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.
The Cost of Living in Singapore: By the Numbers
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 Save Money While Living in Singapore
• 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 centre, try to find the local restaurants where Singapore residents eat. These are going to have much lower prices.
• Choose a school that offers an excellent educational experience for your children but is also value-for-your-hard-earned-money. International schools 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!
• Luckily, there is an international school in Singapore that offers moderate tuition fees without compromising the integrity of the educational experience it delivers.. One World International School boasts a rigorous curriculum and values based programme that will help your child develop the skills and attitude for a happy and productive life.
• 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.
For more information on the quality of life in Singapore, contact us at OWIS today.