Is my salary sufficient?

[Praveen]

Hi,
I will be moving to Singapore in few months.I will be given 3600 Singapore Dollars per month.I have a family with one kid(not yet going to school).
What will be my minimum potential savings?

[sundaymorningstaple]

What will be my minimum potential savings?

You might want to rephrase your question. As it stands right now, the actual answer would be $0.

If you don't budget, etc., you potentially will not save anything.

Additionally, without knowing your type of lifestyle it will also be hard to give you any estimates.

sms

[whodoes]

i am moving into singapore
, single, not to luxurious... can you give me guys a benchmark on how much should one has to earn in order to live in singapore? thanks

[Another Indian]

Hi,
I will be moving to Singapore in few months.I will be given 3600 Singapore Dollars per month.I have a family with one kid(not yet going to school).
What will be my minimum potential savings?

Hi Pravin,

As per Indian lifestyle - you can still save about 1600 Dollars very easily which is like 40-50000 rupees.

Spending 2000 dollars per month will still give you a very descent lifestyle. If you want to save more, you will have to act and live in a bit of moderation.

Hope it helps.

Good decision, come out and then find another job if you dont like this one.

Another Indian.

[guest 279]

That salary is way too low, for this, one of the most expensive cities in the world.

[BE REALISTIC!!!!]

That salary is way too low, for this, one of the most expensive cities in the world.

...then spare a thought for the majority of the local population in Singapore who earn considerably less than that amount.

Why is it that nearly EVERYONE who gets a "skilled" job in Singapore EXPECTS to live like a KING?...and be treated like a KING?

[Passing Bye]

From another thread:

This will always be a hot topic, always frought with controversy. Here is the basic, fundamental fact -- expats have changed. Understand that this is my perspective, my vantage point.

The expats of old (I'm talking about people from Western, industrialized cultures now: US, UK, Europe etc...) were from upper management or supervisory roles and generally highly educated. They had a proven track record at their company which meant they were senior. Statistics supported the idea of sending an established family overseas, not individuals. While more expensive, this home support system made for a more likely completion of the contract. Families were given very healthy packages to compensate for the hardship -- yes, it was and still is considered by some companies a hardship to take an overseas posting, especially in Asia.

Because of the apples to oranges relationship, everything in Singapore had to be subsidized: the rent here was 10 times what we'd pay at home, Cheerios $10 a box, a Honda Civic 5 times the cost. Suddenly to have a house/car/school, all things you take for granted at home -- required a gigantic amount of money. And companies had to pay, the individual could never come close. You may be living like a king compared to the average Singaporean, but not to your former next door neighbor at home.

The more difficult the posting, the more compensation. When I moved to Singapore it was still a developing nation, still considered third world. That helped boost the package. In Jakarta, the package was bigger. In London it was smaller. The prevailing idea was to maintain -- if not improve slightly -- your standard of living from where you moved from. If you lived in a difficult posting, you were given a bigger package -- at least for the extent of your contract, usually 2 years.

Today's expatriates in contrast, are as varied as they are numerous and the old rules don't apply. They are younger and more global in their perspective. As Singapore becomes more westernized, the packages shrink accordingly. Competition has in fact made the old compensation packages a thing of the past. The old expat is being replaced by the new. Which is a sign of a healthy market economy. Some old school expats have had to considerably step it down and go on a 'local package' if they want to stay. I have seen this many times.

I did not move from Park Avenue. I will never, in my life time, be able to afford Park Avenue, penthouse or coat closet. I moved from middle America. Suburbia. The fact of it is, in a general sense, American standards of living exceed those in the Philippines -- which is why the original poster and I have such vastly different view points. Or even Eric for that matter. Its all relative, but just because we have a bigger housing allowance doesn't mean we're fabulously wealthy -- all it means is that we have a bigger housing allowance.

Think further... is right. Where you move from makes all the difference. But the fact remains -- Singapore is much more expensive than the Philippines. In my heart of hearts, $2,600 seems very tight. Can they do it? Maybe. But should they? Is it a responsible move? With so many variables? So many what ifs...? I don't know the answer. Seems like they have no safety net at all, no cushion, and I find that very disconcerting. If the job is really worth it, and they truly have an understanding of what they are getting themselves into -- then all I can say is I wish them Godspeed and the best of luck.

[guest 279]

That's faulty thinking. We don't have to give a thought to most locals, rather what is good for us. Imagine that we would consider living in some other place like Bangladesh, would we say that since most people make, say 200 a month, we should be happy with our $500? I don't think so. We have to compare salaries to things like what we could get in our own countries, other countries, taxes, living expenses, etc. and factor it all in. I still stand by my statement that sg is one of the most expensive cities in the world.

[cyber_m0nkey]

That's faulty thinking. We don't have to give a thought to most locals, rather what is good for us. Imagine that we would consider living in some other place like Bangladesh, would we say that since most people make, say 200 a month, we should be happy with our $500? I don't think so. We have to compare salaries to things like what we could get in our own countries, other countries, taxes, living expenses, etc. and factor it all in. I still stand by my statement that sg is one of the most expensive cities in the world.

I agree with Passing By, 'expensive' is a relative term. Every city in the world is expensive if you don't earn enough to buy what you need and what you want. The traditional expat is fading fast, this is a direct consequence of globalisation. What many firms are doing now is to offer 'equalised' expact packages, which in effect are localised packages. Sure there are usually added benefits like houseing, educaton etc, but these don't last long and you localise completely after the intial contract or ship out.

Singapore isn't even close to being one of the most expensive cities (except maybe for cars). It doesn't even come close to living in places like Tokyo, London, Paris, Sydney. You can't compare anything to the US, everything is cheap in the US because of the size of the consumer market - and the level of debt people are prepared to get themselves into.

[bizcatalyst]

Praveen,
Are you vegetarian ?
Do you eat at home ?
Do you plan to take bus and train to work ?
IF yr answers to the above questions are YES, YES and YES

3600 is a good start. You can save 1600/month.

Bizcatalyst

[Javier]

Praveen,
Are you vegetarian ?
Do you eat at home ?
Do you plan to take bus and train to work ?
IF yr answers to the above questions are YES, YES and YES

3600 is a good start. You can save 1600/month.

Bizcatalyst

I agree with you except for the vegetarian part. Being vegetarian is more expensive here.

[Javaguy]

you have none. $0. I will take over your job.