With a vibrant economy, low crime rate, and a reputation for being clean and orderly, it’s no wonder Singapore is attracting more and more people from around the world to make it their second home.
Not only are they willing to relocate as their companies open business here, but these expats are also bringing in their families, secure in the knowledge that they will be safe and their children will get high quality education.
But even as Singapore has earned its title as the third most competitive country in the world, with a GDP per capita that also ranks third according to both the IMF and World Bank, it’s also in the top ten in the list of countries with the highest cost of living, landing in at number 8 this year ahead of Japan.
What this means especially for foreigners who will be calling Singapore home is that there will probably be some adjustments in their standard of living that they are used to in their country of origin. An American corporate pilot found this out the hard way after moving here in 2013. Not only did his family had to forego buying a car in Singapore when they had two in the U.S., but they also had to spend about $2,400 monthly for grocery bills, which was triple the usual cost in America.
Of course, that was five years ago, and the expat has since learned to adjust to living in Singapore without necessarily giving up on the nicer things in life that he and his family enjoyed back in the U.S.
If you’re also on the verge of moving to this island-state due to work-related circumstances or simply for personal reasons, here are a few tips that should help you adapt nicely and not spend much more than what is needed. This will allow you to enjoy the better things Singapore have to offer and make your stay in the country comfortable and memorable.
First, know the basics
Take note that Singapore is a tropical country, and its eastern part warmer and drier. This is important when you’re looking for a place to live in and is particularly sensitive to extreme temperatures. The following are some other basic information you need to keep in mind as you transition to your new environment.
You can use your own driver’s license to operate a vehicle, but only for one year from the date of your relocation. After this, you will need to apply for a Singapore license.
- All cars are right-hand drive.
- When it comes to pet dogs, there are certain breeds that are not allowed in the country, and there is also a limit as to how many you can own depending on the building where you will be residing.
- There’s a license fee for televisions.
- And of course, you have to be fully aware of Singapore’s strict laws that must be obeyed at all times.
Now, spend wisely
This means spending for things as practical as you can by following these simple Dos and Don’ts:
Do get a new credit card that will suit your needs at your new environment. It should be one that gives you maximum benefits with the lowest or the most reasonable annual fees. Paying with cash for the things you need is always a good option, but there will be times when plastic is more practical, which is why getting the right card should be one of your priorities once you relocate to Singapore. Here are a few tips on how to choose the right credit card for you.
Don’t shell out money to buy a new house. A rented house or apartment (for a family) or a room (for individuals) should satisfy your needs without depleting your resources. You can go cheaper with public housing, such as a suburban apartment with the Housing Development Board.
Do take public transport. It’s way cheaper, efficient, and covers the whole of Singapore. Today, owning a new car here is as difficult as it is expensive, if not impossible especially in light of the Land Transportation Authority’s decision to cut the permissible vehicle growth rate to 0 per cent to keep the roads unclogged. You will also need to bid on the Certificate of Entitlement that lets holders own their vehicle for 10 years. The government auctions the permit monthly, and just recently, had a winning bid of S$41,617 (US$30,563). Now, add in the cost of a medium-sized car, which is about four times the amount in the U.S., and that’s a lot of dollars just to have your own private transport.
Don’t eat at high-end or fast-food restaurants if you don’t feel like cooking at home. Instead, visit any of several hawker centers that offer the same quality of food such as prime cut steaks at a much cheaper price. They also have a wide variety of dishes to choose from. If you’re concerned about the food’s cleanliness at these eating places, rest assured that Singapore was not voted as one of the top 12 cleanest cities in the world and the cleanest in Asia for nothing.
Do your shopping online. Yes, clothes are expensive in Singapore, and while most of the time, their high quality justifies the high price, it’s still not enough reason to splurge on them if you are watching your budget tightly. A great alternative to shopping in stores is to go online where you can score good quality clothing at a lower price, and with free shipping at that.
Don’t buy tickets at the door. This is true for live concerts or tourist attractions such as those found in the world-famous Resorts World Sentosa, which regularly offers timed special deals and promotions that can bring the price of admission tickets to very affordable levels—you just need to watch for them. Concerts, on the other hand, would normally have early-bird ticket sales that you can avail of at designated outlets. This goes the same for plane tickets and hotel bookings that are much cheaper if bought way before their use dates.
Do enroll your children at local public or private schools. Singapore prides itself with having one of the highest quality of education in the world. Having your kids study at an international school may sound prestigious, but you would have to spend a lot more money to keep them there. That may not be the wisest decision if you’re on a tight budget.
Once you have settled down in Singapore, it’s time to start living like the local and forgetting that you’re a tourist with travel money to spend.
