Salary.sg Forums

Salary.sg Forums (https://forums.salary.sg/)
-   Income and Jobs (https://forums.salary.sg/income-jobs/)
-   -   How much can you save if I make 108K per year (https://forums.salary.sg/income-jobs/6259-how-much-can-you-save-if-i-make-108k-per-year.html)

kelvinfrog 02-12-2015 09:31 PM

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.

Unregistered 02-12-2015 10:11 PM

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.

kelvinfrog 02-12-2015 10:57 PM

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.

Unregistered 02-12-2015 11:28 PM

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

Quote:

Originally Posted by kelvinfrog (Post 76254)
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.


kelvinfrog 03-12-2015 12:09 AM

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.

Unregistered 03-12-2015 12:27 AM

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.

kelvinfrog 03-12-2015 12:35 AM

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.

Unregistered 03-12-2015 08:52 AM

Quote:

Originally Posted by kelvinfrog (Post 76266)
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.

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!

kelvinfrog 03-12-2015 09:15 AM

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.

Unregistered 03-12-2015 09:37 AM

Quote:

Originally Posted by kelvinfrog (Post 76254)
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.

Does the 108k include bonuses?

kelvinfrog 03-12-2015 10:53 AM

Yes, 108K is base salary plus bonuses

Unregistered 03-12-2015 10:57 AM

2500 rent - this is quite high an estimate, as single, I suggest you aim lower.
Go for a single room bedder 1st, when you get here, shop around for aprtments. I suggest google SPIO to rent apartments from SLA, you may be able to get apartments in a good part of town for less than 2k.

Also, you mention 108k is your gross and equivilant to USA? I tot usa pay is much higher.. may I ask what are you doing?
Position?

kelvinfrog 03-12-2015 11:18 AM

Thanks for your suggestion. I am a scientist. In US, your salary can vary a lot depending on where you live. I live in a small town and it only costs around 200K SDG to buy a 3-4 bedroom house and it costs 900-1100 SDG to rent a 1000ft two bedroom condo. But if I live in San Francisco or Washington DC, my salary would be considered as median or low median.

Unregistered 03-12-2015 11:20 AM

Quote:

Originally Posted by kelvinfrog (Post 76275)
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.

I think you mean a "HDB" flat. It's a buyer's market now so you may unearth a good deal for a condo rental. A number of white expats I know started off renting a HDB flat but most end up moving to condos in the end. It doesn't cost that much more and you are better off with 24/7 security, facilities, shuttle bus to the nearest MRT station etc... if you aren't comfortable then suggest you start with a short term HDB rental and take your time to look around.

kelvinfrog 03-12-2015 11:37 AM

Thanks for your correction. When I arrive, I will check both condo and HDB. Yes, I think real estate in Singapore is in correction, so good time to rent!

Unregistered 03-12-2015 12:14 PM

How much I can save depends on my salary & expenditure. What has it got to do with your salary?

kelvinfrog 03-12-2015 01:52 PM

yes, I understand that wisdom but how are you going to save if you do not have any salary or income?

Unregistered 03-12-2015 05:29 PM

Quote:

Originally Posted by kelvinfrog (Post 76295)
yes, I understand that wisdom but how are you going to save if you do not have any salary or income?

this poster is referring to the title of your thread, "How much can you save if I make 108K per year"

Uncle MK 07-12-2015 02:40 PM

To Young Scientist
 
Quote:

Originally Posted by kelvinfrog (Post 76295)
yes, I understand that wisdom but how are you going to save if you do not have any salary or income?

Income wise is high but the expenses are not quite proportional. Uncle suggests you to cut down on overseas expenditure while renting 2 rooms from Dual-key condos. This should lower your spending and achieve higher savings.

Young Scientist, your remuneration package may increase over the years so don't worry too much on the living conditions.

Unregistered 07-12-2015 06:55 PM

$2500 for rental is rather much on the high end, considering that you can rent an entire 3 bedroom HDB in the district 10 areas for about $2700. If you don't have visitors often, you should consider renting a room somewhere in the bukit gombak/Chua chu kang area. It's near to jurong, but far enough away from the jurong "CBD" area such that rental prices for a room won't be beyond $800. Even $800 might be a high estimate for that.

kelvinfrog 08-12-2015 09:25 PM

Uncle MK and others, thanks for all your advices. My work place is in Jurong East and a friend of my mom just told me that two bedrooms HDB costs about 1.5K, so I will def look into that.

Unregistered 08-12-2015 09:56 PM

I suggest you rent a condo unit. Better, much much better.

kelvinfrog 08-12-2015 10:07 PM

My mom's friend told me it will be around 2K for condo, so it is still within my budget and I will look at both HDB and condo, then make a decision.

Unregistered 08-12-2015 10:35 PM

For an expat of your calibre, it is best you rent a condo, even if it is a one bedroom unit. You can always request the landlord to provide you with a sofa bed in the living room so when your mum comes to visit, you can sleep on the sofa bed while your mum use the room. When colleagues ask where you stay and if it's a condo, you will gain more respect. Face is very important here. Moreover it is a lot safer to stay in a condo and you get to use the swimming pool and gym. You can also invite colleagues and friends over for BBQ. Life will so much better living in a condo. Just ask around your fellow expat friends. You just spend a bit more every month and it's a whole different lifestyle you get to enjoy. Condos next to MRT stations will be best as it takes you a short while to travel and allows you to have more sleep.

kelvinfrog 15-12-2015 09:19 AM

Thanks for your insight. I guess another thing I need to get used to is "face is important for Asian culture". In the US, you can live your own life without dealing with so much peer pressure. That is something I need to get used to since my personality is so causal and laid back.

Unregistered 15-12-2015 11:11 AM

Quote:

Originally Posted by kelvinfrog (Post 76862)
Thanks for your insight. I guess another thing I need to get used to is "face is important for Asian culture". In the US, you can live your own life without dealing with so much peer pressure. That is something I need to get used to since my personality is so causal and laid back.

Yes, you have to understand that face is very important in Asian culture. You have to respect that.

Unregistered 15-12-2015 05:02 PM

Quote:

Originally Posted by Unregistered (Post 76610)
For an expat of your calibre, it is best you rent a condo, even if it is a one bedroom unit. You can always request the landlord to provide you with a sofa bed in the living room so when your mum comes to visit, you can sleep on the sofa bed while your mum use the room. When colleagues ask where you stay and if it's a condo, you will gain more respect. Face is very important here. Moreover it is a lot safer to stay in a condo and you get to use the swimming pool and gym. You can also invite colleagues and friends over for BBQ. Life will so much better living in a condo. Just ask around your fellow expat friends. You just spend a bit more every month and it's a whole different lifestyle you get to enjoy. Condos next to MRT stations will be best as it takes you a short while to travel and allows you to have more sleep.

Condo rental is so cheap and affordable, and it is getting even lower and lower every month. If you call any property agent now, they will share with you how much the rental and property price had gone down recent years. There are so many new, nice and vacant condo to choose, many landlords are really desperate after keeping it vacant for months. You will be spoilt with choices, try to get short term rental contract, as rental market is getting bad to worst till next year.

Unregistered 16-12-2015 10:41 AM

Quote:

Originally Posted by Unregistered (Post 76866)
Yes, you have to understand that face is very important in Asian culture. You have to respect that.

Face is not everything in Asian culture.

Unregistered_101 16-12-2015 08:42 PM

Face thing is only important for insecure people and I wouldn't take an insecure persons advise too seriously.

Just live your life appropriately. Don't deprive yourself of any enjoyments (you are working overseas after all) but make sure not to excessively indulge. If you like a comfortable living (gym/swimming etc) within the means by all means go for a condo if spending that few hundred more can be considered, I would say in Singapore entertainment can be the major cost i.e drinking dining etc so just watch out on these areas.

Do an expense tracker and you can monitor your cost accordingly.



Quote:

Originally Posted by kelvinfrog (Post 76862)
Thanks for your insight. I guess another thing I need to get used to is "face is important for Asian culture". In the US, you can live your own life without dealing with so much peer pressure. That is something I need to get used to since my personality is so causal and laid back.


Unregistered 16-12-2015 09:40 PM

Quote:

Originally Posted by Unregistered_101 (Post 76916)
Face thing is only important for insecure people and I wouldn't take an insecure persons advise too seriously.

Just live your life appropriately. Don't deprive yourself of any enjoyments (you are working overseas after all) but make sure not to excessively indulge. If you like a comfortable living (gym/swimming etc) within the means by all means go for a condo if spending that few hundred more can be considered, I would say in Singapore entertainment can be the major cost i.e drinking dining etc so just watch out on these areas.

Do an expense tracker and you can monitor your cost accordingly.

Go enjoy those free condo facilities, all paid by landlord in Singapore. Very worth...

Unregistered_101 16-12-2015 09:57 PM

Lol very true, just get to know some people staying there and can keep quoting their unit number to get in.

Sometimes I use the facilities of a apartment I rented out as well, technically its frowned upon by the management since both me and my tenant uses but no one really cares. So I get rental and use of the facilities at the same time.

Quote:

Originally Posted by Unregistered (Post 76919)
Go enjoy those free condo facilities, all paid by landlord in Singapore. Very worth...


Credit crunch 19-12-2015 02:00 PM

Companies that over invest in hype
 
Companies that go into buying spree and over invest in hype like logistics and commodity will face issues. Part of corporate governance where only one person decides while rest of board has no skillset to validate

Jurong aromatics is one. The other that is in postal and now doing big in logistic expansion. I guess the people that already leave will say it is the person who takeover that create problem

kelvinfrog 29-12-2015 06:43 AM

Oh cool, I hope the rent will go even lower by next year so that I can get a good price for rent. So I enjoy swimming and I want to ask if the pool at the private condo is big enough for real swimmer doing laps? or more like bring your kids to have a good time kind of pool? Also, how about the squash facility in SG? do they have decent public courts I can use?

kelvinfrog 29-12-2015 01:09 PM

Oh, I meant public sqaush court in my previous post.

Unregistered 30-12-2015 09:17 PM

Kelvin,

1. Which passport do you hold?
2. Are you parents Singaporean or Asian? If so, which country do they belong to?

Unregistered 31-12-2015 01:14 AM

pools in condo vary. alternatively, you can use public swimming complex.

not too sure about public squash facility. some condo has them so you might want to take that into account when you source for your apartment.


All times are GMT +8. The time now is 05:33 PM.

Powered by vBulletin® Version 3.8.5
Copyright ©2000 - 2024, Jelsoft Enterprises Ltd.
Content Relevant URLs by vBSEO 3.3.2