Getting more expensive

[Move]

We find it is getting more expensive to live in Singapore.  Rent has been skyrocketing.  Also, more expenses incurred after GST increase (eg. maid asked for more pay, increase in food prices).  Package is now on local deal (not expat deal as when you just first moved here). AUD is now stronger than SGD so effectively earning less than before.  Some people we know of have moved back.  Got told that it is unlikey that AUD will get weaker against SGD in 5 years.  Wondered if people have considered a move back??

[elizamango]

Hi
Just wondering whether you've thought more about moving back to Australia due to costs? I'm from Australia, and been offered a job in Singapore with a local package - ie no accommodation or other benefits.  The salary they are offering dollar for dollar (ie no conversion) is about equal, and I am hoping that the relatively high rental costs will somewhat be made up by the relatively lower tax rates.  However I am concerned about the exchange rate as what I'd be saving in Singapore would be significantly less when converted back into Australian money - and I eventually would want to come back to Australia.

Also another question - where do Singaporeans save their money?  In Australia the term deposit rates are about 6-7% and the same for some online savings accounts, however in singapore the rates are dismal! So what do people do?!!

[neko case]

Time deposits here are about 2%. That's what pp do. Just because it's lower than Australia or some other countries doesn't mean that it's still not a viable option. Other options are shares and unit trusts etc. Singaporeans also have the CPF scheme where money there earns 2.5 and 4% interest. But that's for locals and PRs.

[We are going home]

We have been here about 2 years and have decided to go home - as it's just not worth living here anymore - true, the low tax rate is great - but we will now have to pay over SGD6,000 a month for a same place we have been paying SGD2500 for the past 2 years and our paychecks have not increased by that much over 2 years. Also with strong AUD against SGD, we are not really that better off in Singapore.

Also, the long working hours have started to cause a problem in our marriage (I was working almost 12 hours a day, almost every day at a bank).

[We too]

We're going home too.  It's not worth it anymore.

[elizamango]

Gee reading all this stuff reinforces my concerns about making the move to Singapore.  Is there anyone else with a different view - in particular Australians on a local package who think that living there is still affordable and worth it?

Also, what do you think it is in Singapore culture that drives the pressure to work such long hours?  I mean, work will always be there whether you do more of it today or leave it till tomorrow.  Have people found that it's more due to expectations of colleagues/boss - ie you don't get credibility as a committed employee if you don't stay in the office till late into the night?

In my current workplace in Australia, we get told by our boss to go home if we're still around after 6:30 pm  - and told to "get a life"!

[Only one?]

Reading this kind of topics I have noticed that NOBODY is here for any other reason but money.

We won't be making lots of money nor savings - we just want to experience this! I think we are alone with this kind of thinking...

[not a dollar chaser]

Reading this kind of topics I have noticed that NOBODY is here for any other reason but money.

We won't be making lots of money nor savings - we just want to experience this! I think we are alone with this kind of thinking...

Singapore Inc is all about money. The people are obsessed with it, and you can't do anything without spending some of it. Most conversations here involve money and you will find that even if you think you came here to experience the "culture", your life will be consumed with the thought of money.

We're going home too. I don't want my kids growing up in a place that values cash and "prosperity" over all else.

[Money Money Money]

People come here only for money....or (at the risk of flaming) some white boys come here for easy action...nothing much else...

[Good news]

Seems like many Aussies are beginning to find Singapore unattractive and want to go back home. This is good news. WE only want quality caucasians. I cannot imagine Aussies being categorised as "quality" foreign talent. I always considered them as "free riders"

[Go away]

Seems like many Aussies are beginning to find Singapore unattractive and want to go back home. This is good news. WE only want quality caucasians. I cannot imagine Aussies being categorised as "quality" foreign talent. I always considered them as "free riders"

Actually, I'm leaving because of people like you. Giant attitudes and massive chips on both shoulders about people earning more money than you. There goes that word again... enjoy the "cultural experience" that is Singapore. I think 'Good News' just gave you a great example of what awaits.

[Sensei]

To Only One.........I always say we're memory rich and cash poor.  I've worked at various times through ten years, fairly well paid at local rates, but in real terms if you look at my husband's income we're now worse off financially.  Circumstances have changed in that he's on a contract basis rather than company employee, but we've chosen to stay away from our home country because, just like you, it's for the experience.  He's lived and worked in six Asian countries, I've been in three and we've been happy in each one.  And we've been able to travel further afield several times - we think we're really lucky to have done so.

Our two kids have had amazing opportunities but have never had that Expat Brat style, we just didn't allow it.  Never had a maid (just a cleaner once a week) so the kids had to pull their weight in the house.  They didn't have the pocket money that many friends did but it didn't matter, they've grown up into sensible and well educated young adults.  And we're comfortable but not rolling in money, despite the perception many people have that Expats are darn near millionaires.  I hate it when we visit our home country and they think we're made of money.

To Elizamango, I'd say think VERY carefully before committing to Singapore.  I feel you'd enjoy the experience but don't compromise your standard of living.  Make sure you have enough for comfortable accommodation, enough to take a few trips around Asia and to get you back to Australia to keep up family/friends ties each year, enough to have a social life without worrying about overspending. And be sure you have very good medical coverage, hospitalisation in Singapore is expensive.

To the OP, we were fortunate in that we had two properties which have been rented out all the time.  We'll go back eventually to a roof over our heads in a nice town, a small pension, and we'll have great memories to look back on.    But starting out now - well, we'd think twice about it which is sad.   

[Only $$$ ?]

Well, I'm here because I met my Singaporean wife in the UK, and decided to follow her out to Singapore to get married. Change of scenery, new job, etc ... been here 15 years. Not earning huge bucks, but happy.

[Dr. Phil]

Expats who come to Singapore for tax breaks must ensure they realise those benefits and if possible invest them otherwise the taxes they are not paying back home will one day translate to reduced benfits back home.

The taxes we pay back home should be considered an investment.

This does not apply to Brits because immigration in UK is so bad that state services and benefits will eventually collapse under the weight of uncontrolled immigration; this includes healthcare, pensions etc., these must surely all become private. 

[It All Depends]

Coming here for the experience is a great idea - when you are sitting in your home country.  However, most of the true "expats" here come from a pretty good lifestyle there too - we had a large house, pool, private school and part time staff.

Social life for must of us involves having a certain level of income - if you are going to mix with the Jones' you have to be able to keep up with them.  If you can't afford the brunch in Sentosa on a Sunday, or the western meal out with good bottles of wine (paying your share of the bill!),  you will soon find that your new friends will stop calling you!

The Singapore experience wears a bit thin after a year or so - unless you had a pretty meagre life at home - saving money is what keeps most of us here!