So Singapore is named the world's more expensive city to live in, or so said the Economist Intelligence Unit
Such a headline was sure to create a buzz amongst Singaporeans who are known affectionately to love to complain, accompanied by examples of 'expensive living' – high costs of owning a car, expensive properties and perhaps, rising public transport costs. Yet, there are also those in defence of the notion that Singapore isn't all that expensive, considering the high standard of living and how expatriates and tourists flood the city.
Well, for most average Singaporeans, there are definitely ways for us to lower our expenses; we just need to be more conscious of the way we spend, and be more resourceful about looking for alternatives. For instance, you know you can always have a decent $3 meal at a hawker centre compared to an $8 meal at the food court, or $20 dinner at a casual restaurant. Public transport is always an efficient option for moving around our small city, and who says you need to drink alcohol on Friday night to be part of the cool crowd
Putting aside these superficial arguments, perhaps what we need to think a little deeper about should be the importance of savings and taking care of our own future. The truth is that cost of living will keep rising, and what best we can do for ourselves is to come up with a feasible plan to mitigate these costs in the long term.
- Deposit Savings Account
- Inflation-linked bonds
- Equities Portfolio