What is the basic standard of living for you?
Recently there have been a lot of noise in the social media space discussing about income and the standard of living in Singapore. Every other day you’d see street interviews conducted asking folks on how much they’re earning and if it’s sufficient to survive in Singapore.
Some argue that a salary of $5000 is not enough to survive in Singapore and you cannot even meet the basic standard of living, while another group argues that $5000 is sufficient if you choose to live a simple and modest lifestyle. There’s also another group who are earning $3000 and is able to live happily but one earning $8000 thinks that he is just scraping by.
Caveat: Understand that there are other factors into play such as single income breadwinner in a family of 4 vs a single man living with his parents.
But from your POV, what does the BASIC standard of living mean to you and do you think what you’re earning is enough to sustain it?
Netizens’ comments
- As your income goes higher and higher nothing will ever be enough, for you at least. Your desires and basic wants change. At 23, you’re content with MRT+bus commute while at 35 you need a car, due to changing social situations (like getting a family), jobs and income. Forget that maslow’s hierarchy; really this is just a natural change in financial and social position.
Many of my older people in my social circle even after they rake in 5 digit salary, they still live like they’re on 3k. For my peers who take in 3k, they live like on 1k.
For high-income earners, I invite you to look back and see how you lived life when you had a fraction of your current pay; you’ll be shocked to find out how good you yourself are/were in saving! - Single man living with family.
Basic standard of living for me is to have enough money to pay my bills (Phone bill and Online subscriptions (Disney+, Netflix, Amazon, HBOGO)), groceries, public transport and a monthly outing at a restaurant with my family.
For me, overseas trip even to SEA countries is not a priority. I see it as a luxury cos travelling stresses me out lol. As for car, I don’t want to own one.
So far my previous pay of 3.1k is more than enough for me and I’m happy with it. - Basic standard of living
– Walk into hawker centre, eat anything without thinking the price (on average, most stalls. Less solo chill crab etc.
– Go home take bus/mrt/walk usually. Once in a while take grab won’t feel too pain.
– Groceries all buy basics, will catch discount items 30-40% of the time.
– Still can pay utility bills.
– Still manage to save 20% of income to investment. We all know that you won’t survive in retirement life with just CPF. - For me it’s simple:
– As long as I have a house, a bed, water supply and electricity I have my safety needs fulfilled.
– Enough to buy groceries or food which can cover 3 square meals.
– Able to go out once or twice a week to enjoy myself. Yes money will be spent but as long as I can spend it then it’s fine.
– Able to splurge on something once or twice a month. Whether it be expensive ice cream or a shirt as long as it makes me happy.
– About 1-3 friends to keep me happy.
Idk what is the minimum to keep this standard of living but $2500-$3000 a month should be enough I guess. - Unpopular opinion: a basic standard of living should also include mortgage/rent and savings. Housing costs are something that most will be paying for some time so it’s important to factor them in your calculations so that you are not living paycheck to paycheck.
Keeping that in mind, 5k is probably comfortable for an average lifestyle for a single person, without having to scrimp or budget too much (can stay in a hdb that is not too small, go for holidays, eat at restaurants etc.). For a comfortable life with some luxuries e.g. condo, car for yourself (not shared by two or more people), the number is probably closer to 10k.
I think the biggest determinant of how much is enough comes down to how many people you are supporting on your salary. A single person earning 5k a month may have more to play with than someone who earns 20k but is the sole breadwinner supporting 5 people.