With a thriving, high-tech economy, Singapore is among the top destinations to live in the world but also an expensive place if you are not careful with your budgeting. The cost of living can be startling to expatriates, so it’s important that those who are relocating to Singapore know what to expect when they arrive.
Here are some facts and figures that you need to know about the cost of living in Singapore.
Costs of Living in Singapore
Here’s a breakdown of some of the average costs in Singapore:
- 1 Quart of milk is about $3.
- 1 litre of gasoline for the car is about $2.
- An average dinner at a restaurant for two adults is about $85.
- Monthly rent for an average-sized apartment ranges between $2,200 and $6,600 per month.
How to Reduce the Costs of Living?
Restaurants
Eat where the locals eat. Dining in Singapore is costly, especially if you end up at a restaurant that’s in an area populated with tourists. Instead of going out for a night on the town in the city center, try to find the local restaurants where Singapore residents eat. These are going to have much lower prices.
Schools
Choose a school that offers an excellent educational experience for your children but is also value-for-your-hard-earned-money. International schools in Singapore where there is a diverse student population can be a good fit for your child but some of these are cost-prohibitive. Look for schools that have an internationally-recognised curriculum at a moderate fee point, which will give your child a future-proofed education, without breaking the bank!
Transaction Fees
Apply for a local credit card after you move to Singapore. Many expatriates mistakenly try to keep using their existing credit cards, without realising that they are being subjected to international transaction fees. If you will be in Singapore for a significant period of time, you may want to consider applying for a local credit card after your arrival.
The cost of living in Singapore can be higher than in many other countries around the world, but the cultural experience that can be enjoyed here is unlike anything else. The cost is well worth it when you get to immerse yourself in this unique community and provide your child with the experience of attending an international school.
Written By One World International School
