One of the biggest mistakes expats make is treating Singapore as a temporary “financial side quest.” But your time here, whether it’s two years or ten, forms a crucial chapter in your long-term wealth story.
Here’s how to integrate Singapore into your global plan seamlessly.
1. Start With Your Anchor Country
Where do you imagine your long-term roots? UK? Australia? Malta? Your anchor country determines: • Tax residency • Currency exposure • Retirement structures • Property strategy • Investment allocations
You need to plan Singapore around that destination, not in isolation.
2. Align Currencies With Future Goals
If your long-term life will be in GBP, you can’t build a portfolio that is 100% SGD. If your dream retirement is in Portugal, EUR matters.
A well-designed global plan ensures assets match future liabilities.
3. Coordinate SRS With Offshore Investments
SRS shouldn’t sit alone. It should be coordinated with: • UK pensions • Offshore investment accounts • Property plans • Currency exposure • Retirement timelines
When planned correctly, SRS becomes a powerful tax-efficient component of a global portfolio.
4. Manage Your Cross-Border Tax Exposure
Expats often accidentally: • Trigger tax residency • Pay unnecessary tax on foreign gains • Withdraw pensions at the wrong time • Mix investment structures badly across borders
A coordinated plan prevents friction between jurisdictions.
5. Avoid Overconcentration in a Single Country or Currency
Living in Singapore doesn’t mean investing everything in SGD. Equally, being British doesn’t mean overloading GBP assets.
Balance is key.
6. Review Your Global Plan Yearly
Life changes, your plan should too.
A global financial plan gives you control, clarity, and confidence. Your money stops being “here and there”, and becomes a unified strategy built around your future.
Life as an expat in Singapore is extraordinary, but your finances can quietly leak in places you don’t notice until it becomes expensive. These hidden costs don’t show up on a bank statement; they show up as lost opportunity, currency erosion, and financial instability later on.
Here are the key wealth drains expats routinely overlook.
1. Currency Erosion — the Silent Wealth Killer
Expats often underestimate how much currency volatility affects long-term wealth.
Common mistakes: • Holding too much GBP or EUR when your life is in SGD • Sending money home “when it feels right” instead of strategically • Investing in GBP assets when your retirement is elsewhere • Ignoring natural currency exposure
A currency-smart plan can add tens of thousands to long-term wealth, without changing your income.
2. Leaving SRS Money in Cash
This is one of the biggest and most avoidable mistakes expats make. Cash inside SRS earns almost nothing, which means you lose purchasing power every single year.
Without investing, you’re missing the entire point of the scheme.
3. “Set and Forget” Investing
Expats move countries, change jobs, and open accounts across continents. But their portfolios rarely get updated.
Consequences: • Wrong risk profiles • Outdated investment allocations • Exposure mismatched with your life stage • Poor diversification
A yearly portfolio review solves this immediately.
4. Paying Too Much in Fees Overseas
Many expats unknowingly hold products back home with unnecessary fees or tax drag. This is common with: • UK pensions • Old workplace schemes • Bank-managed portfolios • Property management companies
A cross-border audit usually reveals easy wins.
5. Insurance Gaps
Expats often assume: “My company covers me.”
But employer policies in Singapore can be removed instantly when you resign, or if the company restructures.
Gaps are common in: • Hospitalisation coverage • Critical illness • Income protection • Life insurance
Replacing cover after a health issue is far more expensive… or impossible.
6. Cross-Border Tax Inefficiencies
Your assets across countries may unintentionally trigger: • Double taxation • Unnecessary reporting • Incompatible product structures
A global financial plan stops tax leakage before it happens.
The hidden costs aren’t dramatic, but they compound over years. Addressing these areas early is the difference between “I earned well” and “I built wealth.”
If there’s one universal truth in expat life, it’s this: the admin is never-ending.
You can be thriving in your career, juggling two currencies, planning investments across borders… and still end up drowning in PDFs, renewal emails, HR benefit summaries, and three different insurance policies you vaguely remember buying but can’t quite locate. Add on the “free” protection that comes with credit cards or company packages, and suddenly your life admin becomes a full-time job.
As someone who works daily with expats on their financial planning, I see this chaos all the time. Clients come to me with folders of mixed paperwork, half-complete coverage, overlapping policies, and sometimes, gaps they didn’t even know existed.
Our expectations for banking and investments have evolved massively. We track expenses from our phones, invest with a swipe, and send money globally in seconds. So why doesn’t insurance feel the same? Why is the most important safety net in our lives stuck in a world of PDFs, policy jargon, and patchy visibility?
That’s why I’m genuinely excited about what forgettable is building.
The App That Simplifies Life Admin (finally)
Forgettable is a Singapore-based insurtech built for Millennials and Gen Z, but honestly, anyone who has ever sighed at a policy document could benefit. Their approach is simple: to help people actually see and use the protection they already have, before topping up with anything new.
The platform:
Turns messy PDFs into smart digital cards: Upload your policies and Forgettable transforms them into clean, visual summaries that show exactly what you’re covered for. No jargon. No fine print scavenger hunts.
Surfaces protection from your credit cards & work benefits: Most people don’t realise how much “free” cover they already have. Forgettable pulls those benefits together so you don’t miss perks you’re already paying for.
Shows overlaps, gaps, and total insurance spend: This is a big deal. Insurance planning shouldn’t be guesswork. With everything centralised, it becomes instantly clear where you’re double-paying, under-protected, or perfectly balanced.
Visualises claims, limits, and geographical coverage: Especially for expats, knowing where your cover applies is crucial. Forgettable helps you understand your protection geographically, Singapore, home country, travel, and where the blind spots are.
In short: It’s life admin, but easier. It’s insurance, but finally modern.
Clarity = Confidence abroad
One of the biggest emotional undercurrents I see in expat financial planning is uncertainty. We’re far from home. Our systems are different. Our support networks shift. Insurance is one of the few tools that gives people stability and confidence, but only if they understand what they have.
Having everything centralised not only helps clients make better decisions, it also empowers them with knowledge. And when someone understands their foundation, they’re far more prepared to build on it; whether that means topping up critical illness, adding maternity riders, or planning long-term medical insurance as a foreigner in Singapore.
Why I’m sharing this
I don’t often highlight specific platforms, but I think forgettable is solving a very real pain point, especially for expats who already juggle more admin, more uncertainty, and more moving pieces than the average person.
Anything that helps people gain clarity, save time, and make smarter decisions about their protection is a win in my books.
And of course, if you ever want help understanding your insurance planning or how your existing coverage fits into your wider financial goals, I’m always here. Because the right insurance should protect you, not confuse you.
Living in Singapore as an expat comes with a unique set of opportunities; world-class food, vibrant social scenes, excellent gyms, and cultural experiences that can make life feel full and exciting. But it also comes with a challenge many expats don’t initially anticipate: deciding how to spend your money without losing sight of what truly matters.
It’s easy to slip into a pattern where your spending is influenced more by social comparison than by personal fulfilment. That’s where the distinction between lifestyle spending and luxury spending becomes essential. Understanding this difference can transform not only your bank balance but your sense of wellbeing as an expat.
1. Lifestyle Spending: Enhancing Daily Life
Lifestyle spending is money used to improve your quality of life, not just signal wealth. It’s about comfort, convenience, and personal enjoyment. Examples include: • A membership at a fitness studio that energises you and keeps you healthy. • Attending cultural events or workshops that bring joy and connection. • Occasional dining at a restaurant you genuinely love, rather than somewhere just to impress friends.
The common thread? Lifestyle spending aligns with your values and priorities. It supports your well-being, relationships, and growth. It’s money well spent because it has a tangible, positive impact on your life.
2. Luxury Spending: Status Over Substance
Luxury spending, by contrast, is often influenced by perception rather than personal value. It’s when purchases are driven by: • A desire to “keep up” with peers. • The assumption that higher cost equals higher status. • The need to project a particular lifestyle to the outside world.
Examples might include designer goods you rarely use, expensive gadgets bought for image, or memberships that don’t align with your interests but are “expected” socially.
The danger of luxury spending isn’t the occasional treat…it’s the habit of over-prioritising image over utility or joy, which can quietly erode your financial stability.
3. Why Expats Are Especially Susceptible
Expats often face unique pressures that make luxury spending feel “normal”: • Social comparison: You see peers living in stylish condos, driving new cars, or dining out frequently. It’s natural to measure yourself against that. • Temporary mindset: Feeling like your time abroad is limited can create a “spend now, worry later” mentality. • High cost of living: When everything seems expensive, it’s easy to justify splurges as deserved or necessary.
Recognising these pressures is the first step to taking control of your spending habits.
4. Decoding Your Own Spending Patterns
Here’s a simple framework to help identify whether your spending is lifestyle-driven or luxury-driven: 1. Ask yourself the why: Does this purchase bring me lasting value, convenience, or joy — or am I doing it to look good or fit in? 2. Measure impact: Will this spend improve my daily life, my health, or my relationships? Or is it purely external validation? 3. Track habit frequency: Occasional indulgence is fine. When purchases become routine and don’t align with your values, it’s a red flag. 4. Check alignment with goals: If you’re saving for a home, building a safety net, or planning long-term investments, does this spending move you closer or farther from those goals?
By honestly evaluating your purchases, you begin to spend intentionally rather than reactively.
5. Strategies for Intentional Expat Spending
Here are practical steps to maintain a balance between lifestyle enjoyment and avoiding unnecessary luxury spending: • Set clear values: Write down what matters most to you — health, experiences, learning, travel, security. Use these as your spending compass. • Budget by purpose: Create categories for essential, lifestyle, and occasional luxury spending. Allocating in advance reduces impulse decisions. • Use conscious indulgence: Plan luxury purchases intentionally. Buy that designer bag or tech gadget when it truly brings joy, not just because “everyone else has it.” • Evaluate subscriptions and memberships: Are they genuinely used or just collecting digital dust? Cancel or pause those that don’t add value. • Track mindset shifts: Regularly reflect: “Did this purchase enhance my life, or my image?” Journaling or a quick monthly review can build awareness.
6. When Lifestyle Spending Feels Luxurious
Interestingly, lifestyle spending can feel luxurious, and that’s okay. The difference lies in motivation and impact.
For example: • A weekend getaway with friends might feel like a luxury, but if it strengthens connections and rejuvenates you, it’s a value-aligned investment. • Cooking classes or personal training sessions might seem expensive, but the skills, confidence, and health benefits are lasting returns.
By framing spending around personal value rather than social signal, you can enjoy the richness of Singapore’s lifestyle without financial guilt.
7. The Emotional Payoff of Spending Aligned with Values
When you shift from reactive or image-driven spending to intentional lifestyle spending, the benefits extend beyond your bank balance: • Reduced anxiety: You no longer feel pressured to keep up with peers. • Greater satisfaction: Purchases bring real joy or improvement, not fleeting status. • Financial clarity: Your money works for you, not against you. • Confidence in long-term planning: When your spending aligns with your values, saving and investing becomes less of a chore and more of a natural extension of your lifestyle.
It’s not about austerity, it’s about making choices that honour both your life today and your life tomorrow.
Understanding the difference between lifestyle and luxury spending is a cornerstone of financial freedom as an expat. On my blog and podcast, I explore strategies for managing expenses, building a resilient portfolio, and aligning money with your values while living abroad. You can dive deeper here, or reach out to find out more.
Moving abroad isn’t just a change of address; it’s a shift in perspective, priorities, and, often, finances. As an expat in Singapore, you might have noticed that the way you used to think about money back home doesn’t quite fit anymore. The same salary, the same savings habits, the same assumptions about investments, suddenly, they feel… different.
This is what I like to call the financial identity shift. It’s subtle, emotional, and deeply practical all at once. And understanding it is the first step to making smart, empowered financial decisions while living abroad.
1. From Familiar to Fluid: Your Money Mindset Changes
When you were at home, your financial decisions were guided by context you understood: local property markets, familiar banks, tax rules, and long-established social safety nets. Moving abroad disrupts that framework. Suddenly: • Your salary is in a different currency. • Your banking options feel more complicated. • Long-term savings and retirement planning require new structures.
You may start asking questions you never considered: • “Should I invest locally or offshore?” • “How do I protect my family if we’re in different countries?” • “What happens if my visa status changes?”
These questions aren’t just logistical; they signal a shift in how you define financial security. The comfortable rules you once followed no longer apply, and you need to build a new framework; one that fits a more fluid, international life.
2. Spending in Singapore: Lifestyle vs Luxury
One of the biggest adjustments expats notice is the cost of living, and the temptation to spend. Singapore offers incredible lifestyle options, from world-class food and shopping to vibrant cultural experiences. It’s easy to slip into patterns where spending feels like self-expression, rather than necessity.
Here’s the key distinction: • Lifestyle spending: Money that enhances your daily experience…a weekend brunch with friends, a fitness class that keeps you energised, or a hobby that brings joy. • Luxury spending: Money that signals status or attempts to match someone else’s standard of living, rather than improving your own well-being.
Many expats find themselves overspending because they’re trying to adapt or fit in, rather than consciously choosing what adds value. Recognising the difference is critical. Start by asking: “Does this expense make my life better, or just look better?”
3. Your Portfolio Becomes Portable
Back home, retirement might have been a distant, almost automatic consideration; a pension or provident fund, a property plan, or a steady investment account. Abroad, the picture is more nuanced. • Flexibility is everything: You want investments that can travel with you, rather than being tied exclusively to one country. • Diversification matters more: Currency fluctuations, different regulations, and international exposure mean your portfolio should be resilient to change. • Offshore options: International equities, bonds, and funds can provide access to global markets, while local accounts like the SRS can offer Singapore-specific benefits.
The financial identity shift here is about thinking of your money as mobile and adaptable, not fixed. You are building a plan that works whether you stay in Singapore for five years or twenty.
4. Currency Awareness and Cross-Border Considerations
One of the more practical but often overlooked aspects of this shift is currency awareness. Even if your salary is in Singapore dollars, you might still have family, property, or investments elsewhere. Changes in exchange rates can have a real impact on your savings and lifestyle.
Tips to navigate this: • Keep some savings in the currency you’ll spend it in most frequently. • Consider regular small transfers if you need to support family abroad…it’s often cheaper than lump-sum conversions. • Use local accounts for day-to-day living to avoid repeated conversion fees.
By recognising the financial identity shift, you start seeing your money in relative, global terms, rather than just what the balance shows at the end of the month.
5. Emotional Side of Money Abroad
Money isn’t just numbers, it’s deeply tied to identity, comfort, and belonging. Expats often report feeling “less financially secure” despite having higher earnings than at home. Why? • You’re building systems from scratch. • You might not have extended family nearby as a fallback. • Local rules, cultural norms, and hidden costs make planning feel complicated.
Acknowledging this emotional side is vital. Instead of forcing yourself to replicate old financial patterns, redefine what security and success mean for your current context.
6. Practical Steps to Embrace Your New Financial Identity
Here are some actionable strategies to help make this shift concrete: 1. Audit your spending: Separate lifestyle from luxury. Know what brings you value. 2. Build portable investments: Focus on assets that are flexible and accessible internationally. 3. Plan for contingencies: Emergency funds, insurance, and legal structures protect you and your family. 4. Educate yourself: Learn about Singapore’s financial landscape, SRS options, and local investment vehicles. 5. Revisit your mindset regularly: Check in with your goals, lifestyle choices, and whether your money aligns with your values.
Each step reinforces the idea that being an expat isn’t just a geographic move — it’s a mindset shift, and your financial life should reflect that.
7. Looking Forward: Building Confidence as a Global Citizen
The financial identity shift can feel unsettling at first. Old habits don’t work, and everything feels new and complicated. But this is also an opportunity: to design a financial life that is aligned with your values, flexible across borders, and resilient for the long term.
Being a global citizen doesn’t mean abandoning your roots, it means choosing consciously what matters to you and how you want to live. Your finances can support that, rather than dictate it.
If you’d like a practical guide to navigating this shift, I’ve broken down strategies for spending, investing, and building a safety net for expats in Singapore on my blog and podcast. You can explore more tips and real-life examples here, or reach out to find out more.
Smart savings and dining app, the ENTERTAINER Singapore has launched with its greatest version yet – including double the offers for super fans who purchase this October.
SINGAPORE, 8 OCTOBER 2025: Singapore’s go-to dining and lifestyle savings app, the ENTERTAINER today launches its 2026 membership – and it’s better than ever.
Available to pre-purchase now, the ENTERTAINER Singapore 2026 unlocks over 2,000 1-for-1 offers for the best restaurants, attractions, activities, spas, salons and much more across the country.
From its early days as a well-loved book of vouchers, the ENTERTAINER has grown into a global lifestyle companion that helps thousands of people do more of what they love for less. The 2026 membership promises to take the user experience to the next level with a huge range of merchants, refreshed UX/UI, and even more exclusive offers than ever before.
As well as a sleek design, the app is also taking a step forward with even smarter technology. Powered by Amazon Web Services (AWS), the ENTERTAINER has integrated AI functionality via its H.A.P.I™ system, delivering personalised recommendations and real-time responses.
To celebrate the early launch, customers can pre-buy the ENTERTAINER Singapore 2026 membership for SGD 80, grabbing 15 months of savings for the price of 12 and start saving today.
Plus, for a limited time only, those who buy now can also go “XL” and access double the offers – that’s 6 per merchant rather than 3. It’s a no-brainer.
The ENTERTAINER Singapore 2026; what’s new?
AI-functionality, H.A.P.I™: An in-app assistant at-your-fingertips to answer all your ENTERTAINER queries.
Refreshed look: Sleek, modern interface for easier browsing and savings hunting!
Personalised experience: Smarter suggestions tailored to your lifestyle, whether its weekend fine dining or family fun.
Bigger and better brands: Singapore’s hottest restaurants, best bars, favourite cafes and family-friendly attractions are all included.
“The ENTERTAINER has always been about making every day more fun, more rewarding, and more affordable – and never more so than in today’s booming Singapore,” says Donna Benton, Founder and CEO of the ENTERTAINER. “With our new 2026 membership, we’re giving residents and visitors even more desirable brands, smarter savings, and endless ways to do more of what they enjoy – despite the rising costs we all face.”
More is more!
The ENTERTAINER Singapore 2026 promises to make the unaffordable, affordable, providing 2,000 ways to save throughout the year. Members can enjoy 1-for-1 main courses at sought-after spots such as Bedrock Origin, Ginkyo by Kinki, Les Bouchons Rochester, Tapas 24 Singapore, Noa by Olivia, Fireplace by Bedrock, The Spot and Qi House of Sichuan or celebrate the weekend with long, lazy lunches at Harry’s, Hopscotch, Liberty Singapore and PAUL Bakery. They can grab two for the price of one at crowd-pleasing attractions for the whole family including BOUNCE, Singapore Island Cruise and Forest Adventure. And relax and recharge with 1-for-1 treatments at salons and spas including Elements Wellness, Ritual Spa and Innersense Signature.
With the return of much-loved favourites like Brotzeit German Bier Bar & Restaurant, Plank Sourdough Pizzas, Plain Vanilla and Smooy and the addition of new-to-the-app venues including L’Angelus, Wowfish and Cha Mulan, there really is something for everyone.
Customer making a mobile payment at a coffee shop – small business concepts
The ENTERTAINER global turns 25!
2026 also marks the 25th anniversary of the global ENTERTAINER brand.
Established in Dubai in 2001 by serial entrepreneur Donna Benton, the brand evolved from a hard copy book to the digital app that leads the industry today. As the ENTERTAINER grew in popularity, the company expanded across the GCC and beyond. Memberships were launched in Qatar and Bahrain in 2008, Oman in 2010, Kuwait and KSA in 2012, and touched down in Singapore in 2013. Proof that smart saving is universal.
The ENTERTAINER has been there for birthdays and brunches, special occasions and mid-week treats. It has been an honour to be a part of so many people’s lives over the past quarter of a century – and the app is just getting started!
“At 25, the ENTERTAINER is as fresh as ever, helping people to discover the best experiences their cities have to offer while saving along the way,” says Donna. “The ENTERTAINER Singapore 2026 app takes that promise forward – giving people more choice, more moments, and more memories. 25 years is proof that a great product never goes out of style.”
About the ENTERTAINER Singapore 2026:
The ENTERTAINER Singapore 2026 is available to purchase now via the app or website for SGD 80. PLUS, for a limited time only, those who pre-buy will go “XL” and receive 6 offers per merchant instead of3.
The app includes over 2,000 1-for-1 offers for the best dining, attractions, spas, salons, fitness, hotel stays and much more throughout the Singapore – all valid 7 days a week.
Key merchants for 2026 include Bedrock Origin, Ginkyo by Kinki, Les Bouchons Rochester, L’Angelus, Forbidden Duck, The Spot, Qi House of Sichuan, PAUL Bakery, Hopscotch, Harry’s, Brotzeit German Bier Bar & Restaurant, The Marmalade Pantry, Plain Vanilla, Wowfish, Smooy, Baskin Robbins, Dunkin Donuts, Cha Mulan, BOUNCE, Forest Adventures, Spirit Stretch, Elements Wellness, Ritual Spa and many more.
Valid to 30th December 2026, members who pre-buy will get free access to 2025 offers and can start saving now.
Can be shared with up to 3 people via members’ Family Account.
Singapore is one of the best places in the world for expats to grow their wealth — low taxes, access to global markets, and a vibrant financial ecosystem. But what happens when your time here comes to an end?
Many expats overlook financial exit planning until the very last moment, leaving them exposed to unnecessary taxes, lapses in insurance, or even frozen assets. Whether you’re relocating for work, moving home, or shifting to a third country, the decisions you make before you leave Singapore will shape your financial security for years to come.
In this article, we’ll cover the key areas expats need to consider when planning their financial exit from Singapore.
1. Investments & Bank Accounts
• Local Bank Accounts: Many banks require you to maintain residency to keep an account open. Check whether you’ll need to close your account or maintain a minimum balance to keep it active. • Brokerage & Investment Accounts: Ensure your investments can continue to be managed once you’re no longer Singapore-resident. Some platforms restrict services if you move to certain countries. • Repatriation of Funds: Think about exchange rates, transfer costs, and the best timing for repatriating savings.
Tip: Keep at least one Singapore account open if possible; it makes final bills, tax refunds, and loose ends much easier to manage.
2. Retirement Savings
• Supplementary Retirement Scheme (SRS): If you’ve contributed to SRS, know the withdrawal rules. Premature withdrawals (before retirement age) are taxed at your prevailing rate, but timing can reduce your liability. • Pensions & Overseas Schemes: Map out how your Singapore savings interact with home-country pensions or new schemes in your destination.
Tip: Exiting at a time when your taxable income is low (e.g., between jobs) may make an SRS withdrawal more efficient.
3. Insurance Cover
• Medical Insurance: Corporate coverage typically ends with your employment. Will you be uninsured between leaving Singapore and settling in your next country? Consider a global health policy that travels with you. • Life Insurance: Review whether your policy is portable; some remain valid worldwide, others don’t. • Property & Liability: If you own property in Singapore, make sure you keep the right coverage in place after departure.
Tip: Don’t cancel health coverage until you have new protection in place abroad. Gaps in cover can leave you vulnerable.
4. Tax Implications
• Final Year of Assessment: You’ll need tax clearance (IR21) from IRAS before leaving. Your employer is obliged to withhold your salary until this is processed. • Double Tax Treaties: Check whether your home country has a tax treaty with Singapore to avoid being taxed twice on the same income. • Capital Gains: While Singapore doesn’t tax capital gains, your new country might. Selling assets before departure may sometimes be more efficient.
Tip: Work with a cross-border tax adviser if you’re moving to a higher-tax jurisdiction — it could save you significantly.
5. Estate Planning
• Wills & Beneficiaries: Review whether your Singapore will (if you have one) still applies in your next country. • Cross-Border Assets: Holding assets in multiple countries can complicate probate. Consider trusts or nominations for smoother transfer. • Inheritance Rules: Civil law countries (like France, Italy, or Spain) have forced heirship rules, which can override your wishes.
Tip: Update your will as part of your exit checklist — one less stress when moving abroad.
6. Practical Exit Checklist
Before you book your one-way ticket, make sure you’ve ticked off: • ✅ Tax clearance (IR21) filed and approved • ✅ Bank accounts updated or closed • ✅ Investments reviewed for cross-border impact • ✅ Insurance (health, life, property) secured for transition • ✅ Wills and estate plan refreshed • ✅ Professional advice sought for tax and repatriation
Leaving Singapore isn’t just about packing boxes and booking movers… it’s about making sure your wealth, health cover, and legacy travel with you. By preparing ahead, you can exit smoothly and avoid costly surprises.
Your financial journey doesn’t end at Changi Airport, it evolves. With careful planning, you can take the benefits of your time in Singapore with you, wherever life leads next.
If you’re preparing to leave Singapore, whether in six months or six years, now is the time to get your finances in order. For more expat-friendly tips on investing, insurance, and financial planning, visit danielleteboul.com for the rest of my articles— your guide to managing money as an expat in Singapore.
Singapore regularly tops the charts as one of the world’s most expensive cities. For many expats, this comes as no surprise: the glossy high-rises, Michelin-starred restaurants, and international schools paint a picture of luxury. But what does expat life here really cost? And how do you avoid falling into the “expat trap” of overspending without realising it?
In this article, I’ll walk you through the true costs of living in Singapore as an expat, the hidden expenses you might not expect, and the strategies you can use to enjoy life here without sacrificing your long-term financial goals.
Housing: Your Biggest Expense
For most expats, rent is the single largest monthly outgoing.
• Rental market realities: A three-bedroom condo in central Singapore can easily run between SGD 7,000–10,000 per month. Even outside the central districts, newer condos often sit around SGD 4,000–6,000. • Hidden costs: Many first-timers don’t factor in agent commissions, stamp duties, or the two-month deposit. Moving costs, furniture, and utilities quickly add up. • Lifestyle creep: It’s easy to be lured into a glossy condo with pools, gyms, and concierge services, especially when “everyone else in the expat circle” seems to live that way.
Smart strategy: Decide early on what you value most – space, location, or amenities. Look slightly outside prime districts (think Novena, East Coast, or fringe areas) for significant savings. And don’t be afraid to negotiate: in softer rental markets, landlords often prefer securing a stable tenant over holding out for a higher rate.
Schooling & Education
If you have children, education can rival rent as your biggest financial commitment.
• International schools: Annual tuition can range from SGD 25,000–40,000 per child, excluding uniforms, extracurriculars, and trips. • Hidden fees: Application costs, technology levies, and even bus transport can be surprisingly steep. • Waitlists: Some of the most popular schools require application years in advance, pushing parents to consider multiple options or last-minute relocations.
Smart strategy: Budget well beyond tuition. If you know you’ll fund university abroad later, start early with dedicated investment accounts. Offshore education savings plans or a globally diversified portfolio can help smooth out future costs.
Healthcare Costs
Singapore has excellent healthcare, but it’s not cheap, especially for foreigners. • Corporate coverage: Many expats rely on their employer’s health plan, but coverage limits can be low, and dependants aren’t always included. • Out-of-pocket surprises: A GP visit might cost SGD 40–70, but specialist consultations or scans can easily run into the hundreds. Private hospital stays can cost thousands per night. • Insurance gaps: Without an Integrated Shield Plan or international medical insurance, you could face hefty bills for surgery or long-term care.
Smart strategy: Review your coverage early. If your corporate plan is thin, consider supplementary insurance while you’re still healthy and eligible, it’s far cheaper to buy cover before you need it.
Transport & Lifestyle
Transport is another area where costs vary dramatically. • Public transport: The MRT and bus system is efficient and affordable, with most journeys costing under SGD 2. • Owning a car: This is where costs explode. Between the Certificate of Entitlement (COE), insurance, maintenance, and petrol, monthly costs can reach SGD 2,000–3,000 easily. • Eating out: Hawker food is famously affordable at SGD 5–8 per meal. But expats often gravitate towards restaurants, cafés, and bars — where a dinner for two with wine can top SGD 200. • Alcohol & entertainment: Import duties make alcohol pricey. A single cocktail may cost SGD 20–30, and wine markups are significant.
Smart strategy: Strike a balance. Enjoy hawker culture during the week and save splurges for weekends. If you don’t need a car, skip it. Grab and GoJek are usually far more cost-effective.
Travel & Repatriation
One of the joys of being based in Singapore is its proximity to Asia-Pacific destinations — Bali, Tokyo, Bangkok, Sydney are all a short flight away. But travel costs add up. • Family flights: A return trip to Europe or Australia for a family of four can exceed SGD 6,000–10,000. • Relocation costs: Few people factor in eventual departure expenses: shipping, storage, pet relocation, and temporary accommodation while waiting for visas.
Smart strategy: Treat travel as part of your annual budget. Use miles programmes strategically, book flights early, and build a “repatriation fund” to cover the costs of your eventual move.
The Hidden Costs Nobody Talks About
Beyond the obvious categories, there are smaller but significant costs:
• Helpers: If you employ a domestic helper, costs include monthly salary (SGD 600–900), the foreign worker levy, insurance, and annual leave flights. • Social life: The “expat bubble” often encourages frequent brunches, memberships, and nights out, which can quietly add up to thousands per month. • Emotional cost: While harder to quantify, there’s also the mental fatigue of keeping up with social expectations and lifestyle pressures.
How to Take Control
The good news? With planning, you can enjoy Singapore’s lifestyle without draining your wealth. • Build a realistic budget: Track actual expenses for 3–6 months to get a true picture of your spending. • Set guardrails: Decide which luxuries matter (maybe travel) and which don’t (maybe daily fine dining). • Automate savings: Pay yourself first. Direct part of your salary into investments before lifestyle costs eat it up. • Think long term: Singapore’s high salaries are an opportunity. Use these years to accelerate wealth building rather than watching it slip away.
Singapore is a wonderful place to live and work, offering safety, opportunity, and a high quality of life. But it’s also easy to overspend if you don’t know the real costs of expat living. By approaching your finances with intention, you can enjoy the best of what Singapore has to offer and secure your long-term financial independence.
If you’ve been in Singapore the past few years, you’ve probably noticed two things: your grocery bill has gone up, and your mortgage repayments back at home might have too. Interest rates and inflation don’t just impact big economies – they hit everyday expats in very real ways.
The challenge? These two forces often work together to squeeze your finances from both ends. Inflation erodes your purchasing power, while higher interest rates increase the cost of borrowing. But with the right strategies, you can protect yourself, and even find opportunities.
1. How Interest Rates & Inflation Work Together
• Inflation: Prices rise, your money buys less. • Interest Rates: Central banks adjust rates to try to control inflation, which impacts loan costs and investment returns. • For Expats: You might be earning in SGD, paying loans in another currency, or vice versa…meaning you face multiple layers of impact.
2. Impact on Mortgages & Loans
• Floating Rate Loans: Your repayments can rise quickly as interest rates climb. • Fixed Rate Loans: Offer short-term protection but may revert to higher rates later. • Multi-Currency Loans: Add currency risk to the mix; a weakening home currency can make repayments more expensive.
If you’re planning to be in Singapore for several years, explore refinancing or partial prepayment to lock in manageable terms.
3. Investment Strategies in High Inflation
• Equities with Pricing Power: Companies that can pass increased costs to customers. • Inflation-Linked Bonds: Adjust payouts based on inflation rates. • Real Assets: Property, REITs, and infrastructure funds often provide inflation protection. • Shorter Duration Bonds: Less sensitive to rising rates than long-duration bonds.
4. Cash & Emergency Funds
• Keep enough liquidity for safety (3–6 months of expenses), but avoid holding excessive cash, as inflation will erode its value. • Consider short-term fixed deposits or money market funds for better returns without high risk.
5. Currency Management
If you’ll eventually move your money to another currency (for retirement or repatriation), inflation and interest rate differences between countries matter. • Diversify across currencies. • Use hedged share classes for global funds where appropriate.
6. SRS & Long-Term Planning
When rates rise, bond-heavy SRS portfolios may underperform. Consider: • Increasing equity exposure if suitable for your risk tolerance. • Adding assets less sensitive to rate hikes.
Interest rates and inflation don’t need to derail your financial plans. By actively managing your loans, investments, and currency exposure, you can turn economic headwinds into manageable breezes, and even use them to your advantage.
For many expat women, life in Singapore can feel like a dream, career opportunities, vibrant culture, and a safe environment. But beneath the excitement, there’s a challenge: living abroad can disrupt your long-term financial security. If you’re relying on a partner’s income, pausing your career, or simply unsure how to start investing, financial independence might feel out of reach.
The truth? You don’t have to be a finance expert to take control. You just need a plan, a willingness to start, and the right strategies tailored to life as an expat in Singapore.
1. Why Financial Independence Matters More for Expat Women
• Mobility Risk: Your life in Singapore might be tied to a visa, a job, or a partner’s contract. • Career Gaps: Many trailing spouses step back from work temporarily, impacting savings and pension contributions. • Currency & Retirement Planning: You may be earning in SGD but plan to retire in GBP, EUR, AUD, or elsewhere.
Financial independence means being able to make life choices without being financially dependent on anyone else; whether that’s staying in Singapore, moving back home, or starting fresh somewhere new.
2. Start with a Clear Financial Picture
• List your assets: bank accounts, investments, property, pensions. • Identify liabilities: loans, credit cards, mortgages. • Track your monthly spending (yes, even the Grab rides and Cold Storage wine runs).
Once you know your numbers, you can set realistic goals for investing and saving.
3. Build an Emergency Fund
Your first safety net is liquidity. • Aim for 3–6 months of essential expenses in an accessible account. • If you’re on a dependent visa, err towards the higher end…your income options might be more limited in an emergency.
4. Understand Your Risk Profile
As an expat, your risk tolerance might differ from when you lived back home. Factors to consider: • Time horizon until you need the funds. • Currency exposure. • Possible relocation in the short to medium term.
5. Start Investing — Even Small Amounts Count
Common starting points for expat women in Singapore:
• Global Equity Funds: Diversified exposure to companies worldwide. • Exchange-Traded Funds (ETFs): Low-cost, transparent, and easily tradable. • SRS Account: Tax-deferral benefits while you’re in Singapore.
6. Don’t Forget Retirement Planning
If you’re not contributing to a pension scheme in Singapore (CPF is for citizens and PRs), you’ll need to make private arrangements. This might mean: • Continuing contributions to a home-country pension. • Using investment portfolios to create a retirement income stream. • Planning for currency conversion later in life.
7. Protect What You’re Building
• Life and health insurance to cover unexpected events. • Income protection if you’re working. • Critical illness cover if affordable.
8. Leverage Your Community & Resources
Join local women’s finance networks, attend investment workshops, and connect with advisors who understand both the Singapore market and cross-border planning.
Financial independence isn’t about amassing a fortune overnight. It’s about making consistent, informed decisions that put your future in your own hands — no matter where in the world you are. The earlier you start, the greater your options will be.
Investing for Singapore Expats 