Singapore Living Expenses for Indian and Overseas Students

Singapore is one of the popular study destinations in the world. With its world-class universities, safe environment, and career opportunities, it has become a favourite among Indian students as well. However, the cost of living in Singapore is more expensive than that of India. 

From accommodation to food and travel, the cost of living may vary depending on the choice and lifestyle. Understanding the living expenses in Singapore in advance helps students plan better. 

In this blog, we will cover the expenses that are incurred in Singapore, and understanding them can help students manage their budget wisely and spend their student life stress-free.

What is the cost of Living in Singapore?

• The cost of living in Singapore is the calculation made on a set of expenses of an individual for a particular period of time. This time period could be weekly, monthly, or even annually. 
• In general, he estimated the cost of living in Singapore for international students, including Indians, ranges between SGD 1,900 – SGD 3,200 per month for a single individual. Whereas the cost of living would go up for a family. The cost of living generally includes..

  • Accommodation costs

  • Travel costs

  • Health insurance costs

  • Utility Costs

  • Entertainment costs

  • Personal expenses

  • Food and groceries

Why should you understand the cost of living in Singapore?

• Understanding the cost of living is important for Indian and International students because this helps them plan their budget properly.
• High-paying rents to spending on entertainment, a preplanned budget helps avoid any unexpected financial stress and can help you save more.
• Especially when you are planning to stay in expensive countries like Singapore, a clear budget helps you avoid overspending. This can also lead to saving some finances for some emergencies.
• In short, understanding the cost of living helps you stay financially secure, focus on your studies, and make the nest of your experience in Singapore.

Living expenses in Singapore 

Singapore remains the favourite for many Indian students because of the world-class education and the scenic beauty. Singapore has favorable living conditions that attract not just Indian students, but also more and more international students. 

What is the cost of accommodation in Singapore per month?

In Singapore, international students, including Indians, have many options to choose from on-campus housing to a private apartment. Generally, accommodation is the largest part of a student's budget. This may include options such as 

On-Campus Housing :

Most of the top Singapore universities provide dormitories that include basic amenities such as wi-fi, meals, etc. In general, these are convenient and more affordable than private accommodations.  This may cost around SGD 500 - 800 ( ₹ 34,000 - ₹ 54,400). 

Shared Apartment:

As we all know that sharing reduces the rent and utility costs. An approximate SGD 700- 900 ( ₹ 47,600-  ₹ 61,200) per month. Students can find other students with common goals and share the room expenses. 

Private Apartment:

The student also has the option of living in a private apartment, which usually comes with kitchen facilities and flexibility. But these apartments are much higher than the other two living options. This costs around SGD 1,000 - 1,200 (  ₹ 68,000 -  ₹ 81,600).

 What is the cost of food and groceries in Singapore?

After the accommodation, it is the food that costs the most. On average, the food in Singapore can cost around SGD 300 to 600( ₹18,000 to 36,000) per month. However, this again depends on whether you cook at home or eat outside.

Here is the estimated cost of the food 

• Hawker Center Meals(Street Food) : SGD 4-8 ( ₹ 272 -  ₹ 544) per meal. These are affordable and a good way to experience local cuisine. 
• Mid-range Restaurants: Eating in a mid-range restaurant can cost you around SGD 15- 30 ( ₹ 1,020 - ₹  2,040). You can try, but occasionally, depending on your finances and interests.
• Groceries for home cooking: Groceries, including essentials like rice, vegetables, dairy, and meat, can cost you around SGD 300- 450( ₹ 20,400 -  ₹ 30,600)

What is the cost of transport in Singapore?

• Singapore's public transport system is one of the affordable and efficient in the world. 
• Students can avail the taxi facilities that would cost around SGD 10 - 20 (₹680- ₹ 1,360).
• Students in Singapore can also enjoy heavily discounted concession fares on public transport, making it even more budget-friendly. 
• The monthly student pass would cost around SGD 100- 150( ₹6,800-  ₹10,200). Students can get unlimited travel on MRT trains and buses.

What are the Utility Expenses in Singapore?

The Utility bills in Singapore include electricity, gas, water, mobile data, and internet. Because of the government regulations, the prices are reasonable, and the monthly cost mostly depends on the place where you live. 

Here is a detailed breakdown of the cost of utilities.

Health & Insurance 

• Health insurance is mandatory for international students in Singapore. Most public universities automatically enroll international students in a basic health insurance scheme that covers hospital stays, surgery, and some outpatient treatments.  

• Private universities also made it mandatory to enroll in a medical insurance scheme, and students can verify their admission package to check if it actually covers or not.

• Also, students can choose the private insurance policies from the insurance providers like AIA, AXA, Prudential, etc.

• Therefore, the average health insurance can cost around SGD200 to over SGD1,000 per year.

Personal and Miscellaneous Expenses 

Apart from the above expenses, students may also have to spend some amount on their personal and miscellaneous expenses.

This could include entertainment, Leisure, stationery, and other personal expenses. On average, an individual can spend around SGD 50 - 150 (₹3,000–₹4,000). 

The average living cost in Singapore 

Therefore, everything put together, the average cost of each aspect of living in Singapore is given below in detail 

Saving Tips

The cost of living in a foreign country is an important concern for many Indian students. Though Singapore is an expensive country, some smart spending can save hundreds of dollars each year. Managing your food, accommodation, and transport brings you the biggest savings.

Below are some practical tips where you can save on your spending:

Prefer shared rooms or on campus: 

By sharing and living on campus, you can reduce the rent cost by 20% - 30%. Not just rent, but you can also save on food and electricity, and other utilities.

Use Public Transport: 

A student's monthly pass can save a lot of money over choosing private transport. Therefore, opt for public transport.

Cook at Home:

Food cooked at home can cost you better than eating outside in restaurants. In fact, groceries are also expensive, so plan and list out the necessary groceries that are only essential. 

Use student discounts:

Use discounts that are available at restaurants and supermarkets, etc. This may help you save hundreds of dollars.

Choose to work part-time:

Working for 15 to 20 hrs a week can cover most of your basic weekly costs for food, utilities, and transport. Therefore, research and find a job that you can balance with your studies.

Planning and smart budgeting help students manage their finances in a foreign country. Review your monthly expenses each month, which will identify where you are overspending. A monthly review will help to fix overspending. Ultimately, all these habits can help you save money for emergencies.

Education Loans in Singapore

• As we previously discussed, Singapore has some best world-class universities, and many students from India prefer to study in these universities. But to meet the expenses, it is challenging for many indian students as the cost of living in Singapore is high.
• Many financial institutions are providing educational loans that help students achieve their academic dreams. Public banks, private banks, and many NBFCs provide financial assistance in the form of loans. 
• WeMakeScholars, an organisation backed by the government of India, the Minister of IT. When you apply for an education loan through us, our experienced team will help you find the most suitable loan for your higher studies.
• From the loan application to the loan disbursement, we have a dedicated team that will walk you through the entire loan process without any hassle. We also lend post-sanction support, where students often face issues.. 

How to apply for an Education loan Via WeMakeScholars

Below are the steps to follow to apply through WeMakeScholars

• Fill in all the details in the loan application provided on our website.

• Our Financial Officer will contact you within 2 days.

• Once you receive a callback, provide all the details asked by our Financial Officer.

• Our financial officer will check your loan eligibility and will connect you to the right lender.

• Submit all the documents shared by our team in our WeMakeScholars document portal only.

• Once you submit your documents, your file will be logged in.

• Within 6 working days, you will receive your loan sanction letter from the bank.

Conclusion

Studying in Singapore could be exciting as well as financially challenging. The cost of living in Singapore is higher for its own reasons, and understanding them can help students manage finances better. This blogs cover every aspect of the cost of living in Singapore and helps students plan their budget wisely.