Cost of Living in Singapore for Indian Students in 2024

Singapore is one of the most popular study abroad destinations for Indian students. Widely recognized as one of the safest countries in the world and a country with a low crime rate; all thanks to the best judicial system in the country, Singapore offers a safe paradise to the students willing to pursue their higher education overseas. Furthermore, the country’s top-notch education, high standard of living, and efficient healthcare system also attract millions of students from across the globe. 

Before we move further to know about the cost of living in Singapore, we must understand some basics about the currency of Singapore.

Currency of Singapore

Singapore Dollar, the official currency of Singapore, was introduced in 1967 after the nation gained its independence. The first series of coins were introduced in denominations of 1, 5, 10, 20, and 50 cents and 1 dollar. Also known as ‘Sing’, this currency is often represented with the dollar symbol ($) or S$. The Monetary Authority of Singapore issues the banknotes and coins of the Singapore dollar.

According to recent records, the Singapore dollar has been the thirteenth most traded currency globally by value since 2019.

Apart from this, some quick facts about the currency of Singapore are:

Cost of Living in Singapore for Indian Students 

The cost of living can be categorized into accommodation costs, utilities, transportation, and food expenses. Though the living cost in Singapore varies according to the city you choose to live in, the average cost for each category is mentioned in the table below. 

As depicted in the table, Choosing on-campus accommodation in Singapore would cost around $ 293 to 565 monthly to the students, whereas living in a rented accommodation in Singapore is comparatively expensive and would cost around $ 1,616 to 4,849. However, students can find apartments at a lower price on the outskirts of the city. 

In case students choose to live off-campus, they should have a minimum monthly budget of  $ 117 to 146 to spend on utilities. If we talk about food and grocery expenses, students can expect to manage a monthly expenditure of  $ 257 to 404. Another factor that falls under the living expenses in Singapore is transportation costs. For traveling within the city, students must have a monthly transport pass that costs around $ 110. 

Country-Wise Cost of Living Guides

• Cost of Living in Australia
• Cost of Living in Germany
• Cost of Living in Ireland
• Cost of Living in Canada
• Cost of Living in Europe
• Cost of Living in the United Kingdom
• Cost of Living in Netherlands
• Cost of Living in France
• Cost of Living in Switzerland
• Cost of Living in Spain
• Cost of Living in Quebec
• Cost of Living in Dublin

Cost of Living in Singapore vs India

Expenses for International Students in Singapore

The cost of living in Singapore for students also includes the following components: 

• S$20,000 (roughly INR 11.20 lakh) per year in tuition costs. This contributes immensely to the cost of living in Singapore for Indian students.
• S$350 (roughly INR 19-20,000) for meals at the hostel per month. 
• S$45 (approximately INR 2,520) per month in public train costs with a subsidized pass. 
• Average restaurant meals cost S$50 (INR 2,800) for two people.
• Movie tickets cost roughly S$10 (INR 560) for one individual.
• You will need roughly S$300-500 per month for occasional dining out, movies, and coffee. This is approximately INR 16-28,000 on average. 
• S$40 or INR 2,240 per month for internet costs. 
• S$150 or INR 8,400 for expenses on books and stationery. 

Healthcare Costs and Expenses 

Healthcare is robust in Singapore, and people with permanent residency have eligibility for state-funded insurance. Private medical insurance is recommended for those living in Singapore. A basic health check-up costs roughly S$50 or approximately INR 2,800. 

Tips to Reduce Expenses in Singapore 

• Get SIM-only mobile phone plans. 
• Cook and pack your meals. 
• Share monthly subscription plans with fellow tenants and friends. 
• Hop onto MRT rides in the early mornings. 
• Use apps that offer discounts on food, groceries, and other purchases. 
• Wait for sales to buy basic items in bulk with attractive discounts. 
• If you cannot stop dining out, watch out for special credit cards and offers on Fave, Burpple, and Chope platforms. 
• Switch off appliances and electrical points when not in use. 
• Rent an apartment in a connected but less fancy location to save on rent.

Average Salary in Singapore

The average salary in Singapore varies depending on the job roles. The below table shows the salary of some of the most popular job profiles in Singapore. 

Source: payscale 

Conclusion

In conclusion, for Indian students in Singapore, the year 2024 continues to present a challenging yet manageable financial landscape. With Singapore's reputation for high-quality education and a dynamic cultural experience, the cost of living is relatively higher than in India. This includes expenses for housing, food, transportation, and educational materials. However, with careful budgeting and exploring options like scholarships, part-time work, and affordable housing, Indian students can effectively manage these costs. Embracing this opportunity also means experiencing Singapore's diverse and vibrant lifestyle, which is an integral part of the international education journey. For Indian students, studying in Singapore in 2024 not only means investing in top-tier education but also in a life-changing cultural and personal development experience.

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