Cost of living in Singapore- All you need to know

cost of living singapore

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.

Important Link : Cost of Living for Studying Abroad

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 ‚ÄėSing‚Äô, 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:

Currency Name

Singapore Dollar

Short Name

SGD

Symbol (s)

S$

Unit

1/100, Cent

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. 

Category

Costs 

Accommodation costs

On-campus accommodation Р$ 293 to $ 565/month 

Off-campus accommodation Р$ 1,616 to  $ 4,849/ month

Utility costs 

$ 117 to  $ 146/ month

Food and grocery expenses 

$ 257 to  $ 404/ month 

Transportation costs 

$ 110/ month 

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 travelling within the city, students must have a monthly transport pass that costs around $ 110. 

Country-Wise Cost of Living Guides

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Cost of Living in Singapore vs. India

Category 

Singapore

India

Accommodation

$1,410.37 to $2,167.95

$ 83.27 to $ 128.03

Transportation 

$ 90.39

$ 8.26

Food 

$ 1.75 to $ 9.61

$ 0.44 to $ 2.72

Childcare

$ 1,006.94 to $ 21,403.46

$ 48.33 to $ 1,454.83

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.¬†

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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. 

Role 

Average Salary

Software Engineer

S$57,867

Account Executive

S$34,158

Marketing Executive

S$35,452

Operations Manager

S$63,788

Accountant

S$49,678

Source: payscale 

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With upGrad Abroad, you can choose from a wide range of programs such as Data Science, Data Analytics, Artificial Intelligence, International Management, and Business Administration. The benefit of enrolling in our programs is that you’ll get the flexibility to start your program online initially and then continue your study on-campus. All these programs are available at an affordable cost. There are several specializations to choose from. Apart from this, you will be eligible for a post-study work permit after finishing your program. 

Frequently Asked Questions 

What is the monthly cost of living in Singapore?

The monthly cost of living in Singapore is roughly S$1100-1400 or INR 60,000-75,000 (approximately) excluding rent. This can shoot up to approximately S$4,400 per month for a family of four people or roughly INR 2.46 lakh.

How expensive is rent in Singapore?

Rentals for a 480 sq ft furnished studio apartment in a posh area will be S$3,078 or INR 1.72 lakh per month. The same-sized apartment in a regular area will cost about S$2,026 or INR 1.13 lakh per month. Utilities will cost you roughly S$114 (INR 6,384) each month.

Is Singapore an expensive place to live?

Singapore is a costlier place to live for many students. However, the tuition fees of international students are comparatively lower than in many other countries. Singapore is reportedly 17.20% cheaper than New York City, excluding rentals. Rentals are roughly 34.97% lower than NYC as per several reports; Singapore is also 1.4% costlier than Canada, while it is 27.6% costlier than the United States of America overall. High-end lifestyles require a minimum of S$9,700 per month, which equates to roughly INR 5.43 lakh. At least S$5,000 or INR 2.8 lakh is needed for living comfortably in the island nation.

Is Singapore cheaper than India?

Let’s compare the cost of living in Singapore to that of India. The average living expenses in India are 71.1% less than in Singapore, considering factors like accommodation, transportation, clothing, and food.

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