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Moving to Singapore ( oft repeated question am sure)

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xenobia
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Moving to Singapore ( oft repeated question am sure)

Postby xenobia » Wed, 11 Apr 2012 5:05 am

I apologize in advance for some questions I ask. I'm sure most of them have been asked before in one form or the other.

My wife and I will be moving to Singapore next month for a 2 year assignment. I've been offered S$88,000 pa as salary.

We've also almost zeroed in on a house for ~S$2600/month.

With roughly this breakdown, could someone help me calculate what my rough monthly expenses would be, and if I'll be able to save a small chunk.

In terms of lifestyle, we do enjoy our small vacations and eating out. Eating/drinking out = twice a week or so.

Thanks in advance.

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Postby nutnut » Wed, 11 Apr 2012 8:29 am

Why don't you try searching first rather than apologising for not searching? You'll find all the regulars here who would respond have answered this question at least 4 or 5 times if not more, so there is a wealth of information there! The prices in the last year and a half have not really gone up or down significantly, so they should be fine.

Come back when you've done some research.

:-| :-|
nutnut

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sundaymorningstaple
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Postby sundaymorningstaple » Wed, 11 Apr 2012 9:30 am

^^^^

What he said!

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Postby xenobia » Sat, 14 Apr 2012 6:38 am

After going through the archives, I've come with a rough estimate. Would you guys mind giving me some feedback on this please?

Monthly expenses

Rent - 2600 (2+1 house )
Utilities - 200
Phone/Cable/Internet - 250
Transport - 200-250
Food - 1000 ( combination of eating out-food courts/pizza + cooking)
Incidentals - 1000 ( stuff I can't account for, emergency expenses)
Remit to home (parents) - 1400

Is there anything else I need to include?

Thanks

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Postby sundaymorningstaple » Sat, 14 Apr 2012 6:47 am

Savings & holidays, both of which are subjective. Your savings may well be in your remittance home.

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Postby QRM » Sat, 14 Apr 2012 7:46 am

Income Tax,
Rental deposit that you are unlikely to see again,
Helper? everyone starts off saying they dont need one.
Medical/health insurance top ups.
Travel insurance
Aircon and general maintenance around the house.

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x9200
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Postby x9200 » Sat, 14 Apr 2012 1:58 pm

xenobia wrote:After going through the archives, I've come with a rough estimate. Would you guys mind giving me some feedback on this please?

Monthly expenses

Rent - 2600 (2+1 house )
Doable but the place itself and the location may be not what you would like to live in

Utilities - 200
Doable, middle range without or with very limited use of aircon

Phone/Cable/Internet - 250
Depends on your habits and demands you can cut this in half or even more.

Transport - 200-250
Probably a nation-wide average

Food - 1000 ( combination of eating out-food courts/pizza + cooking
Incidentals - 1000 ( stuff I can't account for, emergency expenses)
Remit to home (parents) - 1400

Adding to QRM's list:
- traveling back home

Again, it is all highly dependent on your life style and preferences and willingness to compromise on your comfort and spoiling yourself. Overall your budget is more-less fine as for an average middle/middle-lower class 'expat' with the exception of housing which is on a low side.

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Postby xenobia » Sat, 14 Apr 2012 4:57 pm

QRM wrote:Income Tax,
Rental deposit that you are unlikely to see again,
Helper? everyone starts off saying they dont need one.
Medical/health insurance top ups.
Travel insurance
Aircon and general maintenance around the house.


I've found an apartment at 128 Hillview for that price and a 2 year lease. On a cursory glance it does seem to work for me. However feedback is always appreciated. Rental deposit is 5200 for the period. As you mention I'm guessing that's a sunk cost.

For now, I'm assuming I won't need a helper. Not sure how it will change with time though.

How much should I factor in for medical/health insurance? My company does have an insurance plan, but I still need to iron out the details on how much coverage I get.

I forgot tax. To be pessimistic, I'm assuming 10% tax ~700 per month.

In terms of lifestyle, atleast in the US, I've been pretty extravagant with 2 very good meals + a couple of bar trips every week plus eating out otherwise atleast twice a week.

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Postby QRM » Sun, 15 Apr 2012 7:56 am

Tax not sure how the US-Sing system works but normally its about 20 percent.

Medical insurance we topped up our company provided one by $800 per person, that provided world cover we can go to Germany for any ops etc. for us it was a huge help as we needed it at one point and the 800 per month quite literately save my bacon.

General feed-back of the local medical establishment is "got the gear but no idea"

Don't forget to budget in holidays again depends what you want a backpackers special or private jet getaway. Trust me you will need to get off this island every now and them.

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Postby zzm9980 » Sun, 15 Apr 2012 11:10 am

QRM wrote:Tax not sure how the US-Sing system works but normally its about 20 percent.


US citizens are liable to pay full income tax anywhere in the world.
The one (and only) major assistance with this is that there is a US ~$94k (The amount changes every year) "earned income" exclusion. So you don't pay taxes on your payroll wages for the first US$94k, but any other income is fully taxed. Anything after US$94k you pay at the full rate at that bracket.
Basically, it saves you about US$16k in taxes if you make more than that (or have non-earned income, such as stocks, rent, etc)

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Postby kindred » Mon, 16 Apr 2012 12:22 am

xenobia wrote:After going through the archives, I've come with a rough estimate. Would you guys mind giving me some feedback on this please?

Monthly expenses

Rent - 2600 (2+1 house )
Utilities - 200
Phone/Cable/Internet - 250
Transport - 200-250
Food - 1000 ( combination of eating out-food courts/pizza + cooking)
Incidentals - 1000 ( stuff I can't account for, emergency expenses)
Remit to home (parents) - 1400

Is there anything else I need to include?

Thanks


Thanks for posting this - pretty much the same amounts I am planning for with similar salary. I broke it down as:

Rent: 3000 (for 2 bedroom, location not so important)
Utilities: 350 (I like aircon, she's always doing her hair lol)
Phone/TV/Internet: 180
MRT: 100 (I won't be travelling to work)
Food: 1000
Groceries/Misc: 150
Expenses: 500
Send money home: 700
Save: whats left..

If she gets a job then whatever it is would be savings/holidays I guess, but hopefully initial living costs covered by my salary.

Fingers crossed my EP gets approved. I think it was done manually, wonder if it is possible to track it if done manually? Off to search..

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Postby xenobia » Wed, 18 Apr 2012 9:27 pm

@ Happy

Problem is wife didn't want to stay in a HDB. She didn't like the ones she saw. Among condos, this is the one we got within budget with semi-decent location. The area seemed decent, with ~ 45 minute connectivity by bus to my workplace. Unfortunately didn't want to push the 3000 mark ( can't afford it with my salary). Not sure if 1500 would've worked.

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% of income for rent

Postby xenobia » Sun, 03 Jun 2012 12:36 am

I was curious, what % of rent expats spend on rent. This is again, just a request for a ballpark figure. I'm sure it changes from person to person and how their other expenses are. A rough % would give me some idea of what people spend.

Thanks

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Postby zzm9980 » Sun, 03 Jun 2012 1:42 am

You're going to find expats making anywhere from $3k-30k per month, and probably spending 10%-60% (or even more for the more Kiasu expats) per month.

I personally think it's ridiculous how much rent is here and would rather throw my money away than give it to a local LL, so I stay at the low end of that range, about 20%.

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Postby nakatago » Sun, 03 Jun 2012 11:07 am

Ideally, you shouldn't go for more than 30% of your income--and I think this is a global fudge factor people go by. I personally spend 23% and yet I share a flat with others. I have a friend who spent almost 50%!


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