$5,000 Income is Enough to Live Comfortably in Singapore
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- เผยแพร่เมื่อ 9 ก.ค. 2024
- Is $5,000 a good enough income to live comfortably in Singapore? Well I think it depends on your definition of “comfortable”. A breakdown of different expenses and how far a $5,000 income can go.
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Now this is a much more down to earth sum. Sometimes i see people saying they need 20k per month in sg. Insane.
Those are people with a different definition for “comfortable”.
Very reasonable budget for each expense category you listed!
Personally throwing in a few more needs categories here:
1) Giving parents allowance. I guess this can arguably partially overlap with the $930 for housing cost. But for those who rent outside, this will be additional.
2) Yearly income tax. This can be quite hefty for higher income earners.
3) Household items. This can be any misc. items used in homes but not related to groceries, to small furniture. This can arguably be a need for items that are absolutely necessary for daily living (e.g. a chair, screwdrivers or a LED light bulb)
4) Medical costs. We can assume to have corporate insurance but some companies do not fully cover the expenses
Thanks for the input. I also forgot to include utilities and telco bills but that could possibly fall under housing as well
For 2) it’s gonna be less than $100 per month for someone who takes home $4,000 a month even without rebates so quite negligible. The problem becomes more serious when income increases so it’s a good problem 😂
Stock video is getting more. Master chef!! 😂
I think $5k is a very sufficient amount to live in a comfortable life. Even lower than this, the lifestyle needs to adjust accordingly. Every salary amount will get a way to survive.
Ya I should start a cooking show. Can live la don’t need to “leave” the comfortable life 😂
@@Sethisfy haha noted. Corrected.
Support your 2nd channel of cooking show 🥳
$5000 is also the figure which is published as a example figure in the HDB BTO advertisements we see in the papers daily. I do not think that this is enough, because as per your calculations, you don't have much room to factor in annual inflation.
Also for emergency expenses - you will need about 6 months equivalence of your salary to consider to be minimally prepared for that. 6mths x 5k = 30000. and based on your savings plan of 800 a month, you will need more than 3 yrs to achieve that. if you have 4 pax in your home - you will need 30000 x 4 to be minimally prepared for emergency income (include spouse, kids, old parents etc).
Also you also have to factor what happens if retrenched - maybe use emergency funds to tide till next employment? i mean, depends on how you see it.
it all comes down to if you want to eat 3 meals at a hawker centre, food court or restaurant (and im not just talking about food here if you get the drift)
what's the definition of comfortable to person A might not be comfortable to person B
Do you want to stay HDB, condo, or black and white house???
@Sethisfy random irreverent question to topic of the video. can you share where is the country/place shown in @6:02. looks nice
New Zealand! Took a train from Christchurch up north
Lol knn meals 8 bucks per day enoigh to cover all 3 meals. I fsctor in 750 per month contribution to parents, still can comfortably live with 4k take home so yes this vid is zhun
Wah this one high level
but few people earning 5000/mth! Nobody I know earn more than 5000/mth ,mostly are between 3000 or 4000 before cpf
Median income is $4.5k so by definition 50% of the population earn less than that… but the other 50% earn more
I am just curious, why do your house have 2 oven?
The higher one is a coffee machine
Im not even close to 4k yet I'm still living comfortably as single. Renting room is my no 1 money spend on 😅
What’s your monthly budget like
@@Sethisfy I roughly spend 1.7k-1.8k per month.
Forgot about rent as part of the needs and might cost more than $1000
buy HDB and service loan through CPF OA, then don’t even need to touch cash?
You didn't watch his video? It's at 3:24. $930.
I found it contradictory about saving excludes CFP contributions.
If you pay mortgage with CPF, that means you can bump up your 20% savings because you don’t use our cash to pay mortgage payments.
But if you uses Cash to pay off mortgages, then, your savings % will be impacted. Therefore, 50/30/20 rules did not account on your overall financial statement.
Two cent please. Thanks.
Applying 50/30/20 to take-home salary is being more prudent. Whether you pay your mortgage with CPF or cash or both, you will be saving 20% of your take-home pay.
If only $250 is enough for insurance. Try taking up whole life policy or critical or early critical care with decent sum assured or payouts. Also not forgetting kids. Not everyone is lucky to have the kids grandparents to take care of their kids. Childcare can get expensive, schooling , books, dare I mention tuition etc......
Well yeah if you’re buying things like whole life that’s when $250 per month isn’t enough to get sufficiently insured. If you’re buying $150 shampoo then $100 for toiletries wouldn’t be enough too 😅
The lifestyle you describe is living prudently, not comfortably. Having a car can fall under a ‘Need’ instead of ‘want’ and we will not be having the same income for 35 years and with rising cost, honestly $5000 is still too low to live comfortably in Singapore however.
Oh boy my prudent budget is at least 50% savings 😂
All the more Singaporeans should start making plans to migrate out of Singapore
I totally agree. people need to realise the difference between being alive and living.
having 3 meals is just existing, not "comfortable" at least not in my definition
The issue is drastically different if you are paying rent.
Rent I proportion $800-$900. Anything more can come out from the “want” budget
@Sethisfy If staying with landlord and shared toilet, possible. Otherwise the market rate for a single HDB common room was already past 1k last year. 1b1b condo over 2.8k. Granted, mortgage payment could be worse but it can come from cpf thus not so harsh on monthly cashflow.
Removing Employer CPF contribution (55 yrs and below), the median monthly salary should be $4,441.88, right? Calculation of median monthly salary is also inclusive of bonuses and 13th AWS. So assuming 13mth AWS and 1mth bonus, the actual median monthly salary is $3,807.33, right?
The median income figure also includes self-employed people who don’t have employers’ contributions or annual bonus
Im spending about 15% of what I earn each month and 50% of that is income tax