My Expenses Have Ballooned Up By 50%! | Cost Of Living In Singapore

Today, I'd share what my latest expenses summary are and even being prudent, our expenses have ballooned up by 50%! But before that, a bit about me...

I'm worried about the money habits my boys learn.

Hence, we've been financially prudent so as to convey the right message to them and whenever we make a purchase, we'd explain "the value" in that purchase. If there isn't a need, we wouldn't spend.

Free Pokemon Ga-ole tiles that we collected for free!

My boy likes Pokemon Ga-ole (I mean which kid doesn't haha). If I'm correct, each game is $2. 

So far, I've been able to convince him to just be a spectator to this highly addictive game and just collect those tiles which are unwanted by others. He has bought into the idea and so far we have spent $0 and been donated with a Mimikyu by a nice Gor Gor playing.

Ok so back to the story of expenses. The whole breakdown will be using total family cost divided by two.

Here it goes...

COST #1 CAR = $425

My car is fully paid.

Another way to look at this category is to also add in depreciation cost which I haven't done.

I've only accounted for miscellaneous which includes, parking charges, servicing charges, fines, road tax, insurance...

And also total petrol cost.

Using ESSO's app, I can averagely guess my consumption per month and using a $2.70/L average after discount cost, the petrol cost should be around $400/m

Hence total cost is $850/m family wise and my half to be $425/m

COST #2 HOME LOAN = $2,145

This is where the cost have really ballooned.

I carry a floating bank package with a term loan (described in my YouTube channel)

Total loan is around $980,000.

Below shows some checkpoints as to the rate and the instalment amount.

With 1m SIBOR already at 2.3%, I suspect my total loan will be around $4,290/m.


I stay in an old condo hence the conservancy charges are steep. There are sinking fund charges for upgrading this old building.

Alas, previously in the HDB, all these cost were to the HDB town council.

Adding in insurance and property tax, the total average monthly amount is about $900/m


Below is a quick snapshot. It is important to do a proper insurance summary for yourself too.

You'd see main cost is in term plans. One of the wholelife plan has been fully paid.

The total amount below doesn't show my wife's and kids.

Hence total is $980/m for family.

Insure adequately for yourself.

Tip: the amount to insure should reflect loss of income risk as well as liabilities such as mortgage and children raising cost. Speak to a qualified adviser or if you need look for links below.


This is were there is also another big jump!

Entertainment is really low. There hasn't been anything spent on movie like in a year? And we don't even have Netflix haha

We do eat quite simple actually. No fancy restaurants and no fine dining.

Some fans of my YouTube have spotted me at KIMLY coffeeshop and SUNTEC foodcourt. =)

But I've two hungry boys to feed now and they are starting to eat more haha!

We also spend a lot on groceries also because of milk and stuff.


My elder boy is in P1 now so yea this is gone!

But wait till 2023...


This is a new category instead to capture cost better.

Below is a summary of things we spend on.

Some of my private clients engage even more enrichment but I'm happy with current balance of things.

Total cost is $1,302/m now.

COST #8 BILLS = $203

This will capture phone bills, electricity bills (fixed rate) and water bills.

I didn't study deeply this time round and assumed it was the same as Aug2020.

COST #9 HOLIDAY = $375

Holiday spending is discretionary of course =)

I'm an advocate of FIRE but at a right pace. Spending on holiday brings memories which I value highly.

Below is a snapshot of batam montigo resort which we visited recently =)

Year end we will travel again.

2022 travel budget set at $9,000 for family.


As you can see, total will be $6,094/m for me!

This is a steep jump from 2020 and I suspect 2023 might be higher than this.

Wish me luck and hope it was a useful sharing!

Josh Tan Jian Liang (CHFC) Principal Author: REVIEWS: Practising financial planner with Promiseland Independent Pte Ltd. TJL100057681 EXPERIENCE: More than 14years. Josh Tan is a young parent, speaker, author and founder of TheAstuteParent.
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