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Help me out! Should I return?

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  #1 (permalink)  
Old 28-05-2015, 10:37 PM
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Default Help me out! Should I return?

Hi all, I'm currently overseas and has job offers from Singapore. The best offer is more than $9k per month and averages on 4-5 months bonuses.

I've been away from SG for more than 6 years and my sense from reading articles (e.g. restaurants reviews on Yahoo.sg which shows menu prices) is that cost-of-living is very high in SG. On the other hand, the 'official' cost-of-living index from Singstats paints a different picture and so I really don't know what to make of this. Apart from that, I feel the quality of life in Singapore pales in comparison as there's less things to do here for recreation. But I guess that's a separate consideration.

So my question is: Based on the package I was offered, is it possible to have a life where I can own a car, pay mortgage on HDB, take my family (1 wife+1 child) out for occasional restaurant meals (~twice a month), one overseas trip a year, and still have enough to save for retirement? Also, let's assume my wife will not be working.

If these are not possible on this package, what is the most dispensable thing on my list?

Sorry for this long post, but I'm trying to gather as much from y'all collective wisdom. Thank you so much!

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Old 28-05-2015, 10:45 PM
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No car, definitely possible.
With car, your budget will be tight... Wouldn't say it is impossible... But instead of a Europe holiday, u may need to settle for a cheaper alternative.

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Old 29-05-2015, 10:13 AM
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9k/mth is more than enough to own a car + hdb, go restaurant n go holiday once a year. nt immediately unless u have some cash savings, nt a new hdb as u probably need to get resale, n nt a new car also.

second hand car @ 50k for 3-4 years left, resale hdb in less popular areas for 400-500k. restaurant meals only 100 x 2 max, holiday 5-6k for a 1 week holiday in asia.

most dispensable thing is obviously the car. without it, u can still get a 500k hdb in less popular areas but still 30 mins to cbd via mrt. 20% downpayment of 100k in cash, monthly mortgage covered by ur cpf contribution. 9k - 1k cpf = 8k take hm, more than enough to eat restaurant every week, go holiday, and still save for retirement. the average ppl in sg are dual income and earn below 10k n they survive well.

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Old 29-05-2015, 10:35 AM
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Thank you to the last two posters for their responses! FYI, I already have a BTO lined up and probably be paid in full by my parents. But of course, I will pay them monthly mortgage at prevailing rates. This would my CPF untouched, but obviously reduce my disposable income.

But notwithstanding that, the last poster's calculations are very reassuring.

Wondering if anyone have differing opinions?


Quote:
Originally Posted by Unregistered View Post
9k/mth is more than enough to own a car + hdb, go restaurant n go holiday once a year. nt immediately unless u have some cash savings, nt a new hdb as u probably need to get resale, n nt a new car also.

second hand car @ 50k for 3-4 years left, resale hdb in less popular areas for 400-500k. restaurant meals only 100 x 2 max, holiday 5-6k for a 1 week holiday in asia.

most dispensable thing is obviously the car. without it, u can still get a 500k hdb in less popular areas but still 30 mins to cbd via mrt. 20% downpayment of 100k in cash, monthly mortgage covered by ur cpf contribution. 9k - 1k cpf = 8k take hm, more than enough to eat restaurant every week, go holiday, and still save for retirement. the average ppl in sg are dual income and earn below 10k n they survive well.
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Old 29-05-2015, 02:49 PM
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Quote:
Originally Posted by bounded View Post
Thank you to the last two posters for their responses! FYI, I already have a BTO lined up and probably be paid in full by my parents. But of course, I will pay them monthly mortgage at prevailing rates. This would my CPF untouched, but obviously reduce my disposable income.

But notwithstanding that, the last poster's calculations are very reassuring.

Wondering if anyone have differing opinions?
Wow BTO. 9k is definitely comfortable now even though it's single income.

Why not you list some of the major expenses you are concerned with? List them in the country you're in now and we can give the corresponding cost in SG currently.
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Old 30-05-2015, 12:04 AM
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Quote:
Originally Posted by Unregistered View Post
Wow BTO. 9k is definitely comfortable now even though it's single income.

Why not you list some of the major expenses you are concerned with? List them in the country you're in now and we can give the corresponding cost in SG currently.
Other than those listed, I don't really have any other major expenses that I'm concerned with since I'm quite frugal.

But I saw someone commenting recently that they can't survive in SG with a combined income of $10k despite having a modest lifestyle. Also, the reported income in this forum is really high and that led me to think that at least $150k PA is needed to survive in SG.

Anecdotally, I'm always astounded by the speed at which prices increase when I'm back in SG for visit. Before I left, a plate of chicken rice is $2.5 and kopi is $0.8. Last year, at least $3 and shrink in size and kopi is at least $1, also shrink in size.
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Old 30-05-2015, 12:58 AM
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Why do you want to come back?
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Old 30-05-2015, 01:27 AM
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Quote:
Originally Posted by bounded View Post
Other than those listed, I don't really have any other major expenses that I'm concerned with since I'm quite frugal.

But I saw someone commenting recently that they can't survive in SG with a combined income of $10k despite having a modest lifestyle. Also, the reported income in this forum is really high and that led me to think that at least $150k PA is needed to survive in SG.

Anecdotally, I'm always astounded by the speed at which prices increase when I'm back in SG for visit. Before I left, a plate of chicken rice is $2.5 and kopi is $0.8. Last year, at least $3 and shrink in size and kopi is at least $1, also shrink in size.
At least half of them are lying.
you should take a look at the statistics published by MOM to get a more realistic perception of the income level.
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  #9 (permalink)  
Old 30-05-2015, 10:45 AM
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They don't call it CPlie(CPI) for no reason.
Governments do revise their statistics formulas now and then to project a rosy picture of high REAL GDP
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Old 31-05-2015, 12:01 PM
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Quote:
Originally Posted by Unregistered View Post
At least half of them are lying.
you should take a look at the statistics published by MOM to get a more realistic perception of the income level.
It may not be that they were lying. It could simply be that those who were willing to share about their income are just representative of the general population.

It is not inconceivable that the higher income would scream and shout about how much they earn while the lower income choose to stay silent (if they even visit this forum).
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