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I am wondering how to decide whether to choose to rent a more expensive room near my workplace vs cheaper room far from my workplace. I live near NTU now, but I just started my new job at around Buona Vista MRT. I have two options to rent:
1. Near NTU, Pioneer MRT.
$600
50 min travel, cost: 65.6$ per month.
2. Commonwealth MRT
$800
20 min travel, costs: 36.8$ per month.
I can walk to the office in 20 minutes as well.
Which one should I choose?
Is the cheaper rent a better option financially?
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Discussion (20)
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Fahmiin
11 Oct 2020
Back End Engineer at Seedly
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Nearer to office and higher rent, and if you divide the rent and add to transport base on 22 workdays, renting near office has saving though rent higher and on TOP of that you save time which money cannot buy
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FundsandNotes
29 Sep 2020
Freelance Motion Designer at Home
Hey Victor! Here's how I would calculate it!
Rent: $600/Month
Travelling: $65.60/Month for 50min/day
In a month, you would be spending $665.60 and using up 16h 40min for travelling.
Rent: $800/Month
Travelling: $36.80/Month for 20min/day
In a month, you would be spending $836.80/$800 and using up 6h 40min for travelling.
In essence, you're paying $171.20/Month for 10 hours of your life which is $17/hour. If you're willing to pay that amount of time, then you should go for the Commonwealth Route. However, if you value your time, then go with the other option. Of course, there are multiple factors to take note of including but not limited to sleep time, free time, investment opportunities and more! If you want a more in depth answer, do let me know!
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Cedric Jamie Soh
29 Sep 2020
Director at Seniorcare.com.sg
Location, location, location.
paying $200 only to save 30 mins a day? That is mighty cheap.
time is precious, the time saved could be used on so many things. I'm going to ignore the financial activities so many advisors here can suggest
extra netflix or reading time
extra sleeping time
extra time to chat with friends and lover
extra time to do your favourite hobby
extra time to exercise
extra time to enjoy life
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As HC Tang calculated :
difference in price would be $171.20/month
difference in time spent wo...
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Saving time saving money. Time is your most valuable and non-refundable resource as a human being. That extra $200 won't mean much when you get a pay rise or start a side hustle, but you'll never be able to get back that 1hr (return trip) after it's spent.