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Ideal salary for living in Singapore is S$6,000: survey
- Thread starter krafty
- Start date
Actually, without a car and living in HDB, indeed $6000 is comfortable for a family of 4.
Cannot afford luxury though.
Cannot afford luxury though.
I believe it is $6000 x 2 for a couple to live ideally in Singapore. $6000 each for husband n wife.
My assumptions:
- 2 Kids Education $1000 x 2 a month = $2000
$500-600 for childcare after subsidy + top-up for enrichment classes imposed by childcare centre (or else your kid do nothing during that period)
- 2 Kids Living expenses $250 x 2 a month = $500
- Housing Loan = $1500 a month (usually from CPF Contributions)
let's assume 20-25 years loan for a resale/larger HDB
- For parents = $1000
$500 for each side (husband n wife) parents. Most don't even give $500.
- Car/Insurance/Servicing/Petrol/Tax/Fines = $1200 a month
Based on a simple Cat A car
- Utilities/Phone/Internet Bill = $500
- Living Expenses = $3000
$50 per day for each husband n wife (both working)
- Maid's wages n living expenses = $1000
Both couples are working, so need maid
- Home Cooked Food - $500
Supermarketing/Groceries
Total: $11200
my estimations on a low side to live normally.
Conclusion: RUN's wifey must work :p
My assumptions:
- 2 Kids Education $1000 x 2 a month = $2000
$500-600 for childcare after subsidy + top-up for enrichment classes imposed by childcare centre (or else your kid do nothing during that period)
- 2 Kids Living expenses $250 x 2 a month = $500
- Housing Loan = $1500 a month (usually from CPF Contributions)
let's assume 20-25 years loan for a resale/larger HDB
- For parents = $1000
$500 for each side (husband n wife) parents. Most don't even give $500.
- Car/Insurance/Servicing/Petrol/Tax/Fines = $1200 a month
Based on a simple Cat A car
- Utilities/Phone/Internet Bill = $500
- Living Expenses = $3000
$50 per day for each husband n wife (both working)
- Maid's wages n living expenses = $1000
Both couples are working, so need maid
- Home Cooked Food - $500
Supermarketing/Groceries
Total: $11200
my estimations on a low side to live normally.
Conclusion: RUN's wifey must work :p
Sorry, i beg to differ. Sadly, it is without car and kids.
My friend earning $2.5k can achieve all you listed, except having the maid
Dear Leader Krafty's article is about living ideally. $2.5K for a family of 4 must be tough.
My malaysian friend earning S$2k has a wife, 2 kids, a landed and a car just outside jb.
Same here. A Msian friend of mine with 2 kids too, working as a driver in Sinkieland. Sole breadwinner. Stay in Bt Indah G&G.
such a low and unambitious figure. no wonder many sinkies can't meet their minimum sum on cpf. :p
Papdogs can "rim" the pappigs for side income
I calculated for a family to live ok in hdb 5 room, drive Toyota need min $10k per month.
This is only normal confortable lifestyle nothing luxurious.
Your friend is probably struggling to survive bare minimum basic....that's not living....only existing.
Ask him if he knows how much vile pappies leech from him.
You can get by comfortably on even less by staying single.
No wife, no kids, no debt, and independent parents who don't bitch/whine if you don't celebrate Father's/Mother's Day.
Sinkies are really rigid-minded. Ideal salary, standard rates for wedding ang pow etc.
For example, you don't really need to splurge on a swanky home if you constantly travel on the job.
No wife, no kids, no debt, and independent parents who don't bitch/whine if you don't celebrate Father's/Mother's Day.
Sinkies are really rigid-minded. Ideal salary, standard rates for wedding ang pow etc.
For example, you don't really need to splurge on a swanky home if you constantly travel on the job.
There is a major problem with that budget and that is there is hardly a cent of savings. It's literally a hand to mouth existence.
Many Singaporeans run their lives in this manner and this is the main cause of all the retirement woes that people end up with. It is certainly not the fault of the PAP.
Couples who earn $12,000 a month after taxes should save at least 40% to 50% of their income with the aim of achieving financial independence by their mid 40s.
If you can save an average of $6000 monthly = $72,000 per annum x 20 years at 5% ROI, you will have saved $2.5 MILLION so if you can start and 25 you'll be very secure by 45.
In order to avoid being a victim of inflation, a portion of savings should go to financial entities which hedge inflation eg property and property indexed stocks. A good financial advisor should be able to advise accordingly. A good strategy would add another 2% to 3% return to your portfolio which means you should end up with more than $3 million.
It is even better if you save a sufficient amount and then invest in your own abilities and grow an enterprise from scratch. You'll be able to achieve well in excess of 15% ROI if you succeed in growing a successful business.
If you earn $12,000 and spend $11,200 monthly, you'll wake up one day and find that your job has been taken by someone younger or your position has disappeared altogether. If you're on the wrong side of 40 when this happens, be prepared to spend of your sorry life driving a taxi or hanging around in a security guard uniform wishing you had done things differently. This scenario haunted me way back when I was in my early 30s and most of my major decisions in life have been aimed at negating this risk.
Life is what you make of it. It doesn't make any difference who runs the country. If the WP wins the next election, those who spend everything they earn will still be in deep shit when they can no longer work.
Yes he has everything, hdb flat paid up, wife, 2 kids, a car, insurance premium. but everything on scaled down version . Scaled down to the extend of family all skinny skinny, house small small, car small, petrol $ used < $100 per mth..I asked him do you know you are leeched by pappy, he say he knows wor LOL
Are you insane? 25 is the age where Singaporeans have just graduated from uni, how can they get 6k per month, let alone save that.
Also, just because you started a successful business doesn't mean everyone has the fortune to do it. Luck plays a very important role. Personally, I knew many people who ran successful businesses for over a decade, were ruined by the financial crisis and had to go back out to work. Anything can happen to you at any time. That's just how the world works.
If hdb paid up then impossible his income is only 2.5k all along.
$2.5k own a car I figure he every time drive need to calculate fuel and Siam ERP and find free parking.
Its actually financially irresponsible to own a car on such a meagre salary.
Kids must be very deprived and I'm not talking no ballet or piano lessons type but the cannot buy new clothes or toys or even nutritious food type of deprived.
The family every eat plain rice with soy sauce? Like the chap who has half dozen kids on 1.5k income....I think turn on tap flush toilet or tv also must consider first. Live until like this tough let family suffer life is a constant struggle. Mind you Sg now not like 50 years ago
$6000 of savings a month is an AVERAGE figure over 20 years. Savings will be below this sum at the beginning of ones career but should be well above this figure at the peak.
I did a calculation based on $6000 savings pm but you can repeat the calculations with a lower sum eg $4000 and it will still work out to more than $2 million dollars at 45.
At $3000 average savings over 20 years it's about 1.5 million.
If the young spend their money on swanky cars, clubbing, expensive dinners and showing off in general to the point where they save nothing, they'll be in a sorry state later in life.
If they live in a frugal manner, save as much as they can and grab opportunities as they come along and think and act globally instead of just confining themselves to a little island, they can easily achieve financial security well before retirement age.
The most important part of this grand plan is very simple and that is there must be financial goal to work towards rather than an attitude of "I've got all this money I might as well flout my wealth". An even worse plan for the future is to actually believe that changing governments will solve your financial problems in old age. I can assure you it won't.
From what I am told, half of Singapore has less than the current minimum sum of $148,000 in their CPF so even if both husband and wife with this amount in their accounts were allowed to draw the whole lot at 55 thanks to a new government, it's still less than $300,000 to last more than 30 years. If you do the sums, you'll find it's a very miserable life if that's all you have. It's far better to have $2 million or more.
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