Adulting Unleashed: What Should You Know Before Youth Solo Living in Singapore

Kicking off the solo living saga in Singapore is like diving headfirst into a whirlwind of adventures, peppered with a dash of “Oh crikey, what have I done?” moments. This tiny powerhouse of a city-state, famed for its melting pot culture, squeaky-clean streets, and sky-high living standards, is the ultimate playground for the young and restless. Venturing out of the nest, you’re hit with a tidal wave of freedom and a hefty side of adulting that’s as thrilling as it is, well, real.

As you teeter on the edge of this epic phase, it’s crucial to gear up with some know-how and tricks of the trade to keep your wallet from bawling. This blog is your secret handbook to mastering the art of flying solo in Singapore, from cracking the code on living costs to making your bank account your BFF, and how a cheeky loan might just be your ticket to independence glory. Let’s leap into this adventure, learning how to surf the independence wave with flair and a bit of financial wisdom.

Stepping out of the parental shadow means not just growing up but also facing the financial music solo. Before you jump into the deep end, let’s break down the basic cost of living in Singapore.

Understanding the Cost of Living in Singapore

Singapore is a buzzing beehive of activity with a living standard that’s through the roof. Here’s the lowdown on the costs you’ll face living solo in the Singapore, covering everything from your pad to partying, general living costs, getting around, and the biggie—buying your own digs.

  • Rental Costs

HDB Flats: Housing and Development Board (HDB) flats are a popular choice for affordable living. Monthly rent varies significantly based on location, size, and condition. For a 3-room (two-bedroom) HDB flat in less central areas, rents can range from SGD 2,000 to SGD 3,500. Closer to the city center, prices can go higher.

Private Apartments and Condominiums: These offer more amenities but at a higher cost. A one-bedroom apartment in the city center can cost from SGD 3,000 to SGD 5,000 per month, while outside the city center, the price can range from SGD 2,000 to SGD 4,000​​.

  • Cost of Entertainment

Singapore provides a wide array of entertainment options ranging from dining out, nightlife, cinemas, to cultural and recreational activities. A basic dinner for two in a neighborhood pub can cost around SGD $76, while two tickets to the movies might be approximately SGD $29​​. The city’s vibrant food scene, including hawker centers, provides more affordable dining options, enhancing the entertainment value for every budget.

  • General Cost of Living

The general cost of living in Singapore includes food, utilities, and daily expenses. A single person’s monthly costs, excluding rent, are estimated to be between SGD 1,500 to SGD 4,500, depending on lifestyle choices​​. Groceries, utilities, and miscellaneous expenses can add up, so careful budgeting is essential for managing overall living costs effectively.

  • Cost of Transportation

Singapore boasts an efficient public transportation system, including buses and the Mass Rapid Transit (MRT) system. A monthly public transportation pass costs between SGD 120 to SGD 200. For those preferring private transport, owning a car is expensive due to high taxes and fees, making public transportation a cost-effective option​​.

  • Cost of Buying a Home

There are still many people who think that renting a house can’t be a symbol of adult independence. When you own a house of your own, it means that you really have your own nest.

Private Apartments and Condominiums: The cost of private properties in Singapore is substantially higher. A modest condominium unit can start from SGD 800,000 and can go up to several million dollars in prime areas.

Advantages of Living Independently

Personal Growth and Freedom: Moving out encourages self-reliance and personal development. It offers the freedom to make decisions, manage daily routines, and establish one’s lifestyle without parental oversight.

Financial Responsibility: It teaches financial independence and literacy. Budgeting for rent, utilities, groceries, and other expenses helps in understanding the value of money and how to manage it effectively.

Privacy and Space: Living independently provides personal space and privacy. It allows individuals to host friends, pursue hobbies, and live according to their preferences without the need to accommodate family routines or expectations.

Career Opportunities: Often, moving out is linked to pursuing job opportunities in different cities or areas that are far from the family home, potentially offering better career growth and networking opportunities.

Life Skills: Independent living forces one to learn essential life skills, including cooking, cleaning, time management, and problem-solving, which are invaluable throughout life.

Disadvantages of Living Independently

Financial Burden: The most significant disadvantage is the financial responsibility that comes with renting or buying a place, paying bills, and other living expenses. In cities like Singapore, where the cost of living is high, this can be particularly challenging for young adults starting in their careers.

Loneliness: Moving out can lead to feelings of isolation, especially if moving to a new city without an established network of friends or family nearby.

Increased Responsibilities: Independent living comes with a slew of responsibilities, from daily chores to managing utilities and repairs, which can be overwhelming alongside professional commitments.

MK Personal Loan Banner

Distance from Family: Being away from family means missing out on family events, support systems, and the emotional bond that comes from daily interactions, which can be a significant drawback for some.

Financial Planning

When young adults decide to move out of their parents’ house, it’s a significant step towards independence and adulthood. The process involves thorough preparation, both financially and emotionally. Here’s a guide to what needs to be prepared, including how our company’s loan products can assist in this journey.

Budgeting: Start with creating a detailed budget that includes all potential expenses: rent, utilities, groceries, transportation, and personal expenses. This helps in understanding the financial commitment of living independently.

Emergency Fund: Aim to have an emergency fund that covers at least 3-6 months of living expenses. This fund can be a lifesaver in case of unexpected situations like job loss or medical emergencies.

Understanding Credit: Learn about credit scores and how they affect the ability to rent an apartment or secure loans. Managing credit wisely is crucial for financial health.

  • Housing

Choosing the Right Place: Consider factors such as location, safety, affordability, and proximity to work or school. Research the market to find a place that fits your budget and lifestyle needs.

Roommates: Consider living with roommates to share the cost of rent and utilities. It’s also a great way to transition to living independently with a support system.

  • Essential Skills

Life Skills: Acquire basic life skills such as cooking, cleaning, laundry, and time management. These are essential for living independently and can also help save money.

Healthcare: Understand how to manage healthcare appointments and emergencies. Know your health insurance details and how to access medical services when needed.

  • Legal and Documentation

Rental Agreement: Read and understand your rental agreement thoroughly before signing. Know your rights and responsibilities as a tenant.

Important Documents: Organize important documents such as your ID, bank statements, and any other documentation you might need for rental applications or job searches.

Our Company’s Loan Products

Money Kinetics got loans that are as flexible as your yoga instructor, designed to help you nail the solo living gig. From snagging your first flat to decking it out, we’re here to make sure your bank account doesn’t take a nosedive. With easy-peasy applications and a team that’s got your back, we’re all about getting you set up without the stress.

Financial Education and Support: We believe in empowering our clients with financial education. Our advisors are here to help you understand how to manage your loan responsibly, build a strong credit history, and plan for a secure financial future.

Easy Application Process: Our streamlined application process makes it easy for young adults to apply for and manage their loans. With online applications and customer support, we ensure a hassle-free experience to get you started on your journey to independence.

Moving out of your parents’ house is an exciting milestone. With the right preparation and support, including financial solutions from our company, you can embark on this new chapter with confidence. Our loan products are designed to help you navigate the financial aspects of independent living, making your transition smoother and more manageable.

 

Tags: