Peek at the Salary and Cost of Living in Singapore per Month!

Singapore is one of the sparkling countries in Southeast Asia, where it holds extraordinary charm by being a brilliant financial center, and has diverse cultural wealth, Singapore has become a magnet for people from all over the world to visit or even settle in the country. 

Along with its development, Singapore has become one of the developed countries in Southeast Asia, where of course the income of the people there has also increased.

So, maybe many of you have questions about how much does it cost to live in Singapore? To find out, you can read the information below!

Living Necessities in Singapore

As one of the developed countries, Singapore has a variety of living needs that result in quite large expenses. Even so, the minimum wage for workers there is quite large, reaching US$4,350 or equivalent to Rp64 million so that they can meet all these needs. When compared to the minimum wage in Indonesia, the difference is very striking.

If you have the intention to live in Singapore, it is important to know the various needs that must be met during your stay there, such as accommodation, food needs, transportation, shopping and paying for monthly needs, education, insurance, entertainment, and other factors.

How Much Does It Cost to Live in Singapore?

As one of the most stunning destinations in Southeast Asia, Singapore has an appeal to all levels of society, including workers, families, and students. Because of this, before you decide to live in Singapore, you must measure the cost of living there. Here is an estimate of the cost of living in Singapore.

Worker

For workers, basic needs such as housing, food and transportation are the main considerations. Renting a place in the suburbs, as suggested by gov.sg, can cost around S$600 to S$800 per month. For those who live alone, more affordable housing options can be an efficient solution.

Family

The estimated cost of living for a family in Singapore involves additional variables, such as a place to live recommended by The Housing & Development Board (HDB), with rents of around S$3,000 or equivalent to Rp33.9 million per month. While food costs range from S$3 to S$10 per meal, must be accumulated according to the number of family members.

Student

For students, finding an efficient solution is key to dealing with living costs. Campus dormitories, at around S$200 or Rp2.2 million, can be an affordable option, especially if students live close to the campus area. Adjustments to transportation costs may also be needed, taking into account study needs such as books, lab work, and other academic needs.

Cost of Living in Singapore 1 Day

The cost of living per day in Singapore can vary depending on each individual's personal decisions and preferences. Eating at a food stall or food court is estimated to cost between SGD 5 - SGD 20 per person, while daily transportation by MRT, bus, or taxi can reach SGD 1 - SGD 5, plus a fee per kilometer. 

For those staying in hotels or hostels, accommodation costs per night range from SGD 50 to SGD 300, depending on the class and facilities. For entertainment and other activities, such as cinema tickets, museums, or tourist attractions, costs can reach SGD 10 to SGD 30 or more. 

Daily Expenses

Here are the details of the cost of living in Singapore, starting from food, transportation, insurance, to other expenses that need to be considered before you live or vacation there.

Meal cost

The budget for food varies greatly depending on eating habits and personal preferences. Eating out at a restaurant can cost around SGD 3 – 8 or IDR 33,000 – IDR 88,500 per meal. 

If calculated for three meals a day, the cost of eating out can reach around SGD 720,000 or equivalent to IDR 8,000,000 per month. Alternatively, cooking at home can save up to around IDR 4,000,000 – IDR 5,000,000 per month, with the price of basic food items including milk, eggs, vegetables, and meat.

Transportation costs

Singapore has a good transportation system, and the cost of transportation can be a significant factor. A monthly subscription to public transportation for SGD 153 or Rp1,700,000 can be an option for those who use it every day. 

Read Also: 8 Traditions in Singapore You Must Know

Sporadic use of public transportation costs around Rp9,000 per trip on the MRT. Other transportation costs, such as buses, taxis, and bicycles, vary depending on the choice and distance traveled.

Insurance Costs

Insurance is an important consideration while living in Singapore, and the average annual premium ranges from SGD 1,920 to SGD 3,200 or IDR 21,000,000 – IDR 35,000,000. Including insurance in your living expenses calculation is a precautionary measure to overcome risks while studying or living in Singapore.

Miscellaneous expense

Other living expenses include monthly bills such as electricity, water, gas, and internet. These estimated costs include SGD 200 – SGD 400 (IDR 2,200,000 – IDR 4,400,000) for electricity, SGD 35 (IDR 380,000) per gas cylinder, SGD 36 (IDR 400,000) per month for water, and SGD 30.18 – SGD 40.30 (IDR 330,000 – IDR 442,000) for internet. Additional funds are also needed for entertainment, such as cinemas and emergency needs of around SGD 600 per month or IDR 6,600,000.

Cheapest Areas in Singapore

Singapore is known as one of the countries with the highest cost of living in the world. Therefore, looking for the cheapest areas in Singapore may not be entirely relevant, as Singapore is one of the developed countries with a high cost of living.

However, Singapore does have some more affordable housing areas, but the cost of living is still generally high. Some areas that may have more affordable rents or property prices include Woodlands and Jurong. 

Woodlands

Woodlands is located at the northern tip of Singapore and is one of the more affordable residential areas compared to some parts of the city centre. The area has a number of public amenities, such as a shopping centre (Woodlands Regional Centre), parks and schools.

The availability of more land around Woodlands can affect property prices and the cost of living. The greater distance from the city center can create more affordable rental prices and property prices.

Jurong

Jurong is located in the southwest of Singapore and is known as a major business and industrial hub. Despite its rapid development, some parts of Jurong, such as Jurong West and Jurong East, may offer more affordable housing options compared to the more central city centre.

As an industrial area, Jurong has many business centers, shopping malls and educational facilities. However, property prices and living costs in Jurong may be lower compared to the main business districts in the city center.

It’s worth remembering that the “relatively cheap” aspect can vary from person to person depending on their personal needs and preferences. While Woodlands and Jurong may offer some more affordable housing options, the overall cost of living in Singapore remains high compared to many other countries in the world.

Cost Saving Tips for Living in Singapore

To save on living costs in Singapore, there are several tips that can be done to save on living costs there. 

Like one of the for example, cooking your own daily meals not only provides health benefits but can also significantly reduce expenses. In addition, avoiding a luxurious lifestyle is an effective way to control living costs, considering the many temptations to spend money on entertainment activities.

You also need to consider ways to earn extra income. One way is to pursue freelance work according to your skills. In Singapore, there are many internship opportunities and side jobs that can be a source of additional income for you. 

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