Singapore is now the 14th most expensive city to live in the world, according to a report by Mercer Human Resource Consultancy. It has moved 3 rungs from 17th position has year.
This has many disadvantages:
* foreigners will find it unattractive to work in Singapore
* Singaporeans are stuck with higher cost of living, and do not have much choice
According to the same report, Singapore is now more expensive than New York. Considering that wages in Singapore (for most people) are lower than New York, this matter is quite serious.
We need to look for ways to keep our cost of living down. Here are some suggestions:
* Wait for the property prices to come down to a more reasonable level, before you buy it. It will come down. Be patient.
* Take public transport, such as MRT or bus. They are more cheaper, faster and more enjoyable (compared to driving)
* Pay your credit card on time (ie avoid paying interest on credit cards).
* Invest in simple products that gives you a fair rate of return, and low charges. Invest in the money market fund, bond fund or equity fund that have low upfront and annual fees. Avoid complicated financial products.
* Read the FAQs on financial planning.
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