Have you ever asked yourself the reason why people work! I think the main reason why people work is to earn a living. A father will spend the whole day working in the mines in order to provide for his family. A teacher will spend his or her day with students to provide for herself and by extension his or her family.
But how much do you need to live a comfortable life? Well, this is one question that has never been comfortably answered. Why? Because different people have different standards of living and will incur differently. In other words, what you personally need to live comfortably might be too little or too much for the other person. That explains the existence of social classes in society.
The costs of living differ in different countries. Let us base our discussion to Singapore, an urbanized country in Asia. Recently, there has been an influx of immigrants in the country. This condition is attributed to the moderate standards of living. Again, it may be necessary to break down various components to contextualize the issue of living standards. The basic necessities for life include:
- Food
- Clothing
- Public transport
- Basic education
- Utilities
Is that all? Definitely no. There are other wants that make life comfortable, though people can do without them. For instance, you can think about private schooling or driving a motor vehicle. But again, living in an industrialized country like Singapore must entail such luxuries.
So, the question is: How Much Do You Need to Earn to Survive in Singapore?
Again, the answer is: it depends on the lifestyles of the individuals. For instance, someone who lives with parents will quote a different figure for you from what a social climber who thinks a fashionable car and an ostentatious condominium defines success.
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To effectively address the cost of living in Singapore, this article addresses various options for a middle-class standard of living. We begin…
- Housing Expenses. This a major concern especially to immigrants, or individuals parting with parents. This is the largest expense that needs to be covered, whether one prefers renting or purchasing a home. Suppose you are renting, you should at least think of spending between $700 and $1500 every month. On the hand, a Singaporean who intends to buy a home should have a budget of between $1500 and $3000 every month. Let us breakdown this a little bit.
- a) Renting option. A single individual who intends to simply have a room at a common HDB flat or a condominium apartment, you will have to spend between $700 and $2000 every month. Remember these houses share a bathroom. If you do not want to share, you can still get a one bedroom house that will cost you around $1500 to $4500 a month. The proximity to the city is a major factor here. Besides, some landlords do not allow tenants to cook in the rooms and therefore you are likely to incur more costs ordering for food every day.
- b) Acquiring a home. This a little bit critical. If you intend to buy an HDB flat, it is a requirement you apply with your fiancé. You collect your keys upon getting married. Nevertheless, these flats are heavily subsidized and you will be entitled to grants, though computed contingent to your earnings. A resale asset can cost you probably $300,000, which is for a three-room HDB house to millions of dollars. An average condominium goes for at least $1m.
- Transportation Expenses. Like many other variables, transportation costs are determined by the manner in which an individual wants to travel, the covered distance, the means of transport used, and sometimes the accessibility of the area you live as well as where you travel to often. Obviously, if you reside closer to your working site or city you will incur less compared to a person living far away and has to travel every day.
Purchasing a car in Singapore is not a good idea because they are just too expensive unless you have a substantial amount of disposable income. You may have to spend between $1000 and $2000 every month. A nicer option is to utilize a mix of public transport means and taxi rides. If you opt for public transport, you will spend around $100 to 4120 per month. However, public transport is limited to daytime. So if you spend out tom late in the night this is not a good option for you. There are some night weekend vans, though they don’t operate beyond 2.00 am.
- Daily Costs. This a little bit difficult to value because it depends on the lifestyles of individuals. The following are some rough estimates:
- a) Coffee. It may cost at least $1 from a local hawker or $5 at Starbucks or a standard café.
- b) Grocery. Since many commodities in this line are imported from other states, expect it to be relatively expensive than in many countries. Specifically, non-Asian produce, milk and some non-tropical fruits are always too expensive. Do you cook food daily? Then expect to spend at least $200 on grocery every month.
- c) Food expenses. A meal from a hawker cost approximately $4, though without any drink. In a standard restaurant, a meal may cost between $20 and $30.
- d) Recreation Expenses. Do you love movies? The tickets go at $9 within the week and $13 during weekends. Sorry if you are alcoholic because alcohol is too expensive here. For instance, an alcoholic drink range from$10 to $15. A reserved room in a karaoke session is valued at a minimum of $25 per head.
- e) Mobile data. A 2 or 3 GB plan will cost you $20.
Back to the question raised at the onset: How Much Do You Need to Earn to Survive in Singapore? Well, if we go by the above estimates, an average person may need at least $1,190 per month, $2,510 for a mid-class citizen and at least $9,710 for a first-class citizen. Again, we wish to emphasize that the cost of living solely depends on the lifestyles of individuals.
