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What do you think is the "magic number"?
< $3000
0%
 0%  [ 0 ]
$3000 - $4999
5%
 5%  [ 1 ]
$5000 - $6000
27%
 27%  [ 5 ]
$6000 - $ 8000
16%
 16%  [ 3 ]
$8000 - $10000
50%
 50%  [ 9 ]
Total Votes : 18

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Tong888
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PostPosted: Sun Oct 17, 2010 12:38 pm    Post subject: Money = happiness? Reply with quote



By Rachel Scully

Does earning more money make you happier? Not everyone agrees.

According to the Household Expenditure Survey conducted by the Department of Statistics in 2007 and 2008, the average household expenditure per month is $4,388.

That figure could be slightly larger now, with the rising cost of living.

However, would earning more necessarily make one happier? Or does how much you want and need dictate your pursuit of wealth and happiness?

RazorTV went on a quest to find out what "the magic number" is - the minimum amount of money you must earn a month to be really happy in Singapore.

We discovered some interesting insights and spending habits of Singaporeans.

How much is enough?

From speaking to interviewees in the street, Razor TV found that their "magic number" can range from $2,500 to $20,000 a month, but most estimates fall in the range of $5,000 - 6,000 a month.

One interviewee who said he would need $10,000 to $20,000 a month to be happy cited heavy family burdens as the reason for his high figure.

Three interviewees said $5,000 to $6,000 was their minimum figure. When asked why, one said "because in Singapore, expenses are very high, to manage everything and to be happy you need more than what is required".

So is $5,000 enough for one's living expenses? Razor TV did a calculation to find out.

Say you spend $20 a day on meals, that's $625 a month on food and drink. If you take public transport, the bus or MRT fare could add up to about $121.34 for transport a month. For those living in HDB flats, utilities, groceries and housing loans will cost you an estimated $1,300 a month.

Another $600 may go to your parents' allowances, for your health care and dental needs, $50. Then throw in another $200 for recreation and leisure, and $200 more for shopping and gifts. Most importantly, savings which they estimate at $500 a month.

In summary:

Items Monthly expense
Food and drink $625
Transport $121.34
Housing, utilities, groceries $1,300
Parents' allowances $600
Healthcare $50
Recreation & leisure $200
Shopping & gifts $200
Total $3,596.34

By Razor TV's estimates, personal expenses alone will come up to more than $3,500 a month for the average Singapore resident who doesn't own a car.

But how about other people you may have to support? For your spouse, you may need another $500, and if you have elderly parents, another $500. For two children you will need at least another $350 for their education, books and toys.

So the "magic number" by Razor TV is $4,946.34 - the minimum amount of money you need to have a month to be happy in Singapore. Rounded up, it is quite close to the $5,000 cited by the interviewees.

How would you spend it?

If they earned $4,946 a month, what would Singaporeans spend it on?

Most of the interviewees told Razor TV they would give their parents about $1,000 to $2,000 out of the sum. Razor TV found that their interviewees are a frugal lot, with one saying that he once survived on $2 to $3 a day.

He also said he will use 55 per cent of his income on his family, 10 to 20 per cent on relaxation and another 10 to 20 per cent on giving.

When the reporter pointed out that he didn't have much left for himself, he said, "I am very easy with my lifestyle".

As for the remainder of the sum, a number would spend it on travelling and entertainment, with one lady saying that she will spend it on vitamins and health supplements.

They say money can't buy you happiness, but everyone knows that the lack of money is not a happy option either. The fact is, money can't buy you everything, but it can certainly contribute to a general sense of well being.

But as every Singaporean will tell you, there sure is a lot to pay for in this country!

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Zeny
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PostPosted: Sun Oct 17, 2010 10:45 pm    Post subject: Reply with quote

Earn less spend less .. Earn more spend more
Actually it all depend how one manage and use their money there are many pple who earn less than the ideal amount and yet all live happily.

I din know Singaporean so filial give $1k-$2k to parent
Hmm how come the parent tribunal Seem to have an increase in the case recently Lips Sealed and alot of these are really educated children Lips Sealed

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Quiet Guy
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PostPosted: Sun Oct 17, 2010 11:28 pm    Post subject: Reply with quote

i dont need happiness, i just need money Nod
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Daknioelh
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PostPosted: Mon Oct 18, 2010 12:16 am    Post subject: Reply with quote

This would depend on how much you can earn not how much is needed. Why they are so weir to find out this instead of how much can one earned? I don't know the market rate now but is some where about this range for level of education for most cases: diploma- 2300 max degree - 2.7k to 3.5k for exec 4-5k a month senior/ manager. This is corporate amount. Is it right? Or I am wrong and poorly paid?
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Ramanan
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PostPosted: Mon Oct 18, 2010 12:26 pm    Post subject: Reply with quote

Daknioelh wrote:
This would depend on how much you can earn not how much is needed. Why they are so weir to find out this instead of how much can one earned? I don't know the market rate now but is some where about this range for level of education for most cases: diploma- 2300 max degree - 2.7k to 3.5k for exec 4-5k a month senior/ manager. This is corporate amount. Is it right? Or I am wrong and poorly paid?


If that is the case, how come so many people could afford cars in Singapore?

what is the average income level in Singapore?
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Garu Boy
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PostPosted: Mon Oct 18, 2010 12:38 pm    Post subject: Reply with quote

Daknioelh wrote:
This would depend on how much you can earn not how much is needed. Why they are so weir to find out this instead of how much can one earned? I don't know the market rate now but is some where about this range for level of education for most cases: diploma- 2300 max degree - 2.7k to 3.5k for exec 4-5k a month senior/ manager. This is corporate amount. Is it right? Or I am wrong and poorly paid?

our industry are poorly paid. must use tender letter , boss increase pay then stay tactics liao

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Benson1788
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PostPosted: Mon Oct 18, 2010 1:09 pm    Post subject: Reply with quote

Money really make people work very hard lives... Very Sad
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Kai & Hian
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PostPosted: Mon Oct 18, 2010 2:36 pm    Post subject: Reply with quote

What comes to my mind, though, is this:

- Average monthly expenditure is about $4k+
- Average monthly income is about $2k+ (according to government reports).

My question then is, happy or not, how does an average Singaporean survive living in Singapore then??

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Daknioelh
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PostPosted: Mon Oct 18, 2010 3:59 pm    Post subject: Reply with quote

Ramanan wrote:
Daknioelh wrote:
This would depend on how much you can earn not how much is needed. Why they are so weir to find out this instead of how much can one earned? I don't know the market rate now but is some where about this range for level of education for most cases: diploma- 2300 max degree - 2.7k to 3.5k for exec 4-5k a month senior/ manager. This is corporate amount. Is it right? Or I am wrong and poorly paid?


If that is the case, how come so many people could afford cars in Singapore?

what is the average income level in Singapore?


Needs and Wants.

I don't know. Just ask yourself how much you getting.
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MeDiC
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PostPosted: Mon Oct 18, 2010 10:48 pm    Post subject: Reply with quote

Ramanan wrote:
Daknioelh wrote:
This would depend on how much you can earn not how much is needed. Why they are so weir to find out this instead of how much can one earned? I don't know the market rate now but is some where about this range for level of education for most cases: diploma- 2300 max degree - 2.7k to 3.5k for exec 4-5k a month senior/ manager. This is corporate amount. Is it right? Or I am wrong and poorly paid?


If that is the case, how come so many people could afford cars in Singapore?

what is the average income level in Singapore?


those people are well to do then or maybe just want face ....someone was quoted saying public transport are for those who can't afford cars while on the other hand advocating saving the earth.. Confused

for me is whether there's a need and if the alternative is cheaper/better

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Tong888
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PostPosted: Tue Oct 19, 2010 11:50 pm    Post subject: Reply with quote

You all might be interested in this topic as well, since the topic had skew towards the owning of cars.

-----------------------------------------------------------------------------------------------------------

Couple own two cars, but take public transport on weekends
Tue, Aug 24, 2010
The New Paper



HUSBAND and wife own a car each.

For work, they go off in their separate cars from their five-room flat in Ang Mo Kio Avenue 5.

But during their weekends, they stick to public transport.


Mr Eric Kwek, 55, a civil servant said:

"Traffic can get quite busy on weekends when we go downtown. So we choose to take the MRT instead since we live near the MRT station."

Plus, they save on petrol too.

"Both our cars are only used for work. We hardly drive anywhere else," he said, adding that they don't venture to too many places for leisure.

Mr Kwek, whose wife is also a civil servant, said they each earn $9,000 a month.

Both leave for work before 7am. Mr Kwek works in the Serangoon area and his wife works in Ang Mo Kio.

To avoid having to ferry each other to their individual workplaces and risk reaching work late, the couple decided to
get a second car.

"It used to be very inconvenient having only one car. My appointments had to be cut short when I needed to fetch my wife to important appointments of her own.

"With two cars, this problem is solved," he said.

The couple own two sedans - one a Mazda and the other a Toyota. They have a 21-year-old son, an NSF who "spends most of his time in camp and doesn't drive".

Carparking expenses: About $130 a month on season parking and $400 a month on petrol in total for both cars.

Mr Kwek said he's never had problems finding a parking lot for his second car.

He currently has two season parking tickets for his estate's surface carpark, both of which cost $65 each.

His view: "It's the newer estates, I think, that have parking lot shortages. There are more homes than parking lots.

"I think they should design more parking lots for residents in these newer residential areas."

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OoStardustoO
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PostPosted: Wed Oct 20, 2010 4:51 pm    Post subject: Reply with quote

See my quote~ Smile
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Daknioelh
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PostPosted: Wed Oct 20, 2010 7:13 pm    Post subject: Reply with quote

OoStardustoO wrote:
See my quote~ Smile


That is quite true..
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RN53
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PostPosted: Thu Oct 21, 2010 12:16 am    Post subject: Reply with quote

I don't need money.............I just need miracle. Sly
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Quiet Guy
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PostPosted: Thu Oct 21, 2010 2:20 pm    Post subject: Reply with quote

money can create others' unhappiness Nod
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