Singaporean Living Cost in 2023: Comfortable Life

Singaporean Living Cost in 2023: Comfortable Life

Recently, I had a conversation with some of my friends about our monthly spending. As most of them have families, their expenses are generally higher than mine. Hearing about how they budget their finances sparked an idea for a potential video topic. I want to examine if my expenses are high or low in Singapore’s high-cost living and share my perspective on it.

I follow some fundamental principles when it comes to managing my expenses:

  • Firstly, I believe in avoiding laziness and making a consistent effort to track my expenses every month.
  • Secondly, I distinguish between my needs and wants and only spend money on things that are genuinely necessary.

By adhering to these principles, I strive to achieve a sense of contentment in managing my finances.

Simple information

Allow me to provide you with some general information about me. I currently reside in a 40-year-old three-room public housing apartment and hold a university degree. Additionally, I have been working in the IT industry for approximately 15 to 16 years.

I will start with the cheaper items and gradually move to the more expensive ones. Each month, I closely monitor my spending habits, reflecting on the necessity of certain expenses and whether I overspent in certain categories.

Excel Spreadsheet for tracking

I have developed an Excel spreadsheet that is categorized into various sections, including personal expenses, transportation, insurance, telephone bills, and more.


Stay Healthly (0 dollar)

To prioritize zero spending, I have made a personal commitment to walk for at least an hour each day. I believe that maintaining good health is essential for achieving our goals and minimizing medical expenses. There’s a popular saying that goes, “When you’re sick, all you think about is getting better, not how much money you can make or spend.”

Blogging (5 dollars)

At present, I am utilizing an AWS server for my blog, which incurs a monthly expense of around 5 dollars. While I haven’t been consistently writing blog posts, I have recently started utilizing ChatGPT to assist me with generating content. My aim is to earn some additional income through my writing endeavors.


Mobile Bill (19 dollars)

Currently, my monthly phone bill amounts to approximately 19 dollars, and I have been using my Samsung S7 for over 5 years. While the camera quality may have deteriorated over time, it still suffices for my basic needs, such as making calls, browsing social media, and surfing the web. Therefore, I do not see the necessity to upgrade my phone every two years.

Vlog (28 dollars)

I am currently subscribed to Adobe Photoshop and Artlist, which incur a monthly cost of approximately 28 dollars. I use Adobe Photoshop for designing thumbnails for my YouTube videos, as I found the learning curve for free software like GIMP to be too steep, thereby reducing my efficiency. This is why I ultimately decided to invest in Adobe Photoshop. Artlist is another subscription service that provides me with access to a wide range of music to use in my YouTube videos legally. This is important, as using copyrighted music can prevent me from enabling ads on my videos.

I am currently subscribed to Adobe Photoshop and Artlist, which incur a monthly cost of approximately 28 dollars. I use Adobe Photoshop for designing thumbnails for my YouTube videos, as I found the learning curve for free software like GIMP to be too steep, thereby reducing my efficiency. This is why I ultimately decided to invest in Adobe Photoshop. Artlist is another subscription service that provides me with access to a wide range of music to use in my YouTube videos legally. This is important, as using copyrighted music can prevent me from enabling ads on my videos.

Lottery (40 dollars)

I set aside approximately 40 dollars each month to purchase TOTO tickets, with the hope of winning the jackpot and retiring earlier.

Internet and Cable TV (85 dollars)

My monthly subscription with StarHub, which includes Netflix and 1GB fiber broadband internet, amounts to approximately 85 dollars. While the fiber broadband network is utilized by everyone in my family, my parents are the primary viewers of StarHub. Some have suggested that I subscribe directly to Netflix as it offers a wider range of programs at a cheaper rate. However, my parents are not familiar with using Netflix, and despite using StarHub for several years, they still encounter difficulties with it from time to time.

Utility Bills (90 dollars)

Our utility bills, comprising of water and electricity, amount to around 25 dollars and 65 dollars respectively. As the prices of these utilities are beyond our control, there is not much to elaborate on.

Transportation (100 dollars)

I have set aside a budget of approximately 100 dollars for transportation expenses. Singapore’s transportation system is very convenient, and I usually commute or go out by subway or bus. I hardly ever take a taxi, maybe less than five times a year. As I mentioned earlier, I try to walk for at least an hour every day. So when I need to go shopping or grab a bite to eat near my house, I prefer to walk there instead of using public transportation.

Personal Expense (800 dollars)

My monthly personal expenses amount to approximately 800 dollars, which includes various expenditures such as daily necessities, entertainment, food, and more. Many of my friends often inquire about how I manage to keep my expenses under control. In my opinion, the key to effective expense management is to differentiate between needs and wants. For instance, if your current smartphone is functioning well, is it really necessary to replace it with a newer model just because it’s available? I believe the money can be put to better use elsewhere. If a new phone can improve your video-making and help you earn money, then it’s a justifiable purchase.

I ensure that my meals cost less than 5 yuan each, excluding drinks. Whenever I go out, I bring my own water bottle and refrain from buying coffee or tea outside, not because I’m hesitant to spend money, but because I often experience acid reflux after consuming them. Although I occasionally have a pricier lunch with colleagues, most of the time, I stick to my budget-friendly meals. For instance, in my area, Nasi Lemak costs only 2.4 dollars, whereas in my workplace, it is priced at 8 or 9 dollars, but the taste isn’t four times better than the cheaper option.

I compare supermarket prices to save money on daily necessities, taking advantage of promotional sales with discounts ranging from a few cents to a few dollars. I believe every bit counts, so I compare prices and buy more during promotional sales,” says the frugal spender.

The monthly personal expense budget of 800 dollars is adjustable. For instance, if I spend only 400 dollars in January, the remaining 400 dollars can be carried forward to February. This means that in February, I would have 1200 dollars to spend.

Insurance Policy (1016 dollars)

I pay 1016 dollars per month for my insurance premium, which some may consider extravagant. However, out of this amount, only 589.5 dollars goes towards actual insurance coverage, while the remaining 426.5 dollars is allocated to savings insurance. I could earn more by investing the $426 elsewhere, but I prefer diversifying my investments with some low-risk options. Additionally, this ensures that I save at least 426 dollars each month.

Parent Allowance (1100 dollars)

The final expense is the allowance I provide for my parents, which amounts to 1100 dollars per month. Although some of my friends may find this amount surprising, if you divide it by two, each parent’s allowance would only be 550 dollars. Thus, my question to them is whether they could manage their monthly expenses with only 550 dollars. To prepare for retirement, I limit my monthly expenses to $800, reflecting on spending and questioning if expenses were necessary.

Total Montly Expenses (3329.50 dollars)

So, my monthly expenses amount to approximately 3329.50 dollars. Above is what a Singaporean Living cost in 2023 looking like. Do you have any suggestions to help me better manage my money do leave a comment below.

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