Living in Singapore isn’t cheap. But neither is it the exorbitant, unattainable lifestyle that headlines often make it out to be, at least in all those “Cost of Living” ranking tables we see in Western-focused publications.
Comfort, after all, is completely subjective and very personal. For some, it’s a weekly $500 omakase and a private condo near an MRT.
For others, it’s simply not worrying about monthly bills, being able to save consistently, and having the occasional splurge without the accompanying guilt trip.
So, the question becomes: what’s a realistic income that allows you to live comfortably in Singapore?
Let’s break it down and find out.
What Does Living “Comfortably” Actually Mean?
Before we talk about the various numbers, we should define what “comfortable” living actually looks like, especially in the Singapore context.
For argument’s sake, let’s assume it is a simple lifestyle that includes:
- Living in a small apartment
- Eating out once or twice a week
- Saving at least 20% of your income
- Paying for insurance
- Enjoying a holiday once or twice a year
- Being able to afford transport, gym memberships, and occasional social activities
- Monthly mandatory employee CPF contribution of 20% – which will eventually afford a basic retirement for you
The above scenario is not living extravagantly but it’s also certainly not just “scraping by” either. Let’s look at what this lifestyle might cost for a young single person who doesn’t own their own HDB.
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#1 Housing: $1,000 To $3,500 A Month
For singles, room rentals in older HDB estates can range from about $800 to $1,200 per month. If you want your own space, a one-bedroom private condo or apartment could easily cost $2,500 to $3,500, especially if it’s central or near transport routes.
To find a balance, let’s say you’re renting your own HDB flat or studio apartment for $2,000 a month. That gives you privacy and convenience without the premiums attached to condo renting.
If you think you can afford it, there’s no reason to stop here. You can start a family, but that will likely mean having to pay to own a larger space. Having said that, you can also qualify for housing grants that can pay your downpayment, and your monthly CPF contributions can pay the monthly instalments.
Estimated Monthly Cost: $2,000
#2 Groceries & Dining Out: $600 To $1,000 A Month
If you’re cooking regularly and mixing it up with hawker food and the occasional meal at a more upscale restaurant, you can get by on around $600 a month.
Eating out more often? Expect that to hit $800 to $1,000, especially with inflation driving menu prices up across the board.
Let’s go with $800, which is a balanced number. This works out to an average of around $27 per day for food – likely allowing you to eat out occasionally.
Estimated Monthly Cost: $800
Read Also: How Much Does The Average Singaporean Household Spend Each Month On Groceries?
#3 Transport: $150 To $300 A Month
Public transport is still unbelievably affordable in Singapore as well as being world class.
A monthly Adult Travel Pass is around $128, but most working adults just tap and go with SimplyGo for a monthly spend between $100 to $150.
If you’re using Grab frequently or own a car, this cost obviously jumps dramatically as you are taking private transport and have to contend with the occasional surge pricing.
Assuming you don’t own a car (because owning one easily adds thousands of dollars per month), $250 is a safe number to work with. After all, we crunching the numbers for a comfortable lifestyle, and not a 5C-type lifestyle here.
Estimated Monthly Cost: $250
#4 Insurance & Healthcare: $200 To $500 A Month
This includes your basic hospital plan (like an Integrated Shield Plan), term life insurance, critical illness coverage, and perhaps some co-pay on outpatient visits.
Assuming you’re not over-insuring or locked into an expensive investment-linked plan (ILP), $300 is a reasonable average for yourself.
Estimated Monthly Cost: $300
#5 Savings & Investments: Aim For 20% Of Your Income
If you’re earning $6,000 a month saving or investing 20% works out to $1,200. That might sound like a lot, but remember this is the cushion that builds your emergency fund, investment portfolio, and financial independence over time.
Let’s assume you’re aiming to save 20%, which is a solid number to have in mind for savings and investing, then you’ll be looking at putting away $1,200 per month.
Estimated Monthly Cost: $1,200
Read Also: What’s The Median Salary In Singapore (At Every Age, Gender, Education and Race)
#6 Entertainment, Travel & Lifestyle: $500 To $800 A Month
All work and no play is no way to live. You need some entertainment in life. This can include gym memberships, streaming subscriptions, weekend outings, occasional concerts or events, and putting money aside for travel.
A return flight to Bangkok or Bali isn’t that expensive these days (with numerous budget airline options available), but going overseas twice a year still adds up, especially when you throw in accommodation costs and spending when you’re on holiday.
Budgeting $800 for this bucket gives you enough breathing room to enjoy life without going overboard.
Estimated Monthly Cost: $800
#5 CPF Contributions: 20% Of Your Income
If you’re earning $6,000 a month, your CPF contributions will be 20% of your monthly income. This will result in $1,200 per month being deducted from your take-home pay.
However, remember that these CPF funds can help offset various costs, like your insurance premiums or any healthcare costs you may incur.
There’s also the additional 17% being added to your CPF pot from your employer contribution, too, that provides an additional buffer for healthcare or funding for any potential future property purchase.
Monthly savings: $1,200
How Much Do You Need To Earn To Afford This Life?
So if we tally up the rough monthly numbers from the above scenario:
- $2,000 (Housing) + $800 (Food) + $250 (Transport) + $300 (Insurance) + $1,200 (Savings) + $800 (Lifestyle) + $1,200 (CPF Contribution) = $6,550
That adds up to around $6,550 per month. But, remember that you may be able to pay for your home (the biggest expense on this list) as well as insurance through your CPF savings.
If you want to live this lifestyle, with the capacity to save/invest around 20% of your income (in addition to your CPF contributions) then you’re looking at earning a monthly salary of over $6,000.
That translates to an annual salary of around $75,000 to $80,000.
Median Salaries vs Comfortable Living
It’s good to put what the “comfortable living” income might mean in context alongside what the median salary in Singapore actually is.
According to the Ministry of Manpower (MOM), the median gross monthly income for full-time employed Singapore residents in 2024 was $5,500 (including employer CPF contributions).
If you’re a couple living together and splitting costs, it becomes easier. A couple earning $4,000 each can meet the above expenses and still save a decent amount. In fact, the average household expenses, as of 2023, is $5,931.
No One-Size-Fits-All Number
There’s no one-size-fits-all number when it comes to comfortable living, similar to what our “retire early” number is. Some people are happy earning $4,000 a month with low expenses and a minimalist lifestyle.
Others earning $10,000 per month might still feel the squeeze because of lifestyle creep. That’s especially dangerous to our savings and financial independence goals.
But, based on realistic spending and the need to save meaningfully, earning over $6,000 per month is a reasonable starting point for a single adult to live comfortably in Singapore – even if they do not own a property that they can pay off through their CPF accounts yet.
It’s also a relatively ambitious figure given you’re saving close to 40% of your gross income; savings + CPF contributions.
If we can’t meet that higher 20% per month savings goal, then starting at 10% and working our way upwards can also help manage the process.
The key is to be intentional about working your way to where you want to be in life. Know where your money goes. Understand your priorities. And most importantly, don’t compare your lifestyle and monthly costs to your peers because everyone is different.
Read Also: $930 To $2,548 A Month: Here’s How Much You Need To Spend During Retirement In Singapore Today
Here’s a handy infographic breaking down how much you need to spend to live comfortably in Singapore:
