Cost of Living in Singapore

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There are several people in this world that always dream about living in Singapore. It is on the top vision board for folks to go and live out their dream life in this beautiful city. Living here means that you have an ideal life and live your best. It is a city that offers a well-developed atmosphere with cutting-edge tech.

Singapore seems to be a city, country, and island all at the same time. It’s the world’s first and only of its type.

Many people would be amazed to know that it is the cleanest city in Asia. Singapore also has a lot of style from the colonial days of the Britishers. Many people remember it as a finance and trade hub of Asia as it is the fifth richest country by GDP.

Cost of Living in Singapore
Cost of Living in Singapore

Let’s Dive In For More Details.

Everyone to date knows that Singapore is a great gateway for foreigners. It provides the best job options, the hi-tech aspects, plus an enthralling mix of cultures. This place’s living standards are much higher compared to many other places all over the globe. It is not cheap as it looks, that is the main part.

However, let’s be honest that if you are someone who has a decent job or is just studying, you could lead a simple and a good lifestyle!

One doesn’t have to be so luxurious to enjoy the atmosphere! You can live like a local by dining, shopping, or partying and can cut costs. By doing so, one can easily get to experience the more original form of lifestyle it offers.

What Expenses Can One Face While Living In Singapore?

Okay, so we read about some of the common facts about Singapore above, and hopefully, it was a bit clear. Singapore uses the Singapore Dollars as its currency, and the abbreviation represented is SGD.

The key element to remember is that even if a bank claims that it doesn’t charge any fee for converting the money- it does. For migrants, this aspect may result in extra costs while converting a certain cut is done from the original currency you have.

However, the next question is where will you live? This is another bummer as it can cause them to spend a lot of money. If one lives outside of the city’s center, one can get a cheaper place than a rental.

The rent can cost from 1336 SGD per month for a single person to 16,032 SGD for a year. So a college-going student can get a place at six-thousand SGD. Yet, it can be 5845 SGD each month for a family of four!

So be careful and search thoroughly outside the center to get good rates. It is easy to get a suitable rental in Singapore even if you are an expat. You possess the same rights as the locals if you’ve got a work pass, a university pass, or other credentials.

There are also a lot of dental and healthcare costs if you are a non-resident expat. The bills can be big if you don’t own health insurance. If you are a resident, it will be covered, but if not, expect to pay a lot.

The prices can be as follows-

  • a small checkup can be 79 SGD.
  • A box containing 12 doses of antibiotics can be 14 SGD.
  • 6 SGD for cold/flu meds.

Using Singapore’s Mass Transit Infrastructure (MRT) is among the utmost means to navigate around the city. It’s not only quick, but it’s economical and environmentally friendly.

You could also take the bus or a cab, both affordable options. Driving is much more costly due to the high cost of parking. One liter of gasoline is 2.26 SGD to a normal tariff of a taxi is 3.51 SGD.

Lastly, the food! Overall food excluding alcohol and such expenses can round upto 100.86-300 SGD.

It includes-

  • A liter of milk and water, a kilo of rice and cheese, a dozen eggs, and a kilo of fruits such as oranges, bananas, apples, and tomatoes are all of these options available.
  • It also has a kilo of meat: chicken filet, back leg red meat, and veggies like onions and lettuce.

The other costs can be electricity, cooling, heating, etc., all can cost upto 171.44 SGD for a person.

CONCLUSION-

In Singapore, there are several options. The living expenses within this place are often friendlier to all who learn to manage their finances and have a steady income. The below can be a good rule of reference for a pair and one professional adult: When your family’s monthly take-home pay is below S$4,000, your life quality will be good and look like this:

  • Rent an HDB apartment.
  • Take public transportation and a cab when necessary.
  • Enroll your children at a good high school.
  • Primarily home cooking, with a few outings thrown in for good measure.

Therefore, the higher the income, the more benefits, and perks you can add to this list.