the spouse take home pay will be at $4,000. After deduction expenses, he will be left with $1,290 per month as savings. However, the spouse will need savings and money as there are other expenditures to account for. Other expenses such as income tax, property tax, holidays, and purchasing a car if necessary. Some might also consider if it might be worth buying a condo in Singapore instead of a HDB flat.

To sum up, as long as you live within your means, living comfortably in Singapore is possible. It is how you judge what is comfortable, how luxurious you want your life to be. Live simple and you will be happy!

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