Life in Singapore is shiok in many ways – great food, safe streets, efficient transport. But let’s be real: the cost of living here is not what it used to be. Kopi that used to be $0.90 can now hit $1.60, cai png portions getting smaller, and don’t even get us started on housing and transport. Many of us are feeling the pinch, and it’s not just an auntie-uncle problem — even young working adults and fresh grads are also feeling the strain.
So how do we survive (and hopefully thrive) in this expensive little red dot? Let’s break it down in a practical, casual way. No atas financial jargon, just real talk and tips that everyday Singaporeans can use.
1. Start With Expense Tracking – Know Where Your Money Go
The first step in managing rising costs is to actually know where all your money is going. Sounds simple, but a lot of us blur blur when it comes to monthly spending.
- Track your spending daily. There are free apps like Wally, Spendee, or even the built-in banking app features that auto-categorise your spending. Otherwise, just jot it down in Notes or Excel.
- Identify money leaks. For example, that $6 bubble tea every other day might not seem much, but 10 cups a month is $60. Over a year, $720 — that’s a cheap holiday to Bangkok!
- Monthly reflection. At the end of the month, sit down for 10 minutes and see where the money went. It’s like checking your health — must do check-up.
The goal is not to stop spending on everything you love (we’re not robots), but to be more conscious. You might realise you’re spending on things that don’t even bring joy.
2. Increase Your Income – Side Hustles & Career Growth
Cutting expenses can only go so far. At some point, you also need to find ways to make more money. After all, prices keep going up, but your salary may not increase as fast.
- Side hustles. Many Singaporeans are turning to side gigs. You could:
- Do food or parcel delivery (flexible hours).
- Offer tuition (big demand for math and science tutors).
- Sell things online (Carousell, Shopee, Lazada).
- Do freelance design, writing, coding, or social media work.
- Upskill for your career.
- Take SkillsFuture courses to learn something that can boost your employability.
- Aim for promotions or job switches with better pay.
- Network, keep your LinkedIn updated, and be open to opportunities.
Think of it this way: cutting expenses helps you save $100, but earning an extra $500 side income every month? That one shiok feeling.
3. Reduce Discretionary Spending – But Don’t Torture Yourself
Discretionary spending = all the “wants” (not “needs”). It’s the Netflix, fancy brunches, new sneakers, gadgets, or impulse buys during 9.9/11.11 sales.
- Small sacrifices, big savings. Maybe instead of three café brunches a month, cut to one. Swap one Grab ride with MRT. Reduce the number of subscriptions you barely use.
- Set a fun budget. Don’t cut everything until you suffer. Give yourself a fixed amount for leisure each month, and stick to it. That way you can still enjoy life, just more controlled.
- Delay gratification. Sometimes just waiting a few weeks before buying something makes you realise you don’t actually need it.
Life is short — don’t deny yourself everything. The key is balance: spend on what truly makes you happy, not on autopilot habits.
4. Energy Costs – The Aircon Dilemma
Singapore is hot. Aircon is love, aircon is life. But wah, it’s also a huge energy guzzler and can make your electricity bill skyrocket.
- Use aircon smartly. Instead of blasting it the whole night, use a timer (e.g., 2–3 hours, then let fan take over).
- Set to 25–26°C. Not too cold, not too warm. Each degree higher saves you money.
- Maintain your aircon. Clean filters regularly so the unit works efficiently.
- Use fans more. Fans are way cheaper to run than aircons. Consider ceiling fans or standing fans.
A family that runs aircon 8 hours every night could easily be paying $100+ more per month compared to just using fans. That’s more than $1,200 a year — basically one month’s worth of groceries.
5. Be Smart About Groceries & Eating Out
Food is a major cost in Singapore. But with some planning, you can save quite a bit without starving yourself.
- Cook at home more often. Cooking a simple stir-fry, fried rice, or pasta can be $3–$5 per portion versus $10–$15 outside.
- Buy in bulk. Items like rice, noodles, sauces, or frozen foods are cheaper in bulk.
- Watch supermarket promos. FairPrice, Sheng Siong, and Giant always have deals. Stock up when essentials are cheaper.
- Mix hawker and home meals. Hawker food is still quite affordable compared to restaurants.
Don’t need to become a MasterChef. Just a few simple dishes at home will already make a difference.
6. Transport Hacks – Don’t Always Rely on Grab
Grab and Gojek are convenient but they really eat into your wallet.
- Public transport first choice. The MRT and buses here are reliable and much cheaper.
- Plan routes smartly. Sometimes a short bus ride to MRT can cut your Grab cost by half if you really need a ride.
- Monthly concession passes. If you travel a lot, see if it’s worth getting one.
A $20 Grab here, $25 Grab there — at the end of the month you could easily hit $200–$300. That’s money that could go to bills or savings instead.
7. Rethink Savings Strategy – Adjust for Tough Times
Some people save aggressively, which is great. But during times when expenses rise faster than income, it may make sense to temporarily adjust your savings strategy.
- Reduce discretionary savings. For example, instead of forcing yourself to save $800 a month, maybe save $500 for now so you don’t have to keep taking from savings later.
- Prioritise emergency funds. Always make sure you have 6 months of expenses stashed away for rainy days.
- Invest carefully. Don’t YOLO into risky things just because inflation is high. Slow and steady still wins.
Remember: saving is a marathon, not a sprint. Adjust when needed but don’t abandon the habit completely.
8. Community & Shared Costs
We’re all in this together, so why not share resources?
- Share subscriptions. Netflix, Spotify, Disney+ — split with family or friends.
- Group buy. Some online groceries or frozen food sellers give discounts for bulk orders.
- Carpool. Share rides with colleagues staying nearby.
Small collaborations can stretch the dollar further.
Conclusion: Surviving and Thriving Despite Rising Costs
The cost of living in Singapore is higher than ever, and it can feel overwhelming. But with conscious expense tracking, smart side hustles, controlling discretionary spending, and being mindful about things like aircon usage, you can still manage your money without living a miserable life.
At the end of the day, it’s about balance. Spend wisely, but still let yourself enjoy the small things. After all, money is there to support your life, not control it.
Singaporeans are resilient — we’ve adapted to many challenges before. With some planning and discipline, we can adapt to this too.
So, let’s be smart, stay practical, and jia you together!