I moved to Singapore in Feb this year, after 5 yrs in the Middle East (Dubai) and was astounded at how expensive this place was.
Singapore being a very popular expat destination, there is a lot of information available on the internet about the cost of living (most of which was pretty accurate at the time when it was updated). The issue however is that the cost of living has escalated so steeply over the past 3 years that most of the information gets outdated within 6 months-1 year (in the case of property rentals, in just a matter of 2-3 months).
Which is why, even though I did thorough research and also spoke to a lot of people who have been residing here for years, I still got a bit of a shock after moving here.
To prevent others from being similarly shocked, I felt I ought to give a detailed picture of the cost of living (which is of course subject to the caveat that it will be outdated in a few months).
For a single person, the costs would be as follows:
1. Accommodation – The biggest killer. Shared accommodation i.e. renting one bedroom in an apartment (which by the way is legal out here, complete with a registered room rental agreement, unlike in the UAE, where such sub-letting was usually in violation of the law), would cost between SGD 600-1,000 a month, depending on the size of the room, the location (proximity to MRT stations/ Bus stops/ shops/ malls/ food courts) and whether it is in a HDB/ condominium. The rent is payable monthly.
Electricity and Water is usually included in the rent. Internet may or may not be.
The agents commission (an unavoidable expense) and the deposit both are usually half a months rent each. The rental agreement is usually for a year. Rentals for a shorter duration would typically cost more.
2. Food – SGD 300-500 per month. Lots of options, both cheap (SGD 3-5 per meal) and expensive (SGD 7 – 10 per meal). Good quality and reasonably priced North India food not widely available.
3. Commuting – SGD 80 – 100 per month. The public transportation system is very efficient and quite reasonably priced.
4. Groceries – The cost of food above covers a single person eating out everday but in case you like to stack up on snacks/ fruits/ milk/ juices etc, the cost is unlikely to exceed SGD 100 per month (maximum)
5. Internet – SGD 30 per month for a broadband connection.
6. Entertainment/ Going out – Depends entirely on the individuals idea of entertainment/ going out, but SGD 500 should suffice.
7. Miscellaneous – Miscellaneous purchases could vary from month to month and the expenses will depend entirely on the items purchased. For eg, men’s clothing is usually quite expensive here while sundries will probably not be very expensive.
8. Medical – is usually covered by the employer and so shouldn’t be an issue. Even otherwise, the public healthcare system is excellent and so medical expenses are unlikely to be high.
A note on taxes – Income is taxed in Singapore but the tax slabs are not excessive, especially at the lower salary levels. I have not checked the details but will do a post on this soon.
Savings: All said and done, the savings potential here for a single person would be slightly lower than in the UAE, assuming the job is at the same level and that the lifestyle is the same (shared accommodation, eating out, outings in moderation etc).
