Singapore Expats Forum
 

Is this salary enough for a family of 3?

Discuss about getting a well paid job or career advancement. Ask about salaries, expat packages, CPF & taxes for expatriate.
Post Reply
teamNLUK
Newbie
Newbie
Posts: 1
Joined: Tue, 13 Apr 2021 2:13 pm

Is this salary enough for a family of 3?

Post by teamNLUK » Tue, 13 Apr 2021 2:23 pm

Hi,

I recently received a job offer of S$115,000.

I have an 8 month baby, and a wife to support.

I also earn bonuses which vary from 0-S$5,000 per month, but this is very difficult to predict.

We are budgeting S$4,000 per month on rent.

Is this salary enough for us? Will we struggle?

Thanks,

randomluser
Member
Member
Posts: 27
Joined: Sat, 28 Jan 2012 3:13 am

Re: Is this salary enough for a family of 3?

Post by randomluser » Tue, 13 Apr 2021 3:28 pm

$9.58K/month, IMHO budgeting $4K for rent is.. excessive. I think $2.5K is more prudent.

This pay level will be OK but not great provided you don't send your child to infant/child care. Child care at "PAP Kindergarten" (PCF Sparkletots) - and yes, some of them do accept children of EP holders - would be around $1K/month, while child care at an International School would be $2.5K+/month.

Wong_Jnr
Regular
Regular
Posts: 55
Joined: Tue, 30 Apr 2019 11:50 am
Location: Singapore (ex-London)

Re: Is this salary enough for a family of 3?

Post by Wong_Jnr » Wed, 14 Apr 2021 9:24 am

Amount should be fine.
I live in a considerable more expensive condo and my wife and I struggle to spend $10k per month and we don't exactly scrimp on spending.
You should be able to live a comfortable life as long as you don't get suckered into the keeping up with the Jones

Lisafuller
Reporter
Reporter
Posts: 602
Joined: Sat, 07 Nov 2020 11:45 pm

Re: Is this salary enough for a family of 3?

Post by Lisafuller » Wed, 14 Apr 2021 5:56 pm

Wong_Jnr wrote:
Wed, 14 Apr 2021 9:24 am
Amount should be fine.
I live in a considerable more expensive condo and my wife and I struggle to spend $10k per month and we don't exactly scrimp on spending.
You should be able to live a comfortable life as long as you don't get suckered into the keeping up with the Jones
Yes but your expenditure doesn’t include money you’ve put away as savings does it? $10K a month will give you a relatively comfortable life but you’ll be left with nothing at the end of the day.

Lisafuller
Reporter
Reporter
Posts: 602
Joined: Sat, 07 Nov 2020 11:45 pm

Re: Is this salary enough for a family of 3?

Post by Lisafuller » Wed, 14 Apr 2021 5:57 pm

randomluser wrote:
Tue, 13 Apr 2021 3:28 pm
$9.58K/month, IMHO budgeting $4K for rent is.. excessive. I think $2.5K is more prudent.

This pay level will be OK but not great provided you don't send your child to infant/child care. Child care at "PAP Kindergarten" (PCF Sparkletots) - and yes, some of them do accept children of EP holders - would be around $1K/month, while child care at an International School would be $2.5K+/month.
Agree completely. You should be able to find a house for much less. $4K for rent would leave you with $5.58K for gas (assuming you drive), food, utilities, childcare expenses and recreation, so it will be a tight budget. $2-$3K would leave you much more wiggle room.

Wong_Jnr
Regular
Regular
Posts: 55
Joined: Tue, 30 Apr 2019 11:50 am
Location: Singapore (ex-London)

Re: Is this salary enough for a family of 3?

Post by Wong_Jnr » Thu, 15 Apr 2021 9:56 am

Lisafuller wrote:
Wed, 14 Apr 2021 5:56 pm
Yes but your expenditure doesn’t include money you’ve put away as savings does it? $10K a month will give you a relatively comfortable life but you’ll be left with nothing at the end of the day.
OK let's rephrase this. I came to Singapore with my wife and a $10k income was what I calculated to require a comfortable life to include savings too. This was based on talking with several friends who have been living here a long time, so it's based on peoples experience not just a guesstimate.
$10k I will stand by as a good base figure from experience and it does leave headroom for savings and holidays. Cheaper the condo the more headroom.
Obviously everyone's lifestyle is different and it's a balance that only the individual can decide.
I am trying to give some comfort to the OP that it's possible.

Lisafuller
Reporter
Reporter
Posts: 602
Joined: Sat, 07 Nov 2020 11:45 pm

Re: Is this salary enough for a family of 3?

Post by Lisafuller » Thu, 15 Apr 2021 1:40 pm

Wong_Jnr wrote:
Thu, 15 Apr 2021 9:56 am
Lisafuller wrote:
Wed, 14 Apr 2021 5:56 pm
Yes but your expenditure doesn’t include money you’ve put away as savings does it? $10K a month will give you a relatively comfortable life but you’ll be left with nothing at the end of the day.
OK let's rephrase this. I came to Singapore with my wife and a $10k income was what I calculated to require a comfortable life to include savings too. This was based on talking with several friends who have been living here a long time, so it's based on peoples experience not just a guesstimate.
$10k I will stand by as a good base figure from experience and it does leave headroom for savings and holidays. Cheaper the condo the more headroom.
Obviously everyone's lifestyle is different and it's a balance that only the individual can decide.
I am trying to give some comfort to the OP that it's possible.
I see, I just didn’t want OP to have false hope.

randomluser
Member
Member
Posts: 27
Joined: Sat, 28 Jan 2012 3:13 am

Re: Is this salary enough for a family of 3?

Post by randomluser » Thu, 22 Apr 2021 4:00 am

Don't forget that a bread and butter car is $10k annual depre ~ $1k+/month including road tax, fuel, maintenance..

IMHO spending more than ~ $3K for housing on a $10K gross income is highly questionable.

It's a very common benchmark that you should only spend 20-30% of your income on housing. QED. I'm personally not comfortable spending more than 30% which incidentally is also around the maximum mortgage % banks in other countries will allow (the 60% TDSR that MAS allows simply boggles my mind.. people with 60% TDSR are up to their necks in mortgage debt).

And again: child care isn't cheap for foreigners in Singapore. You'll be lucky if you get your kid into PAP kindergarten (minimum 2 years old). $1k/month minimum. If it's International School, $2K+ minimum per month. I literally spend more on child care every month than on rental.

Even if your wife isn't working, your kid still needs to go to childcare for the social interaction and you don't want your wife to go nuts caring for your kid alone at home while you're at work. If you get a maid.. the TCO used to be $1K/month (maid salary + maid levy + the food/utilities they consume). I understand it is much higher now because COVID restrictions have jacked up the pay that maids can ask for. I'd say $1.5K/month probably minimum TCO.

Lisafuller
Reporter
Reporter
Posts: 602
Joined: Sat, 07 Nov 2020 11:45 pm

Re: Is this salary enough for a family of 3?

Post by Lisafuller » Thu, 22 Apr 2021 11:26 am

randomluser wrote:
Thu, 22 Apr 2021 4:00 am
Don't forget that a bread and butter car is $10k annual depre ~ $1k+/month including road tax, fuel, maintenance..

IMHO spending more than ~ $3K for housing on a $10K gross income is highly questionable.

It's a very common benchmark that you should only spend 20-30% of your income on housing. QED. I'm personally not comfortable spending more than 30% which incidentally is also around the maximum mortgage % banks in other countries will allow (the 60% TDSR that MAS allows simply boggles my mind.. people with 60% TDSR are up to their necks in mortgage debt).

And again: child care isn't cheap for foreigners in Singapore. You'll be lucky if you get your kid into PAP kindergarten (minimum 2 years old). $1k/month minimum. If it's International School, $2K+ minimum per month. I literally spend more on child care every month than on rental.

Even if your wife isn't working, your kid still needs to go to childcare for the social interaction and you don't want your wife to go nuts caring for your kid alone at home while you're at work. If you get a maid.. the TCO used to be $1K/month (maid salary + maid levy + the food/utilities they consume). I understand it is much higher now because COVID restrictions have jacked up the pay that maids can ask for. I'd say $1.5K/month probably minimum TCO.
Yes, childcare costs for foreigners are exorbitant. Spending more than 2.5-3K a month on rent would not be prudent.

Post Reply
  • Similar Topics
    Replies
    Views
    Last post

Return to “Careers & Jobs in Singapore”

Who is online

Users browsing this forum: No registered users and 6 guests