Expensive Expat Living: Singapore Takes 2nd Spot in Asia’s Costliest Cities

Living in Asia as an expat offers dynamic urban landscapes and a rich cultural blend, making it an enticing prospect. Yet, this allure comes at a price. According to recent studies, several Asian cities rank among the world’s most expensive places for expatriates.

In a 2023 study by ECA International, cities like Hong Kong, Singapore, Seoul, Tokyo, and Shanghai made it to the top 10 global rankings for expat living costs. The rising cost of living, driven by high rental prices, inflation, and strong currencies, propels these cities up the ranks.

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SINGAPORE’S RISE IN GLOBAL RANKINGS

Singapore, renowned for its efficient infrastructure, safety, and quality of life, has seen a significant increase in expatriate living costs. The Lion City now ranks as the second most expensive city globally for expats. According to ECA International, soaring rental costs play a crucial role in this rise, making it increasingly challenging for expats to find affordable housing.

MOST EXPENSIVE CITIES IN ASIA

While Singapore’s ascent is remarkable, it’s not alone in experiencing a surge in living costs. According to the Mercer Cost of Living Survey for 2024, here are the most expensive cities for expats in Asia:

1. Hong Kong – This city frequently tops the list due to overwhelming housing prices and a competitive job market, yet it continues to attract international businesses and expats alike.

2. Singapore – Rapidly rising rental costs place Singapore as the second most expensive city globally for expats.

3. Shanghai – As a global financial hub, Shanghai has seen significant increases in housing expenses, cementing its status as one of Asia’s costliest cities.

4. Seoul – Known for its tech-savvy lifestyle and vibrant culture, Seoul demands a high price, particularly in housing and education.

5. Tokyo – With its blend of tradition and modernity, Tokyo’s high living costs are driven by pricey real estate and high standards of living.

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BALANCING LUXURY AND COST

As Asia evolves into a hub for international business and lifestyle, understanding the financial landscape is crucial for prospective expatriates. High living costs in cities like Singapore offer world-class amenities and cultural experiences. Yet, balancing luxury and expenses is tricky. It will take time to navigate these financial pressures while enjoying the unique city living.

Sources: 1, 2, & 3

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Sneaky Tricks Restaurants Use to Increase Your Bill

Dining out in Singapore is an experience that blends a diverse culinary scene with sophisticated ambiance. However, have you ever wondered why you sometimes end up spending more than you planned? Well, restaurants are masters of subtle psychological and environmental techniques designed to encourage you to indulge.

Here are some clever tricks they use to make you open your wallet wider.

MENU MANIPULATION

Menus in Singaporean restaurants are often carefully crafted to guide your choices and increase spending. High-margin items are highlighted with pictures, bold fonts, or boxes around them to grab your attention. Expensive items are strategically placed next to moderately priced ones to make the latter seem more reasonable.

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Fewer choices can actually increase your likelihood of ordering high-profit items. When overwhelmed with too many options, diners tend to choose the familiar or highlighted options.

ENVIRONMENTAL INFLUENCE

The environment in which you dine significantly impacts how much you spend. Soft lighting and mellow music create a relaxing atmosphere, making diners more likely to order additional courses or drinks. Larger tables and comfortable seating can encourage longer stays and more orders. Conversely, smaller tables can make you feel cramped, potentially leading you to leave sooner and spend less.

PORTION CONTROL TACTICS

Restaurants often employ portion control tricks to maximize profit. Waitstaff are trained to suggest larger portions or additional sides, often making these suggestions sound like deals you can’t refuse. Smaller portions on larger plates can make the dish seem more luxurious and justify a higher price.

PRICING STRATEGIES

Prices are rarely rounded off, and there’s a reason for that! A dish priced at S$9.99 instead of S$10.00 makes it appear cheaper, even though the difference is negligible. This tactic, known as charm pricing, is widely used because it effectively tricks your brain into perceiving a better deal.

STRATEGIC SEATING ARRANGEMENTS

Where you sit can also influence your spending. Window seats and central locations are prime spots often reserved for larger groups or those ordering more, subtly encouraging you to spend more to “earn” the better view. Positioning the bar where it’s highly visible and accessible encourages diners to start with drinks, increasing the overall bill.

PROMOTIONAL PRESSURE

Creating a sense of urgency can drive spending. Limited-time offers and seasonal dishes create a FOMO, prompting you to order these items before they disappear. Moreover, bundling items together at a slight discount encourages you to spend more than you might have planned. Not to mention, happy hour specials and exclusive deals also contribute significantly to this effect.

SOCIAL INFLUENCE

The power of suggestion is another subtle but effective strategy. Highlighting “chef’s specials” or “most popular” dishes can guide your choices, leading you to order higher-margin items. Personal recommendations from friendly waitstaff can be hard to resist, especially if they are trained to suggest higher-profit items.

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Understanding how restaurants influence your spending can help you make more mindful choices while still enjoying the rich culinary experiences the country has to offer. Remember, being aware of these tricks doesn’t mean you can’t indulge; it just means you’re doing so on your own terms!

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10 Morning Habits for Maximum Productivity & Financial Gains

Singaporeans are known for their relentless drive, balancing demanding careers and personal commitments. A well-structured morning routine can boost productivity and financial success. Here’s how to start your day right.

#1: WAKE UP EARLY

The early bird catches the worm. Many successful people rise before 6 AM to maximize their mornings. Quiet early hours are perfect for planning and reflection, setting a positive tone for the day.

TIP: Gradually adjust your wake-up time by 15-minute increments to make the transition smoother.

#2: HYDRATE & REFRESH

Start your day with a glass of water to kickstart your metabolism. A splash of cold water on your face or a refreshing shower can invigorate you.

TIP: Add a slice of lemon to your water for a vitamin C boost and improved digestion.

#3: GET PHYSICAL

Physical activity increases energy levels and improves focus. Whether it’s a brisk walk, a gym session, or yoga stretches, exercise releases endorphins that keep you positive and energized.

TIP: Try HIIT (High-Intensity Interval Training) workouts if you’re short on time but want maximum results. Or, try a workout at Jewel @ Changi Airport for a view.

#4: EAT A HEALTHY BREAKFAST

Fuel your body with a nutritious breakfast. Opt for a balanced meal with protein, healthy fats, and complex carbohydrates. Try oatmeal with fruits and nuts, a green smoothie, or eggs with whole-grain toast.

TIP: Prepare your breakfast the night before to save time in the morning.

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#5: TRY MINDFULNESS OR MEDITATION

Take a few minutes to practice mindfulness or meditation to reduce stress and increase focus. Apps like Headspace or Calm can guide you through short, effective sessions.

TIP: Spend 5-10 minutes in a quiet space, focusing on your breath and clearing your mind.

#6: PLAN YOUR DAY

Review your goals and tasks for the day. Prioritize your to-do list and break down larger tasks into manageable steps. This boosts productivity and keeps you organized.

TIP: Use productivity tools like Trello to keep track of your tasks and deadlines. Alternatively, keep it old-school by writing in a journal (I prefer this).

#7: REVIEW FINANCES

Dedicate a few minutes each morning to review your financial goals and status. Check your bank accounts, review your spending, and ensure you’re on track with your savings and investments.

TIP: Set up automatic transfers to your savings or investment accounts to ensure consistent contributions.

#8: LIFELONG LEARNING

Incorporate personal development into your morning routine. Read a book, listen to a podcast, or take an online course. Continuous learning opens up new opportunities and improves your skill set.

TIP: Choose content that aligns with your career goals or personal interests to stay engaged and motivated.

#9: HAVE POSITIVE AFFIRMATIONS

Start your day with positive affirmations. This boosts self-confidence and sets a positive tone for the day. Affirmations like “I am capable of achieving my goals” or “I am confident and successful” can have a powerful impact on your mindset.

TIP: Write down your affirmations and place them where you can see them every morning, such as on your bathroom mirror or next to your bed.

#10: CONNECT WITH LOVED ONES

Spend a few moments connecting with family or loved ones. This can be a fun game session or a quick chat over breakfast. Strong relationships contribute to your well-being and provide a support system.

TIP: Schedule a weekly breakfast date with a family member or friend to strengthen your bond and start your day on a positive note.

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IN A NUTSHELL

A well-crafted morning routine can set the stage for a productive and financially successful day. Start small, and gradually build a routine that works best for you.

Here’s to a more productive and financially rewarding life, one morning at a time!

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Best Handheld Fans to Beat the Heat for Under S$30

Are you tired of feeling hot and uncomfortable in Singapore’s sweltering heat? Do you want a solution that is both effective and affordable? Look no further than these cooling portable fans!

Stores selling these fans, some of which conveniently attach to the neck or wrist, report rocket sales compared to last year. They have become the latest trend for coping with elevated temperatures in Singapore and around the world. With the right fan, you can enjoy a cool and refreshing breeze to stay comfortable all year round. These products are all available online on Shopee or Lazada.

#1: JISULIFE MINI PORTABLE FAN

When it comes to choosing a portable fan, the top choice is from JISULIFE, an established provider of sustainable gadgets for personal use. Try their JISULIFE Mini Portable Fan, which impresses with its 46-hour battery life, meaning you won’t need to charge it often.

Image Credits: JISULIFE

Available in five different pastel shades, this handheld portable fan also doubles as a desk fan, flashlight, and power bank. Talk about versatility! Weighing 129g or 180g, with a battery capacity ranging from 2000mAh to 4800mAh, and a battery life of 20 to 46 hours, it charges in 3 hours and costs S$21.80 to S$27.25.

#2: SIMPLUS PORTABLE MINI FAN

Another top contender in Singapore’s best portable handheld fan options is the Simplus Portable Mini Fan. Personally, I own their waffle maker and it has been our go-to breakfast fix.

Image Credits: simplus.online

Its built-in noise reduction technology makes it ultra-quiet, even with its powerful wind-gathering air ducts. You can easily adjust the wind speed by clicking the control button. The carabiner design also makes it extra convenient to bring around and doubles as a desk fan! The hidden blades make this fan particularly safe for parents or those traveling with kids. Use it on your morning stroll or during travels without worrying about safety! Weighing 125g, with a battery capacity of 1200mAh, and a battery life of 5 hours, it charges in 2 hours and costs S$10.90.

#3: GADGET MIX MINI PORTABLE HANDHELD FAN

The Gadget Mix Mini Handheld Fan is so small it’s only a little larger than a lollipop, making it incredibly convenient to slip into your bag. Despite its minute size, this fan is extremely lightweight, weighing just 86 grams—almost the weight of a tomato!

Image Credits: Gadget Mix

It features a low-noise motor that emulates the sound of natural wind and offers three wind speeds to choose from. Additionally, this Gadget Mix fan can be fixed on a stand to be used on your desk. It’s the ideal multifunctional companion to keep cool whenever and wherever! With a battery capacity of 1200mAh, and a battery life of 1 hour, it charges in 3.5 hours and costs S$14.90.

#4: MINTHOUZ PORTABLE STROLLER MINI FAN

Travelling to a theme park with your family soon? Consider buying the Minthouz Portable Stroller Mini Fan. Powered by a built-in rechargeable lithium battery, you’ll avoid the hassle of needing extra batteries.

Image Credits: Minthouz

Its standout feature is the aromatherapy function, which protects your baby from mosquito bites outdoors. Simply add liquid mosquito repellent into the aromatherapy box, and let the fan work its magic! Weighing approximately 200g, with a battery capacity of 2000mAh, and a battery life of 2 to 7.5 hours, it charges in 3.5 hours and costs S$17.66.

#5: MUJI PORTABLE USB HANDHELD FAN

USB fans may be tiny, but don’t underestimate their power. The MUJI Portable USB Handheld Fan is perfect for both outdoor and indoor use. Its convertible handle allows it to be used as a desktop fan.

Image Credits: muji.com/sg

This fan also features a “Rhythm” wind mode, which operates on low-speed mode and switches on and off every five seconds to emulate natural wind. Weighing 92g, with a battery capacity of 1400mAh, and a battery life of 2 to 12 hours, it charges in 2.5 hours and costs S$19.00.

#6: SPACE DUCKLING MISTING FAN

Last on this list is a cute handheld fan that doubles as a desk fan – the Space Duckling Misting Fan. Available in three pastel colors, it features an adorable duckling in an astronaut helmet at its center. It dispenses mist to further cool your surroundings—just add cold or iced water with the provided funnel into the opening at the top of the fan. Get it online for S$12.33.

Image Credits: shopee.sg

Stay cool and beat the heat with these top handheld fans, all under S$30. Whether you’re outdoors or indoors, these fans will keep you comfortable and refreshed!

Sources: 1 & 2

 

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What’s Your Financial Personality?

Understanding your financial personality can help you make better money decisions. Here are four common types and some tips for each:

#1: CONFIDENT MONEY MANAGER

You’re excited about managing your finances and likely a long-term thinker and planner. You prefer traditional strategies like having a retirement savings plan and planning future investments. However, you might struggle with seeking a second opinion, moving too quickly, or overanalyzing options.

Questions to ask yourself:
1. Do I regularly review and update my financial plans?
2. How comfortable am I making investment decisions on my own?
3. Do I have a detailed retirement savings plan?
4. How often do I seek advice on financial decisions?

#2: SHORT-TERM STRATEGIST

You’re a careful planner who does thorough research, often taking your time to make well-informed decisions. Flexible and adaptable, you focus on short-term goals rather than long-term ones like retirement. As a strategist, you might miss opportunities by over-evaluating options. Creating timelines or automating finances can help.

Questions to ask yourself:
1. How often do I adjust my budget based on changing situations?
2. Am I more focused on immediate needs than long-term goals?
3. Am I comfortable researching before making financial decisions?
4. How frequently do I automate my savings?

#3: VALUE-BASED PLANNER

You’re future-oriented, charitable, and make financial decisions based on your values. You prioritize donating to charities but may neglect your own daily finances. Consider working with a financial advisor to stay on top of your finances.

Questions to ask yourself:
1. How often do I prioritize charitable donations in my financial planning?
2. Do my financial goals align with my values?
3. Am I proactive about supporting causes that matter to me?
4. How regularly do I review my daily finances?

#4: LAID-BACK BALANCER

You have a relaxed approach to money, prioritizing living your life and intuition over strict budgeting. You keep an eye on your money but may not be up-to-date. Financial planners and advisors can help. It’s important to stay informed and set future goals. Budgeting apps for beginners can make this easier.

Questions to ask yourself:
1. How comfortable am I without a strict budget?
2. Do I rely more on intuition than planning?
3. How often do I review my overall financial status?
4. Am I open to using budgeting apps to track my finances?

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SIMPLIFIED CATEGORIES

If you find these categories complex, consider these simplified types by Dean Deutz, a private wealth consultant at RBC Wealth Management:

A. Savers: Prioritize saving now to enjoy financial security later, often paying off debts like mortgages early. They should balance caution with potential high-return investments, seeking diversified portfolios that align with their long-term goals.

B. Spenders: Enjoy their money presently, often borrowing and saving less. Spenders benefit from reducing discretionary spending to increase savings and build emergency funds for future financial stability.

C. Sharers: Enjoy sharing money with family, friends, charities, or their community. They should manage their generosity wisely, setting clear boundaries and budgets to sustain their giving while ensuring their own financial health.

Understanding your financial personality can clarify your decisions, reveal patterns in your financial habits, and highlight areas for improvement to achieve greater financial well-being over time.

Sources: 1 & 2

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