Cost of Living in Singapore: A Complete Guide

All my dear readers who were left awestruck after watching the movie ‘Crazy Rich Asians’, a 2018 satirical romantic comedy, will remember the plenty Singapore has to offer. Being a high-income economy (US$ 70,810 per capita, as of 2023) and giving one of the best pro-business environments globally, living in Singapore is no less than a dream for so many, especially us Asians. 

And why so many of us are able to live this dream because the study and living expenses in Singapore are much less than those in the USA and the UK. Not just affordability, Singapore is also home to an advanced education system and rich cultural and academic experiences.

A major reason why Singapore is one of the best destinations for seeking higher education is its cultural diversity. The country has four official languages, including English, Chinese, Tamil, and Malay, and hosts more than 55,000 international students every year. 

Read further to know about the cost of living in Singapore in detail. 

What is the Cost of Living in Singapore for Indian Students

It is important to consider the living expenses to decide the best destination for your education abroad. The cost of living in Singapore for Indian students varies based on the type of accommodation chosen, the location of the apartment, the food and transportation expenses, and the list of personal expenses. The average cost of living in Singapore for a single person is approximately S$1,475 monthly, whereas that for a family of four is S$5,303 (excluding rent). Here’s a detailed breakdown of living expenses in Singapore: 

Housing Costs in Singapore

Transportation

Utilities

Healthcare Costs

Entertainment and Recreation

Food and Dining

Average Tuition Fees in Singapore for International Students

The average tuition fees for international students studying in Singapore are as follows: 

Living in Singapore: Things to Know

If you planning to move to Singapore to pursue your higher education, here are five things to know:

• Living in Singapore is expensive for Indian students, and the accommodation costs are higher. The average cost is around INR 1 lakh per month. 
• Singapore has a relatively low-income tax and a GST of 9%, which is applicable to a majority of consumer goods. 
• Getting a student visa is necessary to pursue higher education in the country.
• Singapore has been regarded as the best in the world when it comes to reading and science, as per the Programme for International Student Assessment (PISA) 2023.
• Singapore has four official languages: English, Chinese/ Mandarin, Malay, and Tamil. 
• The climate of Singapore is hot and humid all year long as it is located close to the equator. 
• Singapore has the lowest crime rate, ranking 23rd on the Safety Index by City 2024, as per Numbeo. Thus, it is safe for students to live and study. 
• Undergraduate and postgraduate students, if they serve the Singaporean government, can receive a subsidy for tuition fees. 
• Singapore is home to several UNESCO World Heritage Sites, including the Singapore Botanic Gardens, providing ample opportunities for excursion. 
• Singapore offers various fun sports activities, including windsurfing and wakeboarding. 

Cost-Saving Tips in Singapore

If you wish to cut down on living expenses in Singapore, you can consider the following cost -saving tips that are proven effective:

• Keep a regular track of your expenses.
• Shop groceries and other utilities from apps that give discounts.
• Choose the M1 family line plans to cut down on mobile bills.
• Invest your money in savings accounts offering high-interest rates.
• Invest more in your CPF Special Accounts or Retirement Accounts (RA) to get maximum tax relief.

Singapore vs Other Countries: A Cost of Living Comparison

A brief comparison of the average cost of living in Singapore per month and other countries has been listed below in the table: 

What are the Expenses for International Students in Singapore

The common expenses that international students living in Singapore have to bear include the following:

Conclusion

Even if the cost of living in Singapore with rent is quite high, it is still an ideal study destination to access high-quality education. It is also an ideal country to witness a beautiful blend of Asian and European cultures and meet with students from diverse communities sharing similar dreams.