Recently there was a study on cost of living in Singapore from NTU and Lee Kuan Yew School of Public policy that.
- $6,693 for a couple with two children aged 7–12 and 13–18 years old.
That's quite substantial to me. As i read through the key findings of the report.
I decided to dive deeper to my family household expenses to see how much i need per month and how near of off the budget of $6,693 am i.
Monthly my budget should go up to $3.5k after rounding up to the nearest hundred. Of course the above only indicates the living expenses per month. As i stay in hdb, I also have a housing loan of $800 to service every month. With that in month, the monthly household income would need to be at least $4.2k to at least cover my household income and the housing loan.
Let's see what does MIS calculator show.
By rounding up to almost $6k per month. With that in month. Household income will need to be at least $7.2k per month. A difference of $3k per month. Let's see what does it comprise of.
The main differences are MIS include social participation, clothing and personal care and healthcare and insurance.
For health care if i will to add on the medishield plans i had for both my daughters and my wife. The out of pocket expenses will come up to $100 per month. For insurance my family have the savings plan which amount to $1k per month. For social participation, normally is about $100 per week which amounts to $400 per month. Clothing amounts to $300 per month for my 2 daughters and my wife. (For myself, i only buy once per year before Chinese New Year which normally cost me about $200, shoes about 2 pair cost around $160, roughly about $30 per month) Additional $1730 a month. If i total it up will be $5930 household income that i need to earn per month to have a minimum living standards in Singapore. The $5930 per month is almost roughly the same of what the MIS calculator have estimated. The main difference is that my household include my Mum and a maid. My total annual household expenditure amounts to $42k. Including the 3 categories of healthcare, insurance, clothing, personal care and social participation will require another $20.8k rounding up. That is for 6 people living in my household. Do check the webpage out for insights and you can try out the MIS calculator.
It also shows links and information to be below.
