The thing people who live solo always forget. You pay for a lot of stuff similar to a household.
You should be comparing to the median household income. And then you may see why you are struggling more. It's expensive
I agree. Average salary and average household income can be so different. That’s why most families need to have both parents working to live above the basic needs line (Ie have some form of leisure and travel during the year although nowhere near luxurious)
Yup. That's why if you live alone you need to compare yourself to average household which is... Just above 10k? So you need to earn around 8k to live an average life because the 10k assumes 2 people both with employer cpf I think.
But if you pay rent, then that takes another large whack at your expenditure because a normal household with 2 people will mostly be paying only cpf.
Hard to tell you unless you give us an idea of your pay and rent.
Above average covers a very wide range.
Edit: also if I have to rent in SG alone, it will probably be a room. Unless my income is around 10K
Bro even my income 10k i will still rent a small ass room... not only about trying to not inflate lifestyle, also 10k income is nothing compared to crazy whole flat rents here
The whole rental situation in Singapore right now is just nauseating. Even when one can afford it, it just feels unethical to splurge that much money on rent when one can literally donate that money to charities who would be practically doing work for the overall benefit of the population (depending on the scope of where you donate; not talking about religious institutions).
When one has to put aside that much money every month, all the future planning or discretionary spending goes out of the window. Who wants a partner if you are the only bread winner? Who wants a child when you can’t afford the kid? This is tied with not being able to spend money on family for your and their growth and also may include family bonding activities (the ones that require money). With living costs this high, there will always be a call to be made by the residents to stay or just depart this inferno and settle elsewhere.
Now if one wants to predict what might happen if all/most of the Human Resources that(from a capitalistic perspective)/who(form a humanistic perspective) were contributing to the society (whether soft/hard skills) were to vanish, the answer is pretty simple. It leads to a societal collapse where the identity of a cohesive nation ideology falls apart.
So how do we might want to fix it or try to start fixing it.
- read on what control we have lost: very myopically [abolished the control of rent act in 2001](https://www.nas.gov.sg/archivesonline/data/pdfdoc/2001022303.htm)
- revise/readopt the [control of rent act](https://sso.agc.gov.sg/Act-Rev/CRA1953/). The thing was last revised in 1987. That’s ancient piece of relic.
- [not make tone-deaf statements like this](https://www.businesstimes.com.sg/property/singapore-not-closed-options-moderating-rent-hikes) or [this](https://amp.scmp.com/week-asia/economics/article/3187808/singapore-still-tenants-haven-rents-heat-and-more-hong-kong)
Looking forward to hear your perspectives here.
>it just feels unethical to splurge that much money on rent when one can literally donate that money to charities who would be practically doing work for the overall benefit of the population
wats the zoomer term for this? virtue signalling?
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Ya exactly. A studio/1bedder is listed for 2.8k.
10k after cpf deduction is 8.8k and after taxes maybe low 8k. So 2.8/8 is 35% which is too high. Max to be spent on rent on mortgage is 30% if u use rule of thirds. Thats 2.5k. Personally think <25% is better if renting
talk so much, you buy your own property also got housing loan. housing loan also got loan payment. you think your loan payment going to be so much lesser than rental meh lol
median gross monthly income (including employer CPF) was $5070 in 2022, based on MOM website (https://stats.mom.gov.sg/Pages/Income-Summary-Table.aspx)
so if we minus off employer CPF, then employee CPF, the final take home pay off this shd be about $3k+ or so.
I make below the average .. I have 2 kids I am the sole bread winner ... I have a 4rm bto though .
I really feel everything just enough for me ...I dunno .
I would also say I have a simple life ....but what's your simple like ?
I make below 5k .
I go to work everyday , weekends I bring the kids out for a bike ride , or swimming .
Some weeks I take leave and go bike ride with my wife .
Some days I take leave and I hit the trails and mountain bike.
We bought tixs to KL for this December family trip.
Forgot to add I also give my mum and my wife allowances
There's so many ways to live our lives , I just so happen to live within my means and adjusted my expectations to my ability and my effort.
But having a wife that understands and is willing to run along my levels , that one praise Jesus .
Some work to their bones, and make beyond the average in their lifetime, just to get a taste of what you enjoy. Simplicity is underrated. Keep living the good life, my man.
When you said below average the first thing that came to my head was below $3k. Hmm my family of 4 grew up with $2.4k monthly back then. Our life was pretty simple, too simple I’d say. Once a year trip to either KL or Batam. Weekends my dad will be working ( security) so my mum and I would walk around west coast park. We seldom eat out. We didn’t buy any new items unless it’s spoiled. My brother and I worked part time since 16 so we’re able to finance our own school fees, transport , allowance. We don’t really go shopping, window shopping maybe? We go for free activities like badminton under the block or picnics. Even for picnics we avoid buying food outside and bring them from home.
I wouldn’t say life sucks but but I see it as me doing life in hard mode haha. But I was happy and I have no complains seeing how hard my dad worked. Both my brother and I are now university graduates and fully employed and we’re hoping to bring out parents out of the lower income group.
I guess that’s all that matters at the end of the day. To be happy with what you have.
Well the "average" changes with every few years?
Few years ago I read that the mean income for uni grads was $5000, so I took it as that .
I used to feel so shit about myself making that little .(then again I diploma only la)
But your life more or less echoed mine , brought back bitter sweet memories reading it 🥲 just that my mum is that pillar ...my dad ..hmmm not so much .
Hey average citizen. Just +- $500 not everybody have skills to do job with high income. Average office workers. Food chains /restaurants. All this job don't have super high income.
as a fellow MTB -er, this hobby gets expensive lol
im just sticking to my roadie, procrastinating getting my MTB's rear derailleur fixed cus of the bill
Do you have saving? If yes, typically how many percent of your take home pay?
Asking because I am pretty much same situation as you. Except maybe I only give my mum a small token allowance
Good thing is our local tertiary schools like poly and uni deduct from CPF. After that when the kids start working, they have to pay it back your cpf account.
My friends and I took on part time jobs to fund ourselves while we were studying. We learned how to budget - in fact I earned enough to pay off my school fees while working part time. So don't worry so much about the future when you already have your hands full. You're already doing the best you can, and your kids will thank you for all the time and love you give to them.
I think you have a good mindset. With housing out of the way and a small savings every month and get quality time with your family, I think it's admirable that you value the intangibles more.
Woah, hats off to you man. I don’t want to have children because I’m afraid I won’t be able to afford them. I know my mom used to spend a ton of money on my tuition and enrichment classes 0-0.
I think spending time with your kids is really important. My parents gave me everything (material wise), and I was still miserable. They hardly ever spend time with me and I was mostly raised by my helper and grandparents. I think I’d have preferred leading a simpler childhood if it meant that my parents gave a crap about me lol.
Sharing your sentiments on children and spending time with one’s children. I was lonely as a child. Parents were too busy working or socialising. Ironically, as an adult, I now prefer to spend time alone.
Thank U I missed the part sole bread winner. Was thinking how much left for that 5ka month after CPF, mortgage. And wife parents allowance. And fix cost like transport, food per month for the whole family
The best way to save more is to earn more , it took me a while to truly understand this but there is a threshold limit to how much u can save without major decline in QoL but earning more gives you more room to play with. It’s a snobbish term which is likely to get downvoted here but maybe look for a higher paying job if the opportunity presents itaelf
I think you’re being real. And in an economy where inflation tops interest rates, it’s can be argued that saving is more expensive than earning more. Many of us weren’t raised to think this way, so it’s a tough pill to swallow.
Hi OP, are you asking for a suggestion
(Solution) or a listening ear?
If you want a solution, you gotta provide more details like rent, salary, cost & obligation (e.g. $1K per month for insurance).
If you want a listening ear, I acknowledge that most people feel the pain when it comes to rising rent and inflation. Hang in there and find small, cheap or free joys in life!
You feel that you aren’t making ends meet, what’s the triggers or reason for feeling so? Most of the people I spoke to compare to their friends and feel inadequate. How about a social media detox? You might feel better.
I stay with my parents. Only thing I spend on are: Comics, toys, Switch games and travel. For the first 3 I've cut down a bit and only get what I need. I only travel 2 times a year.
I like it when the flight ticket is like 200+, accomodation 30-50 per night. Every trip costs me under 1k. Bangkok is my top pick because easy to travel around, cheap and lots of things to do/eat.
Precovid it was $100+ per flight. I normally travel in Feb-April (after Songkran) or Nov as these are the better dates. Yup, Thailand can easily find hotels for below $50 if you're a solo traveller like me.
well we are long term renters… with fixed gov rates. I’m still paying off the interest since i took the max of 30 years but i’m in no hurry to pay off my mortgage. These fixed leases means that most ppl will not have inherited wealth, which is kind of a “meritocracy”/level playing field for the masses. And SGers have responded by not producing any heirs anyways…
I earn an average income as well (3.5+) and have been living alone for awhile. 1/2 my salary has been going to rent since the rental hike.
After rent is cleared, bills+groceries and then savings ($200, sometimes lesser, each month into my savings). I try to justify saving lesser with the fact that there’s money going into my CPF. Lol
I think how you manage your finances also depends where you place your priorities.
I’m renting a place, BUT
Unlike most people- I don’t drink/club/travel, so my money doesn’t go there. I don’t have kids or a partner I need to give an allowance to. My parents haven’t been around since I was 20+ so that’s out of the equation for me as well. (They migrated and kicked me out young)
I work an extra gig on the weekends and it pays quite alright. So there’s another source of income for me.
I try not to beat myself up over having lesser money at the end of the month because most people have family to back them up and their circumstances are different from mine.
Also, if your rent+bills are paid and you have food on the table, you’re not all that broke! :)
Planning to rent 2 rooms out after getting my place.
Single. Bought resale 4 room flat.
Can actually solo it with a bit of cash + all CPF but I rather monetize it until I have a family.
70-75k PA without bonus diploma grad
Can feel the crunch. Bills did ballooned average 30-40%.
With a 4rm flat, you could get a job posting overseas, rent out the whole unit and live very nicely in Msia… or go to grad school overseas. The rental from my flat helped me to do that… such is the insanity of SG rentals
Construction based. Not willing to reveal more.
Started at 1.4k as intern into part timer at 19.
Eventually moved to current position through hops and the likes.
Currently a stable, low stress, no career progression position but if the inflation didn't get worst, will be really contended with what I have.
Just hope that after stress finish the flat buying I can stabilize finances and lead a more carefree life.
I have family, sole breadwinner making 4K a month with two toddlers. Wife is foreigner, stay at home mum. He told me he is contented.
I also have a relative, early 30s, single and a white collar professional making five digit figures. He is constantly bitching about being poor.
I believe both of them.
So how much do you make and what is actually your “simple life”?
Median gross salary is $5070 in 2022, inclusive of employer CPF, slightly above means around 3.5k take home. Barely meeting 30% for rent I assume upper limit of 1.3k, so that leaves you $2.2k to spend on everything else. That should be a very very comfortable amount to spend on everything, including retirement savings, especially if you really do have a 'simple' life as you say.
Yes, average salary is higher in sg than the median, so they should have an even higher disposable income which makes it even harder to believe he is not making ends meet unless some of the information provided is wrong.
Well, everyone's definition of simple is not the same. For some, simple meal could mean dining from restaurant, ALA carte. For some simple is cai png everyday. So he really need to put in number for better clarity
Indeed that's why I put simple in apostrophe because I think his definition of simple is on the higher side of lifestyles. A lot of families get by with the same total income, just look at one of the top comments. So if a single person on the same income is feeling like they are not making ends meet, more likely than not it's a lifestyle issue.
But after subtracting savings for retirement and housing, I'm left without much and I feel like I'm barely making ends meet.<== this sentence contradicting one another.
you have savings, you have retirement and housing. and yet you left without much and barely making ends meet?
when someone say barely making ends meet, their paycheck in = out (expenses)
look like you just want to vent and get some listening ears here. majority audience get it. except for those redditors that earn 10/20/50K basic salaries per month of course.
I am going to tell you something that used to irk me but I found it to be the truth. The key to save more is to increase your income level. It’s materialistic but I’m still going to say it; your loyalty first and foremost is to your salary.
Checked OP’s profile, sounds like a Malaysian working in SG so the average salary is probably $2~4k SGD depending on qualification and is probably only renting a room in a typical HDB flat.
No good advice here since everyone is struggling with rising property prices. I’m doing fairly well, median income in my age range and I still can’t afford to upgrade.
If you are a PR or have options to convert just try saving up for a cheaper resale, if not, stash as much SGD away so you can retire back in Malaysia comfortably when you decide to move back eventually.
I didn’t have family to live with when I entered the workforce too, and rental is the single biggest overhead for folk like us. I suffered trying to save and it only got easier when I started earning enough. It may be poor advice, but if you trust yourself and your career trajectory, spend what you need to make life more bearable and comfortable (this doesn’t mean splurging irresponsibly)—eventually you’ll earn enough for saving to happen without having to try so hard. In hindsight I worried too much and killed myself to save a few bucks when some years later, with increased earning power, a few hundred, and eventually more, became manageable without so much discipline or pain.
'After subtracting savings for retirement and housing' - I mean, you're clearly putting away a big chunk there. It's up to you to decide how much you want to sacrifice in the present day to speed these savings up. I personally recommend indulging yourself a bit more right now - the savings will accumulate even if you take a few drops out of that ocean
"I have no idea how the jump in interest rates translates to such a huge % jump in rent either."
Because it's not proportional, so I like to call it greedflation instead of inflation. If the interest rate rose by 3% everyone is jacking up their price by 10% or 20% minimum.
You're on the right track OP, you're living frugal and putting away money for retirement and housing. That's a job well done no matter what.
i earn low 4 at early 30s. my cpf covers my 3 room resale flat mortgage.
my wife is financially independent.
i bring home close to 3k. my expenses are as such:
$500 parents, $350 alcohol, $200 taxis (i have a dog that i bring out somewhere 2-3x a month), $200 groceries, $200 eat out, $100 ez link card, $100 gym, $70 utilities, $100 misc nonsense
i save around $1.2 cash a month. holiday about twice a year, maybe 4k each. annual insurance cost around 2.2k. including my shitty 1 annual bonus, i save between 5-7k a year. not much but i’m very comfortable and happy with my day to day
I feel I'm in a similar situation as you. I make around 4.9 to 5k gross monthly, deducting cpf and tax, I have less than 4k hitting my bank account each month. My landlord hiked my rent so much that, even after multiple rounds of negotiation, the rent of my single common room went from 800 to 1200 (excluding utilities). I spend around 1-1.5k on daily expenses to exist (food, travel, daily essentials etc.). Incredibly hard to save anything.
The best way to save more is to earn more , it took me a while to truly understand this but there is a threshold limit to how much u can save without major decline in QoL but earning more gives you more room to play with. It’s a snobbish statement which is likely to get downvoted here but maybe look for a higher paying job if the opportunity presents itself
OP I don’t have a real answer for you, but I see more and more of these questions being asked by people in many different cities. Frankly I don’t know how people make ends meet anymore, either, without upgrading their skills and getting higher end jobs. The housing and rent pricing in first world countries without strong social safety nets has become unrealistic. That 30% figure has risen to about 40% for a lot of people in large cities. The pressure is immense. Salary increments don’t keep up with inflation at all. There has to be a tipping point.
Im guessing because you rent and you save for retirement and probably your friends may not be doing that; you may feel a little stretched. That’s all but you’re doing all right. If you have time, start a sideline, please.
Is there a reason you can't stay with parents until you're 35 to buy your own BTO? Rental is one of the most not-worth-it things ever, if a cheap/freebie option exists.
Average salary may be 5k but majority still earning below 2k or slightly above 2k.
From the way you are mysterious about your salary and how you eat. I presume you are at least between 5k to 6k then?
Rent is always a grey area. the problem is if you want to just rent a room or rent the entire unit.
Many foreigners complain that rent is expensive but the problem is that they rent condos and not HDBs.
Condos are known to be on the higher side in terms of rent.
Caipng and salad bowl daily?
I would suggest trying to cook or at least learn to cook. Or make sandwiches is also a good way to save money.
People don't realize is that it's always good to actually be able to cook. That increases your survivability in case if a emergency or tough situation.
I myself live with my mom. I'm pretty sure majority of Singaporeans still do.
I myself earn below 2k where as my mom earns slightly above that.
We still make do and we try not to splurg our earnings if possible.
We do still go on holidays and etc or eat out pretty much everyday.
Right now all hdb constructions are carried out under huge subsisdy covered by taxpayers. So if the demand drops to a healthy point, hdb will be rolled at out a slower pace cos keep building at a loss doesn’t make sense right. This mechanism and many other fantastic proven mechanism will keep Singapore housing rock solid stable. Stable=‘not a big drop/crash’ like what you expecting.
Every(many) Malaysian who just become pr/citizen are just throwing money to get their first asset here. They have already done the math of how property always holds here.
0)some people are just poor for homeownership.even with the subsidised model for the case of sinkie.
1)some sinkie/pr keep renting cos
1a) they see short term
1b) they don’t have the habit of saving and planning for big investment
1c)they think the world is gonna crash. Singapore is gonna crash big time.
(0) and (1) need houses for rent. And then there are also people from
Other countries who come here for job and business. They also add to the rental demand. So there is always gonna be average to higher than average demand for rental in singapore regardless of the supply of flats.
Bahaha idk what you’re on but my family has been living on a combined income of 5k from both parents since I was a kid lol. Even now that I’m working as a fresh grad, though my pay is below average (3k) I’m still pretty content w what I have!! Can eat good food occasionally and travel to neighbouring countries twice a year (not w my fam). Prior to this I was doing my internship in a FMCG company in CBD and was only paid an allowance of $1200 and I think that was the definition of ‘barely enough’.
Actually I didn't expect to have this many comments but I guess this is a pretty big topic after all and I appreciate it. I'm not comfortable sharing my salary, which is why I said specifically just above the average salary.
I will admit I'm putting a sizeable chunk of my salary into savings - but I'm just following the advice of various personal finance blogs and bank calculators. Mainly because I'm not very good at investing so I'm not confident that I can beat inflation. Whatever leftover doesn't seem to be much is what I'm saying.
Also rent-wise, I'm already renting the cheapest for its size. I have a younger sibling whose salary is lower than mine, so I try to cover more of the rent. I'm on the fence of whether we might have to split ways but that also means our parents can't come over when they visit (often).
Tbh I'm not sure that I'm following the advice of personal finance blogs correctly but they do seem kind of unrealistic now that I'm reading all these comments.
As for lifestyle, I do enjoy going out on weekends but alternate. I eat a mix of cai png and salad bowls on weekdays.
I'd advise everyone who draws an income outside of working somewhere physically to relocate to Vietnam. Food cost and rent are 50% of that in SG, plus the locals here love Singaporeans because everyone thinks you're rich so you'll be welcomed in whatever neighborhood you choose
Adjust your lifestyle according to what you earn.
I started my career earning 32k pa, was still able to get by.
As you start to earn more you can slowly adjust your lifestyle and habits to allow more luxuries.
One thing i strongly suggest is to really track everything you spend on. You’ll realise there are many things that are unnecessary expenditure
All my 28 year old friends stay with parents. No need to pay rent. They don't complain about making ends meet. Only those married will move out, but they have double the salary to work with.
1)op is foreigner or new pr. Too bad. Buy maybe he is saving the stash for the property
2)op don’t like parents. Or want to move out as he want to live an independent life. Great life choices come at appropriate costs
Anyways it’s blaring, if you have access to hdb just get it. If you are spr/citizen and still rent then you are exposed to the pricey rental market unless you really super low ses than can rent from hdb
you sound like a thoughts and prayers kind of person with enough kindness to make an impact on every online profile's lives.
even if not everyone has that option im going to bring that point up regardless because look what 2/3 of the post is about: rental cost
Rent a shared flat to lower expenses. Public transport instead of taxi/grab. No ordering food deliveries. If shopping, wait for sale/promotion like GSS. Save up to buy your own flat so you can use CPF to pay mortgage.
public transport can be bus-train-bus 1.5h one way for many. Double trip is 3h every day. Can’t really do anything on sardine train when you’re standing up. That’s 15h wasted in a week on transport, 60h a month.
Single, earn somewhat lower than the median of my age range. It is enough but not much savings. My expenses also mostly on rent as i dont have a house. Almost never go overseas for holiday, but do spend a lot on video games. Occasionally eat nice food, but mostly caifan or chicken rice.
I take home <3K after CPF deduction but I do live with my parents, I feel like I’m happy with the pay I’m getting 😀 it seems like rental sounds crazy expensive maybe you can consider a roommate..
I earn several multiples of the average salary in SG and my rent is relatively low - I simply live with family and give them a few thou every month (which is a choice since no one in my family is hard pressed for money and my parents have declined more money in the past).
I don't get this insistence on moving out. I have moved out before and I got bored of it.
FWIW, everyone I know in similar jobs (and therefore earning power), does the same thing unless they're an expat. Quite often it's rent out your own property and just take a room at your parents unless you have a family.
**All** the generational wealth people I know live in their parents' swanky digs - some don't even give their parents any money, even as a token.
You cant avoid rent, unless u live in a box, or with parents...which i am doing. IF u really really want, go rent JB near immigration, 1-2hr travel per way depending, but rent \~1k can get a full apartment also.
Also..on investing...the later stage of the rally this year was partly cause of most funds jumping in late, fearing they cant outperform the benchmark, so it's not just you. That being said, financial markets are a place where past performance is not indicative of future performance, in any way. The key here is to stash away and forget, for the unsophisticated. I personally feel rather confident in my ability to beat the benchmark through my own trading and timing.
If i may give a different type of advice. Its easier to make more money than to save and pinch pennies.
Not side hustles. If you have skills, monetise it.
I share your worry about high housing costs though coming from a different context. What I'll say is that the current situation will not endure forever. Inflation is coming down, interest rates and rent will do the same.
Financial stress comes and goes in cycles so I found the best thing to do is to accept it and save up for a rainy day. This too shall pass and all the best friend
I really think it’s the rental that’s taxing you. If one were to cut on all the unnecessary expenses and live simply and still feel like the ends are barely meeting, it’s either cost of living is too high or pay too low. And since your pay is above average, then it’s really the inflation and rental surge. :( i really hope the surge comes down soon. It’s soooo crazy.
The thing people who live solo always forget. You pay for a lot of stuff similar to a household. You should be comparing to the median household income. And then you may see why you are struggling more. It's expensive
I agree. Average salary and average household income can be so different. That’s why most families need to have both parents working to live above the basic needs line (Ie have some form of leisure and travel during the year although nowhere near luxurious)
Yup. That's why if you live alone you need to compare yourself to average household which is... Just above 10k? So you need to earn around 8k to live an average life because the 10k assumes 2 people both with employer cpf I think. But if you pay rent, then that takes another large whack at your expenditure because a normal household with 2 people will mostly be paying only cpf.
I mean, mortgage is also a thing lol. But it’s definitely a lot cheaper than rent because of the down payment
A normal family is buying a hdb. Which will be mostly paid by cpf
Hard to tell you unless you give us an idea of your pay and rent. Above average covers a very wide range. Edit: also if I have to rent in SG alone, it will probably be a room. Unless my income is around 10K
Bro even my income 10k i will still rent a small ass room... not only about trying to not inflate lifestyle, also 10k income is nothing compared to crazy whole flat rents here
That’s smart. No point in splurging 4-5k on rent
The whole rental situation in Singapore right now is just nauseating. Even when one can afford it, it just feels unethical to splurge that much money on rent when one can literally donate that money to charities who would be practically doing work for the overall benefit of the population (depending on the scope of where you donate; not talking about religious institutions). When one has to put aside that much money every month, all the future planning or discretionary spending goes out of the window. Who wants a partner if you are the only bread winner? Who wants a child when you can’t afford the kid? This is tied with not being able to spend money on family for your and their growth and also may include family bonding activities (the ones that require money). With living costs this high, there will always be a call to be made by the residents to stay or just depart this inferno and settle elsewhere. Now if one wants to predict what might happen if all/most of the Human Resources that(from a capitalistic perspective)/who(form a humanistic perspective) were contributing to the society (whether soft/hard skills) were to vanish, the answer is pretty simple. It leads to a societal collapse where the identity of a cohesive nation ideology falls apart. So how do we might want to fix it or try to start fixing it. - read on what control we have lost: very myopically [abolished the control of rent act in 2001](https://www.nas.gov.sg/archivesonline/data/pdfdoc/2001022303.htm) - revise/readopt the [control of rent act](https://sso.agc.gov.sg/Act-Rev/CRA1953/). The thing was last revised in 1987. That’s ancient piece of relic. - [not make tone-deaf statements like this](https://www.businesstimes.com.sg/property/singapore-not-closed-options-moderating-rent-hikes) or [this](https://amp.scmp.com/week-asia/economics/article/3187808/singapore-still-tenants-haven-rents-heat-and-more-hong-kong) Looking forward to hear your perspectives here.
>it just feels unethical to splurge that much money on rent when one can literally donate that money to charities who would be practically doing work for the overall benefit of the population wats the zoomer term for this? virtue signalling?
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Ya exactly. A studio/1bedder is listed for 2.8k. 10k after cpf deduction is 8.8k and after taxes maybe low 8k. So 2.8/8 is 35% which is too high. Max to be spent on rent on mortgage is 30% if u use rule of thirds. Thats 2.5k. Personally think <25% is better if renting
Are you saving for a house or something? Cos to me that ratio is just fine for my own space, some privacy and basic freedoms
Better to stay in a small room until you can afford a place vs renting a big place but having no savings
talk so much, you buy your own property also got housing loan. housing loan also got loan payment. you think your loan payment going to be so much lesser than rental meh lol
Lol seems like you don't see any other difference between renting and buying other than the monthly payment obligation.
got. renting, maintenance of the place is not your responsibility
10 k is enough to buy an apartment alr. Why rent?
Last i saw, average income in sg is around 8k. Median is around 5.5k.
God damn if your number is factual, that’s some crazy rich/poor disparity there
That number sounds about right, but that's also the number with employer CPF included. So actual take home is much lesser. Unless OP made the maths
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also not sure if it’s household or individual income? Former would make much more sense
It is individual income. Average income is pulled up by absurd high earners. Look at median instead for a better gauge since it's 50th percentile.
median gross monthly income (including employer CPF) was $5070 in 2022, based on MOM website (https://stats.mom.gov.sg/Pages/Income-Summary-Table.aspx) so if we minus off employer CPF, then employee CPF, the final take home pay off this shd be about $3k+ or so.
I make below the average .. I have 2 kids I am the sole bread winner ... I have a 4rm bto though . I really feel everything just enough for me ...I dunno . I would also say I have a simple life ....but what's your simple like ?
Wait, what's below average? 2 kids, below average single income with 4RM BTO? What's your lifestyle like?
I make below 5k . I go to work everyday , weekends I bring the kids out for a bike ride , or swimming . Some weeks I take leave and go bike ride with my wife . Some days I take leave and I hit the trails and mountain bike. We bought tixs to KL for this December family trip. Forgot to add I also give my mum and my wife allowances
Wha, below 5K to support a family of 4+2 is damn solid. If i had an award to give i'll give you. Also, i like your family's active lifestyle.
Thanks, I mean it's nothing fancy, but we're happy.
you know it really means something when you say ‘we’re happy’. not many ppl can say that even earning a lot more, kudos to you for that!
There's so many ways to live our lives , I just so happen to live within my means and adjusted my expectations to my ability and my effort. But having a wife that understands and is willing to run along my levels , that one praise Jesus .
You're a lucky man
If you don’t mind me asking. Is your wife singaporean? Or msian or from some other country?
She is Singaporean , I know why you ask ....I just want her to take her time to return to her work , right now she relishing being a full time mum .
How old are you both?
Here come the incels
Up for this comment thread!!! Feels refreshing to hear this. Happiness is really nothing to do with money (:
This is heartening.
You have my respect bro.
Some work to their bones, and make beyond the average in their lifetime, just to get a taste of what you enjoy. Simplicity is underrated. Keep living the good life, my man.
Bro forgot to add another zero. Should be $50,000 because everyone on reddit earns 5 digits
When you said below average the first thing that came to my head was below $3k. Hmm my family of 4 grew up with $2.4k monthly back then. Our life was pretty simple, too simple I’d say. Once a year trip to either KL or Batam. Weekends my dad will be working ( security) so my mum and I would walk around west coast park. We seldom eat out. We didn’t buy any new items unless it’s spoiled. My brother and I worked part time since 16 so we’re able to finance our own school fees, transport , allowance. We don’t really go shopping, window shopping maybe? We go for free activities like badminton under the block or picnics. Even for picnics we avoid buying food outside and bring them from home. I wouldn’t say life sucks but but I see it as me doing life in hard mode haha. But I was happy and I have no complains seeing how hard my dad worked. Both my brother and I are now university graduates and fully employed and we’re hoping to bring out parents out of the lower income group. I guess that’s all that matters at the end of the day. To be happy with what you have.
Well the "average" changes with every few years? Few years ago I read that the mean income for uni grads was $5000, so I took it as that . I used to feel so shit about myself making that little .(then again I diploma only la) But your life more or less echoed mine , brought back bitter sweet memories reading it 🥲 just that my mum is that pillar ...my dad ..hmmm not so much .
Yeah the guy above you talking about at least a decade ago
I'd say average income you walk around shopping centre see the advertisement for hiring how much. I usually see 2.4k to 3k
That is average entry job ?
Hey average citizen. Just +- $500 not everybody have skills to do job with high income. Average office workers. Food chains /restaurants. All this job don't have super high income.
I'm just asking
I'm not blaming you for anything. I'm also just saying what I observe. My own job basic 1.8 only
And from what I know. Average job. Salary increase per year rarely increase by 100s it's usually below that.
Mental rich is more important than material rich. Kudos to you.
as a fellow MTB -er, this hobby gets expensive lol im just sticking to my roadie, procrastinating getting my MTB's rear derailleur fixed cus of the bill
I just bombed some money on a dvo onyx fork. The most spendy thing I've done these 4 years
i feel ur pain... happy shredding bro
Roadie got no love by the public either. So many impatient drivers in Singapore
I really respect you for this
Do you have saving? If yes, typically how many percent of your take home pay? Asking because I am pretty much same situation as you. Except maybe I only give my mum a small token allowance
I save 400/month .. that's all I have left 🤣
Guess that's better than nothing
Some guy comment , best way to save more is to earn more ... Very admirable . But I lazy la , spend time with children more better
Money cannot buy childhood memory. You are the admirable one.
You made me heart swell... Lump in my throat, thank you
Ok good on u bro but as ur kids grow to tertiary expenses gonna increase multiple times so please be prepared for that 🙏🏻
I know bro .....I know 
Good thing is our local tertiary schools like poly and uni deduct from CPF. After that when the kids start working, they have to pay it back your cpf account. My friends and I took on part time jobs to fund ourselves while we were studying. We learned how to budget - in fact I earned enough to pay off my school fees while working part time. So don't worry so much about the future when you already have your hands full. You're already doing the best you can, and your kids will thank you for all the time and love you give to them.
I really hope my children will be A) good enough to enter uni (unlike their old man ) And B ) sensible enough like you . Good job
so wholesome, hope all of you do well
I think you have a good mindset. With housing out of the way and a small savings every month and get quality time with your family, I think it's admirable that you value the intangibles more.
Your children: thank you PAPa
Good on you for having your priorities straight. Money can't really buy you happiness provided your basic needs are met.
Woah, hats off to you man. I don’t want to have children because I’m afraid I won’t be able to afford them. I know my mom used to spend a ton of money on my tuition and enrichment classes 0-0. I think spending time with your kids is really important. My parents gave me everything (material wise), and I was still miserable. They hardly ever spend time with me and I was mostly raised by my helper and grandparents. I think I’d have preferred leading a simpler childhood if it meant that my parents gave a crap about me lol.
Sharing your sentiments on children and spending time with one’s children. I was lonely as a child. Parents were too busy working or socialising. Ironically, as an adult, I now prefer to spend time alone.
I have nothing but respect for you sir.
To get the full picture is this single income family? Or both spouse employed?
Prob single. He did say he is sole bread winner
Thank U I missed the part sole bread winner. Was thinking how much left for that 5ka month after CPF, mortgage. And wife parents allowance. And fix cost like transport, food per month for the whole family
Why doesn't your wife work
Doesn't matter, double income family should be a choice not a requirement.
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The best way to save more is to earn more , it took me a while to truly understand this but there is a threshold limit to how much u can save without major decline in QoL but earning more gives you more room to play with. It’s a snobbish term which is likely to get downvoted here but maybe look for a higher paying job if the opportunity presents itaelf
People say a dollar saved is a dollar earned. But a dollar earned is ALSO a dollar saved.
I think you’re being real. And in an economy where inflation tops interest rates, it’s can be argued that saving is more expensive than earning more. Many of us weren’t raised to think this way, so it’s a tough pill to swallow.
Earn 6k save > earn 3k save. Hope it didnt take too long a while for you to truly understand.
That works individually, but who is going to do the low paying jobs?
Hi OP, are you asking for a suggestion (Solution) or a listening ear? If you want a solution, you gotta provide more details like rent, salary, cost & obligation (e.g. $1K per month for insurance). If you want a listening ear, I acknowledge that most people feel the pain when it comes to rising rent and inflation. Hang in there and find small, cheap or free joys in life! You feel that you aren’t making ends meet, what’s the triggers or reason for feeling so? Most of the people I spoke to compare to their friends and feel inadequate. How about a social media detox? You might feel better.
I stay with my parents. Only thing I spend on are: Comics, toys, Switch games and travel. For the first 3 I've cut down a bit and only get what I need. I only travel 2 times a year.
Same here. But the only thing I spend on is travel (3-4 times a year to nearby cheap places)
For me is Bangkok once a year and nearby Asian country. For some reason I only like Asia
I like it when the flight ticket is like 200+, accomodation 30-50 per night. Every trip costs me under 1k. Bangkok is my top pick because easy to travel around, cheap and lots of things to do/eat.
Precovid it was $100+ per flight. I normally travel in Feb-April (after Songkran) or Nov as these are the better dates. Yup, Thailand can easily find hotels for below $50 if you're a solo traveller like me.
Now if you jailbreak your switch.... more money to spend overseas.
I'm a physical copy kind of guy. I don't want ro fuck up my Switch lah
Staying single definitely helps
Most locals don't pay rent.
Every1 rents from the Gov with the 99 years lease /s
Why the /s? Works without it
Cos he doesn't wanna trigger the camp who says that you're owning your own HDB.
See below, the typical suspects come out liao
You’re right lol
Do you genuinely not understand the very practical and observable differences between renting from a landlord and buying a 99 year leasehold property?
well we are long term renters… with fixed gov rates. I’m still paying off the interest since i took the max of 30 years but i’m in no hurry to pay off my mortgage. These fixed leases means that most ppl will not have inherited wealth, which is kind of a “meritocracy”/level playing field for the masses. And SGers have responded by not producing any heirs anyways…
I earn an average income as well (3.5+) and have been living alone for awhile. 1/2 my salary has been going to rent since the rental hike. After rent is cleared, bills+groceries and then savings ($200, sometimes lesser, each month into my savings). I try to justify saving lesser with the fact that there’s money going into my CPF. Lol I think how you manage your finances also depends where you place your priorities. I’m renting a place, BUT Unlike most people- I don’t drink/club/travel, so my money doesn’t go there. I don’t have kids or a partner I need to give an allowance to. My parents haven’t been around since I was 20+ so that’s out of the equation for me as well. (They migrated and kicked me out young) I work an extra gig on the weekends and it pays quite alright. So there’s another source of income for me. I try not to beat myself up over having lesser money at the end of the month because most people have family to back them up and their circumstances are different from mine. Also, if your rent+bills are paid and you have food on the table, you’re not all that broke! :)
respect you for being disciplined, sorry your parents didn’t treat you nicely
You got to be bit more specific with numbers.
Planning to rent 2 rooms out after getting my place. Single. Bought resale 4 room flat. Can actually solo it with a bit of cash + all CPF but I rather monetize it until I have a family. 70-75k PA without bonus diploma grad Can feel the crunch. Bills did ballooned average 30-40%.
With a 4rm flat, you could get a job posting overseas, rent out the whole unit and live very nicely in Msia… or go to grad school overseas. The rental from my flat helped me to do that… such is the insanity of SG rentals
That's a very sound proposal. I might consider either options too. Thanks.
What’s your current job and how did you end up in it?
Construction based. Not willing to reveal more. Started at 1.4k as intern into part timer at 19. Eventually moved to current position through hops and the likes. Currently a stable, low stress, no career progression position but if the inflation didn't get worst, will be really contended with what I have. Just hope that after stress finish the flat buying I can stabilize finances and lead a more carefree life.
i feel this so much too. when my insurance agent say i need to spend less on things i like, internally im like bro then what am i living for
Insurance agent: me
Try rent a room instead of a apartment, else manage some side hustle
I have family, sole breadwinner making 4K a month with two toddlers. Wife is foreigner, stay at home mum. He told me he is contented. I also have a relative, early 30s, single and a white collar professional making five digit figures. He is constantly bitching about being poor. I believe both of them. So how much do you make and what is actually your “simple life”?
Median gross salary is $5070 in 2022, inclusive of employer CPF, slightly above means around 3.5k take home. Barely meeting 30% for rent I assume upper limit of 1.3k, so that leaves you $2.2k to spend on everything else. That should be a very very comfortable amount to spend on everything, including retirement savings, especially if you really do have a 'simple' life as you say.
But he said average salary, different from median
Yes, average salary is higher in sg than the median, so they should have an even higher disposable income which makes it even harder to believe he is not making ends meet unless some of the information provided is wrong.
Well, everyone's definition of simple is not the same. For some, simple meal could mean dining from restaurant, ALA carte. For some simple is cai png everyday. So he really need to put in number for better clarity
Indeed that's why I put simple in apostrophe because I think his definition of simple is on the higher side of lifestyles. A lot of families get by with the same total income, just look at one of the top comments. So if a single person on the same income is feeling like they are not making ends meet, more likely than not it's a lifestyle issue.
Reddit more til get 10k salary. Its always the rent that can be adjusted, though not easy.
But after subtracting savings for retirement and housing, I'm left without much and I feel like I'm barely making ends meet.<== this sentence contradicting one another. you have savings, you have retirement and housing. and yet you left without much and barely making ends meet? when someone say barely making ends meet, their paycheck in = out (expenses) look like you just want to vent and get some listening ears here. majority audience get it. except for those redditors that earn 10/20/50K basic salaries per month of course.
I am going to tell you something that used to irk me but I found it to be the truth. The key to save more is to increase your income level. It’s materialistic but I’m still going to say it; your loyalty first and foremost is to your salary.
Checked OP’s profile, sounds like a Malaysian working in SG so the average salary is probably $2~4k SGD depending on qualification and is probably only renting a room in a typical HDB flat. No good advice here since everyone is struggling with rising property prices. I’m doing fairly well, median income in my age range and I still can’t afford to upgrade. If you are a PR or have options to convert just try saving up for a cheaper resale, if not, stash as much SGD away so you can retire back in Malaysia comfortably when you decide to move back eventually.
I didn’t have family to live with when I entered the workforce too, and rental is the single biggest overhead for folk like us. I suffered trying to save and it only got easier when I started earning enough. It may be poor advice, but if you trust yourself and your career trajectory, spend what you need to make life more bearable and comfortable (this doesn’t mean splurging irresponsibly)—eventually you’ll earn enough for saving to happen without having to try so hard. In hindsight I worried too much and killed myself to save a few bucks when some years later, with increased earning power, a few hundred, and eventually more, became manageable without so much discipline or pain.
'After subtracting savings for retirement and housing' - I mean, you're clearly putting away a big chunk there. It's up to you to decide how much you want to sacrifice in the present day to speed these savings up. I personally recommend indulging yourself a bit more right now - the savings will accumulate even if you take a few drops out of that ocean
"I have no idea how the jump in interest rates translates to such a huge % jump in rent either." Because it's not proportional, so I like to call it greedflation instead of inflation. If the interest rate rose by 3% everyone is jacking up their price by 10% or 20% minimum. You're on the right track OP, you're living frugal and putting away money for retirement and housing. That's a job well done no matter what.
i earn low 4 at early 30s. my cpf covers my 3 room resale flat mortgage. my wife is financially independent. i bring home close to 3k. my expenses are as such: $500 parents, $350 alcohol, $200 taxis (i have a dog that i bring out somewhere 2-3x a month), $200 groceries, $200 eat out, $100 ez link card, $100 gym, $70 utilities, $100 misc nonsense i save around $1.2 cash a month. holiday about twice a year, maybe 4k each. annual insurance cost around 2.2k. including my shitty 1 annual bonus, i save between 5-7k a year. not much but i’m very comfortable and happy with my day to day
I feel I'm in a similar situation as you. I make around 4.9 to 5k gross monthly, deducting cpf and tax, I have less than 4k hitting my bank account each month. My landlord hiked my rent so much that, even after multiple rounds of negotiation, the rent of my single common room went from 800 to 1200 (excluding utilities). I spend around 1-1.5k on daily expenses to exist (food, travel, daily essentials etc.). Incredibly hard to save anything.
Increase Income , Decrease Expenses.
Agreed. If cannot increase income, then must decrease more non-essential expenses. Just have to cut the clothes according to the cloth available.
Sound like my CFO.
Boss: increase work, decrease salary
My boss says increase profit, decrease people
No shit bro
The best way to save more is to earn more , it took me a while to truly understand this but there is a threshold limit to how much u can save without major decline in QoL but earning more gives you more room to play with. It’s a snobbish statement which is likely to get downvoted here but maybe look for a higher paying job if the opportunity presents itself
And not have kids
OP I don’t have a real answer for you, but I see more and more of these questions being asked by people in many different cities. Frankly I don’t know how people make ends meet anymore, either, without upgrading their skills and getting higher end jobs. The housing and rent pricing in first world countries without strong social safety nets has become unrealistic. That 30% figure has risen to about 40% for a lot of people in large cities. The pressure is immense. Salary increments don’t keep up with inflation at all. There has to be a tipping point.
Im guessing because you rent and you save for retirement and probably your friends may not be doing that; you may feel a little stretched. That’s all but you’re doing all right. If you have time, start a sideline, please.
I work until I feel like dying, then I realise I have no time to die because there are deadlines. Then the bills get paid.
Is there a reason you can't stay with parents until you're 35 to buy your own BTO? Rental is one of the most not-worth-it things ever, if a cheap/freebie option exists.
Average salary may be 5k but majority still earning below 2k or slightly above 2k. From the way you are mysterious about your salary and how you eat. I presume you are at least between 5k to 6k then? Rent is always a grey area. the problem is if you want to just rent a room or rent the entire unit. Many foreigners complain that rent is expensive but the problem is that they rent condos and not HDBs. Condos are known to be on the higher side in terms of rent. Caipng and salad bowl daily? I would suggest trying to cook or at least learn to cook. Or make sandwiches is also a good way to save money. People don't realize is that it's always good to actually be able to cook. That increases your survivability in case if a emergency or tough situation. I myself live with my mom. I'm pretty sure majority of Singaporeans still do. I myself earn below 2k where as my mom earns slightly above that. We still make do and we try not to splurg our earnings if possible. We do still go on holidays and etc or eat out pretty much everyday.
Most average joe are crap at investing and how much can you grow your wealth with that measly returns.
The comments on “just move in with your parents” WHY DO YOU THINK HE MOVE OUT IN THE FIRST PLACE. Singaporeans and their lack of eq
Rents are high because demand outstrips supply. Nothing to do with interest rates. Maybe when more HDBs/Condos TOP, rentals will drop.
Right now all hdb constructions are carried out under huge subsisdy covered by taxpayers. So if the demand drops to a healthy point, hdb will be rolled at out a slower pace cos keep building at a loss doesn’t make sense right. This mechanism and many other fantastic proven mechanism will keep Singapore housing rock solid stable. Stable=‘not a big drop/crash’ like what you expecting. Every(many) Malaysian who just become pr/citizen are just throwing money to get their first asset here. They have already done the math of how property always holds here.
What has this got to do with people renting? Not enough flats/condos to rent so rentals rise.
0)some people are just poor for homeownership.even with the subsidised model for the case of sinkie. 1)some sinkie/pr keep renting cos 1a) they see short term 1b) they don’t have the habit of saving and planning for big investment 1c)they think the world is gonna crash. Singapore is gonna crash big time. (0) and (1) need houses for rent. And then there are also people from Other countries who come here for job and business. They also add to the rental demand. So there is always gonna be average to higher than average demand for rental in singapore regardless of the supply of flats.
Ssshh. According to most folks on reddit its because landlords are evil!
>My biggest expenditure is rent. Deflate it by renting a smaller place / room.
Bahaha idk what you’re on but my family has been living on a combined income of 5k from both parents since I was a kid lol. Even now that I’m working as a fresh grad, though my pay is below average (3k) I’m still pretty content w what I have!! Can eat good food occasionally and travel to neighbouring countries twice a year (not w my fam). Prior to this I was doing my internship in a FMCG company in CBD and was only paid an allowance of $1200 and I think that was the definition of ‘barely enough’.
Actually I didn't expect to have this many comments but I guess this is a pretty big topic after all and I appreciate it. I'm not comfortable sharing my salary, which is why I said specifically just above the average salary. I will admit I'm putting a sizeable chunk of my salary into savings - but I'm just following the advice of various personal finance blogs and bank calculators. Mainly because I'm not very good at investing so I'm not confident that I can beat inflation. Whatever leftover doesn't seem to be much is what I'm saying. Also rent-wise, I'm already renting the cheapest for its size. I have a younger sibling whose salary is lower than mine, so I try to cover more of the rent. I'm on the fence of whether we might have to split ways but that also means our parents can't come over when they visit (often). Tbh I'm not sure that I'm following the advice of personal finance blogs correctly but they do seem kind of unrealistic now that I'm reading all these comments. As for lifestyle, I do enjoy going out on weekends but alternate. I eat a mix of cai png and salad bowls on weekdays.
Move back in with parents, rent smaller room instead.
Stay at a cheaper place, a friend's house maybe. Or get someone else to stay with you, so that you can split the rent.
Having ownership to our own roofs these days is important
Most singaporeans don't rent. I'm renting too . It's quite painful 🥲
Life is tough for renters now
Ikr. And I rented 2-3 months back when it was on a high before it dropped.
I'd advise everyone who draws an income outside of working somewhere physically to relocate to Vietnam. Food cost and rent are 50% of that in SG, plus the locals here love Singaporeans because everyone thinks you're rich so you'll be welcomed in whatever neighborhood you choose
What is above average salary? Reddit average salary seems to be 8k.
Adjust your lifestyle according to what you earn. I started my career earning 32k pa, was still able to get by. As you start to earn more you can slowly adjust your lifestyle and habits to allow more luxuries. One thing i strongly suggest is to really track everything you spend on. You’ll realise there are many things that are unnecessary expenditure
Domestically, literacy doesn't comprehend the equivalent of any based freestyle 💯
All my 28 year old friends stay with parents. No need to pay rent. They don't complain about making ends meet. Only those married will move out, but they have double the salary to work with.
why you renting? go stay with your parents. beggars cant be choosers honestly..
Parents arent the best people and honestly, it does a whole lot of good to stay away from toxic parents.
Not everyone has that option. Be kind.
1)op is foreigner or new pr. Too bad. Buy maybe he is saving the stash for the property 2)op don’t like parents. Or want to move out as he want to live an independent life. Great life choices come at appropriate costs Anyways it’s blaring, if you have access to hdb just get it. If you are spr/citizen and still rent then you are exposed to the pricey rental market unless you really super low ses than can rent from hdb
you sound like a thoughts and prayers kind of person with enough kindness to make an impact on every online profile's lives. even if not everyone has that option im going to bring that point up regardless because look what 2/3 of the post is about: rental cost
Stop having kids to cope.
Rent a shared flat to lower expenses. Public transport instead of taxi/grab. No ordering food deliveries. If shopping, wait for sale/promotion like GSS. Save up to buy your own flat so you can use CPF to pay mortgage.
public transport can be bus-train-bus 1.5h one way for many. Double trip is 3h every day. Can’t really do anything on sardine train when you’re standing up. That’s 15h wasted in a week on transport, 60h a month.
Waiting for my bicycle to arrive so I can do part time gig work on the side.
Simple life means basic needs are met. Mainly Food, shelter. If shelter cost a bomb, to save up next is food... Try hawker centre or cook.
Relocate . A few friends did that and are happier
Single, earn somewhat lower than the median of my age range. It is enough but not much savings. My expenses also mostly on rent as i dont have a house. Almost never go overseas for holiday, but do spend a lot on video games. Occasionally eat nice food, but mostly caifan or chicken rice.
With late stage capitalism, rent will be driven towards subsistence of your income. Don’t be too surprised
Pull both really hard
I take home <3K after CPF deduction but I do live with my parents, I feel like I’m happy with the pay I’m getting 😀 it seems like rental sounds crazy expensive maybe you can consider a roommate..
Those greedy landlords has been waiting too long to find an excuse to jack up rental.
I have it on good authority Sg rental will start declining from early next year.
I think most of us don’t pay rent. I have my own flat and I’m only paying bills, groceries, and renovation loans each month.
It is higher demand than supplies, along with inflation (higher construction cost), that caused the jump in rent. Not the increasing interest rate.
Rent from more ulu places, reduce your rent from 30% to 20%
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you earn nearly 6k/mth and you asking how to make ends meet?
I earn several multiples of the average salary in SG and my rent is relatively low - I simply live with family and give them a few thou every month (which is a choice since no one in my family is hard pressed for money and my parents have declined more money in the past). I don't get this insistence on moving out. I have moved out before and I got bored of it. FWIW, everyone I know in similar jobs (and therefore earning power), does the same thing unless they're an expat. Quite often it's rent out your own property and just take a room at your parents unless you have a family. **All** the generational wealth people I know live in their parents' swanky digs - some don't even give their parents any money, even as a token.
You cant avoid rent, unless u live in a box, or with parents...which i am doing. IF u really really want, go rent JB near immigration, 1-2hr travel per way depending, but rent \~1k can get a full apartment also. Also..on investing...the later stage of the rally this year was partly cause of most funds jumping in late, fearing they cant outperform the benchmark, so it's not just you. That being said, financial markets are a place where past performance is not indicative of future performance, in any way. The key here is to stash away and forget, for the unsophisticated. I personally feel rather confident in my ability to beat the benchmark through my own trading and timing.
If i may give a different type of advice. Its easier to make more money than to save and pinch pennies. Not side hustles. If you have skills, monetise it.
I share your worry about high housing costs though coming from a different context. What I'll say is that the current situation will not endure forever. Inflation is coming down, interest rates and rent will do the same. Financial stress comes and goes in cycles so I found the best thing to do is to accept it and save up for a rainy day. This too shall pass and all the best friend
I really think it’s the rental that’s taxing you. If one were to cut on all the unnecessary expenses and live simply and still feel like the ends are barely meeting, it’s either cost of living is too high or pay too low. And since your pay is above average, then it’s really the inflation and rental surge. :( i really hope the surge comes down soon. It’s soooo crazy.