How much can you save if I make 108K per year
 

Hey, just got a job offer in Singapore. I am pretty excited! I will be making about the same money (108,000SGD) as I am making in the U.S. My company do not provide medical, housing or retirement benefit. I am single; I don't smoke and drink very occasionally. I live modestly but I would not consider I am cheap cheap. I plan to spend no more than 2.5K (per month) for rent. I do like to travel, so I plan to spend 6K (per year) to travel nearby countries. I will take public transportation. So here is monthly budget:

2500 rent
250 transportation
250 medical expense/insurance
600 utility
700 food
500 travel
800 entertainment and others
80 life Insurance
228 student loan

Based on my estimate, my expense per month will be around 6k. Using the government website, my tax will be around 6k per year. So my estimate annual saving will be = 108K-12*6K-6k, which is 30K SDG. Does it seem right? Am I over or under estimating? Thanks in advance.

utility 600? 250 is more than enough for a family of 4. broadband +50, handphone +50.

transport 250? 100-120 sld be sufficient, unless u take taxi frequently.

wats in the medical expenses/insurance? do u fall sick monthly? not sure how old u r, but a good medical insurance (private + rider) cost about 500-600/YEAR for ppl in their 20s and early 30s.

150k term insurance cost about $20/mth.

I guess you are right about the utility. In my utility category, I also include cell phone, internet and cable TV. So my new estimation should be $200 (water, electricity) + $150 (cell phone, internet and cable TV) =350. Regarding to medical insurance, my number is coming from other source on internet. I think you are right about the transportation, so let me add another $50 for taxi to $120, so it will be around $170. I have a life insurance in the U.S. and it is term life for around 700K SDG and that is why it costs so high.

You can rent a nice and new one bedroom condo in Woodlands (near Woodlands MRT station and Causeway Point) for only S$2000 pm.

I will be working at Jurong East, I think Woodlands would be a bit far. I looked up some websites, it seems like it would cost about 2.5K for a HUB two bedrooms at Jurong East. Does it sounds right? My mom will visit me on and off, so I want to get a two bedroom instead of one bedroom.

Are you a US citizen or a green card holder? US citizens are still taxed by the IRS even if your income is foreign sourced.

Only if you make more than $101,300 USD for 2016, otherwise, I can just pay Singapore tax. See https://en.wikipedia.org/wiki/Foreig...come_exclusion My income will be around 76,000USD, so I think I am fine.

May I ask how old are you? That's a pretty good wage in Singapore.

Suggest you go for a condo in the Jurong East area, should be around $3+k for a nice one with facilities such as pool, gym, etc. Would be better with the chicks too, Singaporean girls are quite easy as long as you are white and have a good story to tell!

Transport will easily set you back $300 or so. I suggest that you find a condo near your workplace with a direct bus so that you can save on the daily commute. However when going out to town or further just use taxis, uber and grabcar.. you can more than afford those for the relative convenience.

If you are feeling grand you can budget for a part time housekeeper to iron the clothes, clean your house etc for 3 hours a week. It can go from as low as $30 to $80 per week for such services.

The good thing about Singapore is that we have many budget airlines connecting here, so it will be great to explore southeast asia cheaply.

Other than that I think you are well covered. Enjoy Singapore!

Thanks, I am sure I will enjoy Singapore. I am in my late 30... I do plan to find a place near by my office and have a bus line go directly there. My office is not so near MRT; otherwise, I can live further and just travel by MRT. I might get a HUB instead since a two bedroom condo will cost about 3k and I am not sure I would want to pay that much. I know it is a pretty good salary and I think my saving will be similar to what I have been saving in the U.S since housing is much cheaper here despite the income tax is higher.

Does the 108k include bonuses?