Living Comfortably on SGD 7500 Gross as a Family of 2 in Singapore

Understanding the Context

Is SGD 7500 gross enough to live a comfortable life for a family of 2 in Singapore, particularly if one spouse (most likely the wife) is not working? To answer this, it is important to consider several factors, including the cost of living, earning potential, and lifestyle expectations.

Standard of Living

Assuming this is your monthly salary and your spouse does not work, you can still achieve a middle-middle class standard of living. However, you might perceive yourself as 'poor' compared to your Singaporean colleagues, as most of them have spouses who also earn similar amounts. This is due to the higher prevalence of women in the workforce in Singapore and the general expectation of dual-income families.

Statistical Context

The median salary per person in 2021 was SGD 3027. For a dual-income family, the median income would approximately be SGD 6054 per month. This helps to put your SGD 7500 gross monthly salary into perspective. Knowing that your take-home pay would be SGD 5000-5500 after taxes and other deductions, you can plan your budget more effectively.

Living Expenses

Renting a small apartment in Singapore typically costs around SGD 3000 per month. With your in-hand income of SGD 5000-5500, you can comfortably cover your rent and maintain a good quality of life. Reliable transportation costs, such as public transit, are usually around SGD 100-200 per month, so you don’t have to shoulder the burden of a car purchase or maintenance.

Financial Planning and Considerations

With an income of SGD 7500 gross, you can live a good life for around two years. This gives you enough time to decide your priorities and make strategic financial decisions. If you plan to remain without a permanent residence visa, citizenship, or any parental sponsorship, you can use this period to establish your financial and career stability. It is crucial to save a portion of your monthly income for emergencies and future needs.

While it is challenging to maintain a high standard of living with just SGD 7500 gross per month, it is certainly possible to live comfortably with some savings included. It is important to manage your expenses wisely and focus on long-term financial goals.