Many people would like to know what salary is needed to live comfortably in Singapore. For the younger generation, the simple truth is that there is no fixed salary for a Singaporean citizen. There are no formal arrangements that guarantee the right pay for one to earn. But when it comes to living expenses, there are fixed ones that work.
The younger generation needs to take note of these things since they will be in charge of the economic policy of their country for quite some time. One should remember that the economy is in great need of an increase in workers. Singapore has a vast number of people, and there is no real job growth. Most of the new businesses have to start from scratch, and at this point, many people still cannot find jobs, but they also lack basic income and expenses.
To answer this question, we need to carry out comparison spending between lower spenders, medium spenders, and high spenders who of course are paid more than the former groups. The amount a person needs to live in any town, and for this case, Singapore is entirely dependent on their lifestyle and beliefs. There are those people who believe they cannot travel by public means. Some, on the other hand, are unable to stay at home every night of every weekend.
So, someone’s lifestyle will always affect the spending curve upwards or downwards. Therefore, the higher the spending, the more money one requires for survival. Are you Work Permit and E-pass Holder Loan? Below is a detailed list of the basic human requirements and price comparisons from all members of each.
Whether renting or purchasing a house, the cost of accommodation in terms of housing is high in Singapore. Some will prefer shared costs on renting. In either of the cases, the renting budget averages $700 to $1500 monthly. A citizen eligible for purchasing an HDB property will require an average of $1500 to $3,000 monthly to afford to purchase a home.
A single individual looking to live in a public apartment with a single room and shared amenities parts with a minimum of $700 every month while those in private residences with the same description pays $1,500 to $2,000 every month.
Renting a non-shared apartment in Singapore is quite costly compared to the shared houses. Here an individual is charged $1500 to $4500 to rent a one studio room or a one-bedroom apartment every month. The prices of public houses are low because they are basic and less fancy.
These costs are subject to variations when one considers the distance from town to their place of residence. Also, those living near the city CBD pay more for food and other services. Although not so common, whenever tenants are living in the same dwelling unit with the landlord, they may not be allowed to cook. And hence be forced to find alternative eating joints.
Singapore gives its citizens options when they need to purchase a house. They can apply for the subsidized units provided by the government at a lower price or proceed to buy the highly inflated private properties. To apply for an HDB flat, one needs to be engaged or married. The payment scheme is calculated based on your monthly income. Unless you have hefty monthly revenues, stick to the HDB flats.
A second-hand three-bedroomed property in Singapore goes for around $300,000. Averagely, one condo is three times this price. Assuming that the down payment on the house is charged at 10%, then you may end up paying the loan in equal monthly installments of about $1500 to $4,500 for a term period of 25 years. These are just estimating, but as earlier stated, the prices are due to change with time and depending on the location, size, and quality of the house.
Again, this is another expense that varies widely depending on the distance, purpose, and means of traveling. Usually, the public means of transport is less costly. However, the extent of one’s spending on the public system depends on how far they are from the city Centre. A private transportation system is also an option. This system, however, is quite pricey. Some of the options on private transportation are Uber, taxis, Grab a ride, etc. There is also owning your ride. Buying a car is expensive. It becomes even more costly when you have to pay for maintenance, parking, and fuel. In a month, you will have spent more than someone who uses private rides.
Public means of transport in Singapore are the lowest with average monthly costs of about $100 to $120. Since you cannot rely on the public means alone, you will have to sometimes integrate with the private means. Late-night rides or very early morning engagements may be bad times to look for public buses. So, with these additional costs on private means of transport, your total costs will now get to averagely $240 per month.
Your lifestyle and beliefs have a much stronger say on the cost of these expenses.
Most of the eating products in Singapore, especially those used as cooking ingredients are imported. Due to this, you will expect a general price influx of food supplements here. You may get part without at least $200 per month.
Well again, there is a disparity in pricing. The local market coffee hawker will sell for about $1 while cafes and hotels will retail it and $5. So, depending on your consumption, you can prepare $50 to $120 for coffee in a month.
Food and drinks:
This one of the most expensive things on your budget. A local food hawker will sell food without drinks at an average cost of $4 per plate. Hotels and restaurants will sell at six times this price. Including drinks, then you are talking about $2000 per month.
Other expenses such as mobile data, recreation costs, vacations, traveling, gym, and exercises, etc. are optional. However, some such as exercising can be managed; also, the mobile data is necessary, which is why a bundle for a phone only can cost just about $20 a month. Unlimited data, however, cost more to an excess of $30 a month.
You can also manage entertainment costs. The price for a Netflix subscription is just $11. A movie ticket on the weekends is $13 in Singapore. If you are after cost management, you would rather pay for the Netflix subscription than getting a movie ticket.
Saving is essential too. You might have a very generous paycheck every month, but it does not mean that you can afford to spend more than what you earn. Some people do not even realize that they are spending more than they can afford. To avoid this, you need to keep track of your expenses and save up as much as you can. It is the only way to ensure that you can keep up with your financial needs.
The first thing that you need to know is that if you have a good credit history, you would have a higher chance of getting loan approval.
You can apply for a loan with lower interest rates, and then you will only pay the lowest interest rate if you pay your loan back on time. This is because lenders are more likely to offer a lower interest rate on loans or mortgages that are repaid on time.
On a cheapskate, a person would need about $2,000 worth of salary to survive in Singapore; this figure rises as lifestyles change. You should note that the figures in this article do not reflect the real scope of human living. It covers just a few basic aspects that make up the most important features of life.