How To Ensure You’re Making Enough Money To Fund Your Singapore Lifestyle

Money matters a lot in Singapore. It’s the nation’s close relationship with finance that gives it its reputation and standing in the world, after all. But what about your own finances? How much do you need to be earning to make it here?

The cost of living in Singapore

The first thing to consider is the cost of living here. The Expatistan contains a highly valuable resource to help with this, having accumulated a comprehensive list of typical costs of products and services for those living in Singapore.

The list covers food, housing, entertainment, transport, personal care and clothes. Some key points to consider are:

*you can expect to pay about $2-3,000 rent, depending on the size of your accommodation and the quality of the area you choose to live
*utility bills are roughly $129
*public transport can cost $91 a month
*a typical lunch in the business district costs $12

What you need to earn

So, with those costs in mind, what do you need to earn to be able to afford all of this?

The Heart Truths did an interesting analysis of the amount people need to earn to survive in Singapore. It looked at the typical incomes of those in Singapore and the amount they need to spend on retirement (CPF), food, transport, rent and bills.

It concluded that singles needed to aim for a starting salary of about $2,000 and couples had to try to earn $3,500.

This, of course, depends on how much disposable income you aspire to have or whether you want to get a mansion on Paterson Hill, for example. The blog was also put together a couple of years ago now so you can safely assume that the costs have only gone up in the meantime.

The best paid jobs in Singapore

But it’s all well and good knowing how much it costs and what you need to earn to be able to keep up with that pace, but how do you ensure that you can then achieve that?

The best way is to search out the jobs that deliver the best pay in Singapore.

A recent report by Straits Times highlighted the five highest paying sectors and each of these can comfortably support the Singapore lifestyle. The top five were:

*IT – with senior figures earning up to $22,000 a month
*Accounting – in which senior finance officers are paid up to $20,000 a month
*Sales, marketing and advertising – with digital marketers able to command salaries of up to $10,000
*Banking and finance – with a vast range of positions in more than 700 institutions paying wages of up to $17,000
*Health and life science – with Government support this sector is flourishing and able to pay research and development directors up to $15,000

The way forward

It’s important to consider your own circumstances carefully. Use the information out there to consider your lifestyle and the amount you need to earn to afford that. Then you can target the jobs that will deliver the salary you need to make this work.

Consider your strengths and aim for the sectors that are providing the best jobs in Singapore right now. Whether you know your trading terms inside out and fancy flourishing in finance or have the expertise to ride the crest of the wave in the health and life sciences sector once the $19-billion Research, Innovation and Enterprise 2020 Plan kicks in – these are the key industries to deliver the money you need for the life you want.

*In collaboration with Sophie Davidson.