Tuesday, September 16, 2014

Cost of Living Calculator

Recently, I came across this Singapore's cost of living calculator at this URL... 

I found it very interesting because it will help me in my calculation of whether $1M is enough for a person to retire for 20 years? 

Some useful information on Singapore's cost of living from this website is as follow:

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* What will be your regular mode of transport?

I will be taking public transport (buses and trains)
$170 - $190 monthly

I will be taking taxis
$700 monthly (assume two 20-minute taxi rides per day at peak period over 20 days)

I will buy and drive a car
$1,000 - $2,000 monthly (low-range or middle-range vehicle)

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Where do you plan to have your meals daily?

I will eat out at budget joints
$10- $15 daily

I will eat out at mid-priced restaurants
$35 - $50 daily

I will eat out at fine dining establishments
$80 - $150 daily

I will cook at home
$200 - $400 monthly

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What kinds of brands do you spend on for new clothing and footwear?

Budget/house brands
$80 - $100 monthly

Mid range brands
$120 - $200 monthly

Luxury brands
$240 - $470 monthly

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What communications and home entertainment services will you require? (select all that apply)

Home phone rental
$29.43 every quarter

Internet access
$24.90 (25mbps) - $39.90 (100mbps) monthly (assumes home broadband services from StarHub)

Mobile phone plan
$38 - $205 monthly (assumes mobile services from StarHub)

Cable TV
$33.17 - $50.29 (assumes cable TV from StarHub)

$53.50 one-time activation charge applies for a new home phone line

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Which of the following recreational activities do you enjoy? (select all that apply)

Movies
$12 per visit

Clubbing
$100 per visit

Art exhibitions/Museums
$5 - $30 per entry

Plays and musicals
$25 - $300 per ticket

Theme parks
$74 per entry (Assuming one-day pass for adults aged 13-64 to Universal Studios Singapore)

Club memberships
Varies for monthly subscription fee, entrance fee and deposit

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Education
If you have children, you may wish to add education fees to your budget.

Here's the estimated monthly cost per child

Kindergarten $400 - $1,500    Public School $246 - $772
International School $1,000 - $3,000    University $1,900 - $3,840

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