For the second year in a row, research by the Economist Intelligence Unit (EIU) found that Singapore was the world’s most expensive city in 2015. The survey looked at 133 cities worldwide and compared the cost of more than 160 products and services such as food, clothing, and utility bills.
But while paying for the essentials in life might be quite pricey compared to places like Paris, Oslo, Zurich, and Sydney, there are certain things worth splashing your cash on in Singapore.
1. Financial trading
If you are struggling to keep up with the cost of living in Singapore, then the answer to your problems is making more money. One of the easiest ways to do this is by capitalising on the world’s financial markets. You can buy stocks and shares, convert one currency to another on the forex market, or try CFD trading, which enables you to put down a small deposit for much larger exposure.
You might not have much money to risk in the first place, but with the right strategy and long-term objectives in mind, impressive returns will almost always come to fruition.
2. Taxi rides
Despite Singapore’s extensive public transport system, there are certain occasions when taking a taxi is absolutely necessary. For example, if you need to catch a flight from Changi Airport or go to an important business meeting, the MRT might not get you there in time.
On top of that, heading home on the bus with bags full of groceries or at the end of a night out with friends is never much fun. But thanks to services like Uber and Grabcar, you can travel conveniently and comfortably without the extortionate expense of owning your own car.
3. Life skills
In cities and countries where consumer products are extremely cheap to buy, it is easy to get carried away with impulse or unnecessary purchases. But in a place like Singapore, you can put greater value on interests, experiences, and skills, which tend to be a lot more rewarding and fulfilling than material possessions.
For example, the ability to speak another language will stay with you for a lifetime, whereas a new smartphone might not last much longer than two years.
According to research compiled by Bloomberg, which looked at factors like life expectancy and medical expenditure per person, Singapore overtook Hong Kong to top a ranking of the most efficient healthcare systems. Therefore, if you have ever considered undergoing laser eye surgery, now is the time to do so.
Clinics in Singapore will charge around $4,000 for both eyes to be operated on. But when you think about how much you will spend on contact lenses and glasses prescriptions throughout your lifetime, paying for Lasik is much more cost-effective – and satisfying – in the long-run.
Although a lot depends on global exchange rates at the time, going on holiday is almost always a possibility for budget-conscious citizens thanks to the resolute strength of the Singapore dollar. Just like life skills, travelling to a far-flung foreign destination is bound to provide you with countless long-lasting memories.
What’s more, Singapore is a hub of international travel, with plenty of flights stopping here en route to exotic and exciting locations.