Have you ever wondered how others who earn just as much as you, are spending their money on? Read on to uncover more.
Did you know?
There is more than one way to measure our income. Therefore, a better representation of the regular expenditure will be to look at figures such as:
Measures the combined income of everyone living under the same roof
Household expenditure per member:
Refers to the total household expenditure divided by the number of people living under the same roof.
While we often use our take-home income for comparison with our friends, we should take note that our expenses are usually not ours alone. Most of us either have dependents (e.g. spouse, parents, children), or at least some of our income is used on shared household expenses.
According to the Department of Statistics (DOS), the median monthly household income per household member was $2,925 in 2019 (including employer’s CPF contributions).
Hence, if your household income per member is above $2,925/month or $35,100/year, you are better off than 50% of the households in Singapore.
In reference to this median monthly income, let us look at the expenditure of persons earning the following incomes shown in the 2 tables below.
You might be surprised to know that the quantum of categories of
expenses such as food, others, recreation, and clothes & and; footwear, are fairly similar (± $50) for the different income percentiles, as shown in table 2.
Your IPPT score for Monetary Fitness
Where do you stand against the benchmark of percentage of savings for your take home income compared to the figures in Table 3 below?
If your score is below average, fret not. The solution is as simple as 3 steps.
If your score is average, learn how best to allocate your savings in the most efficient way.
If your score is above average, ascertain if there might be any near-term changes in your expenses that will lower your score.
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