What is the best way to budget if I am planning to migrate to another country? - Seedly
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Anonymous

Asked on 18 Jun 2020

What is the best way to budget if I am planning to migrate to another country?

Planning to migrate to Singapore and get a job, does anyone have experience on the expenses and rent?

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Hi anon,

I'll refer you to this website:

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

It should give you an idea of how much certain things cost in Singapore. Then, depending on your lifestyle, you can estimate your cost of living here.

If you are going lean, you should get by on $1000-$1500/mth excluding rent. If not, then it depends on how you'd like to live.

If you are renting, https://www.propertyguru.com.sg/ will give you an idea of how much it costs to rent or buy a house in Singapore, or even a room. As I'm not sure about how you intend to live, you'll have to play around with those websites to get an idea of the numbers.

Renting a room is anywhere from $500/mth onwards, and up into the thousands if you want a whole flat or condo unit to yourself. So this really depends on your preference.

Good luck!

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https://www.aaronleow.com/life-budget-calculator

You can use the above to tabulate your budgeting per month.

If you are migrating into Singapore through an employment pass, you will have enough to live here without much concern. There are safeguards in place in policies to ensure that the income earned for employment pass holders will be sufficient to cover the living expenses in Singapore.​​​

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Before you do so, I will suggest for you to do ample research on the cost of living in Singapore, e.g. food, rental, transport, bills. This will help you to ascertain whether you are financially ready for the move.

Next, we will create a budget that is capable to help us realise the move. The best way to do this is via automation.

How I do My Budget:

How to create a Monthly Budget

As for job opportunities and estimated cost of rental, you can check out the job portals and apartment rentals' website to get an idea.

I share quality content on estate planning and financial planning here.

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Malvin Tan WP
Malvin Tan WP
Level 5. Genius
Answered on 20 Jun 2020

The best way is to live in that country for 3 months you'll get the most accurate representation of cost of living. If its not possible, minimally take a 1month long holiday there.

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