Hong Kong or Singapore?

PsyGuy
Posts: 10421
Joined: Wed Oct 12, 2011 9:51 am
Location: Northern Europe

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Post by PsyGuy »

@SEA_Bound1

What are the values for the tuition/fee waivers/places?

To save USD$50K you need about SGD$70K. Your looking at about SGD$75K for housing, utilities, metro, and phones, and I think thats a bit lite. Another SGD$30K in tax on your salary alone thats SGD$105. That leaves you SGD$25K for the whole year to eat, shop, entertain yourselves and everything else that kids and a family cost thats SGD$2000/mth that might be an okay lifestyle for your family, but you dont know how much the tax on the tuition/fee waivers/places is going to be and SGD$25K is not a lot to play with (thats only USD$1400/mth). You can go to Numbeo and get an idea on costs.

https://www.numbeo.com/cost-of-living/c ... =Singapore

Looking at the reported cost of an ISs tuition of around SGD$30K/each thats another SGD$9K in taxes out of your SGD$25K/yr bringing it down to SGD$16K/yr or about SGD$1300/mth
Looking at your lifestyle expectations I dont see you banking that your first year, and maybe not your second year either not without making some compromises. You need to find out how much the tuition is and what your tax on it is.
SEA_Bound1
Posts: 9
Joined: Wed Dec 08, 2021 2:56 pm

Re: Hong Kong or Singapore?

Post by SEA_Bound1 »

Wow thank you for the in depth reply! Much appreciated.

The tuition is above what you stated, 30s up to mid 40s. The salary is also slightly higher, we would be making a little more than I thought.
PsyGuy
Posts: 10421
Joined: Wed Oct 12, 2011 9:51 am
Location: Northern Europe

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Post by PsyGuy »

@SEA_Bound1

So figure the increased salary and the increased tax on more than a SGD$30K tuition/fees balance each other out. You also dont want to be down to coins at the end of the month on that SGD$1300/mth is SGD$1200/mth or an even SGD$400/wk. If you can feed, cloth entertain, and budget for your trips and travel and everything else on that SGD$400/wk for your family size than yeah you can USD$50K/yr. I see USD$40K/yr in savings giving you an extra SGD$270/wk (for SGD$670/wk) as better. SG gets expensive quickly.
SEA_Bound1
Posts: 9
Joined: Wed Dec 08, 2021 2:56 pm

Re: Hong Kong or Singapore?

Post by SEA_Bound1 »

Thanks for all the help. We have accepted the offer of employment and are excited for the move to Singapore!
sciteach
Posts: 230
Joined: Sat Dec 13, 2014 7:49 am

Re: Hong Kong or Singapore?

Post by sciteach »

Congrats on getting a job in Singapore.

Do note that Singapore is a strange beast when it comes to prices. It's reasonably easy to live local (aka - cheap) and it's also extremely easy to live extravagantly.

Unless you want to live in one of the posh areas - 4,000 SGD should get you a reasonably place within walking distance of the MRT (this is important in Singapore!). If you are happy to visit parks and spend weekends by the pool - then life can be quite cheap. Tasty food can be purchased cheaply at Coffee Shops (think clean semi-open food courts) and the basics of what westerners like to eat don't cost an arm and a leg.

Do note that alcohol is prohibitively expensive in Singapore - even in the supermarket! Doing things like visiting Musuems and such are quite expensive for expats and it adds up quickly. Visiting Pulau Ubin is also a great day trip if your kids are old enough to ride bikes.

Once the world starts to get back to normal - remember that you can catch a short Ferry to Indonesia or easily catch a bus across to Malaysia. Malacca is a great weekend away - just never make the mistake of taking the bus on a long weekend - 10 hours to drive 3 hours of normal driving! Yuck! Batam and Bintan both have cheap shopping and cheap fancy hotels where you can also get nice and cheap spa treatments.

I also found it odd - but look carefully at credit cards in Singapore if you are careful with paying them off. If you pay everything on them - some give great cash back rates - like close to $1000 a year (I don't get how it works but it does!)

On a positive - as you are only working for the first 6 months you will pay very little in tax for the first and last year.
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