Living in Singapore is considerably expensive as Singapore is considered as 7th most expensive country in the charts. A person living in Singapore needs to earn around 6,000 SGD (4,330 USD) each month. These expenses depend on your lifestyle, i.e., the rent of your house or flat, transportation cost, groceries, food, refreshments, etc. also; if you are studying, then the cost of your education is also included.
Let us have a look at some calculations based on your earning and expenses if you are living in Singapore:
Having an income of $800 monthly
If a person is earning $800 monthly, it is tough for him to live in Singapore with all the expenses. For example, if he earns $800, then the CPF amount of $100 is deducted, he will spend around $300 monthly on food and $100 monthly on transport, will spend $200 monthly on rents, and pay bills around $100 monthly he will not be able to save money.
Having an income of $1500 monthly
If a person in Singapore lives alone and has a salary of $1500, he can also spend his life with savings. He will spend $300 monthly on food, $100 monthly on transport, $200 on monthly rents, $100 monthly for bills, CPF of approx. $190 will be deducted, and he will save $610. He can spend this money on insurance or any other activity.
Having an income of $2,500 monthly
If a person has an income of $2,500, you can afford all the expenses in Singapore. Having earnings of $2,500 person will spend $300 in food, $100 in transport, $300 for bills, $500 for insurance, $300 for other miscellaneous and a CPF of $500 will be deducted monthly from salary. He will also have savings of $500.
Having an income of $3,701 monthly
If a person is living with a family of 2 children in Singapore having earnings of $3,701, they can afford a simple lifestyle without spending extra money, and also they will not have much savings. Their monthly expenses would be $731 on food, $122 on transport if they have taken a loan on the house, then $500 for housing loans, $366 on bills, $925 on insurance, $366 for miscellaneous, and they will save $49 per month, and the CPF of $740 monthly will be deducted from the salary.
The Final Verdict
From the above information, we can sum up that a person needs to earn $1,000 to $1,500 every month to live life comfortably. Having an earning of $1,000 to $1,500, one can easily enjoy his lifestyle and save some money for his future needs. One can also get insurance to fulfill his future money needs. If you live with your family of 2 children, you need earnings of $3,701 to $4,732 then; only you will be able to fulfill all your needs and educate your children well. And also you will be able to save some amount of money for future use.