Lifestyle Indulgences in Singapore | Common Ways Singaporeans Splurge

Budgeting | Lifestyle

Many of us are prone to some degree of lifestyle inflation as we grow in our jobs and our income begins to rise, spending more simply because we can. Lifestyle inflation isn’t necessarily a terrible thing! However, many Singaporeans are all too willing to inflate their lifestyles at any opportunity. Here are four ways Singaporeans are all too eager to splurge on their lifestyles as soon as they can afford them. In this blog, we discuss common lifestyle indulgences in Singapore. 

Common Lifestyle Indulgences in Singapore

Purchasing a Vehicle

They believe the five Cs are dead, yet automobiles remain a prestige symbol that many people aspire to. Furthermore, the public transportation system continues to give people headaches and can be excruciatingly slow if you need to commute to and from the MRT station. Not only that, but in the midst of a global pandemic, no one wants to mix with strangers. 

That is why, aside from their home, many Singaporeans want to spend their first large sum of money on a car. Never mind that even the cheapest new car costs more than 1.5 years’ worth of median pay. The issue is that when you take out a loan, a car suddenly appears to be much cheaper. Paying $1,000 per month for your car is probably less difficult than spending close to $100,000 in cash.

Purchasing a Gym Membership

While everyone has a few gym rats in their office or social circle, you might be surprised to learn that there are many more people who covertly hold gym memberships, even some who appear to have not exercised since their last PE session back in school. It’s easy to understand why someone who has finally landed a solid job would be enticed to pay much over $100 per month to get the body they’ve always desired. You know the theory: if you’re paying for it, you’ll be more likely to drag your heavy feet to an exercise session. The problem is that this isn’t always the case, and many people wind up drastically underutilizing their memberships.

Dining Out (Lifestyle Indulgences in Singapore)

You might have been content as a student to hang out at LAN Shops, McDonald’s, or your friends’ houses. Even the most affluent students rarely venture beyond hipster cafes. When you’re a working adult earning a reasonable wage, however, gatherings with friends usually revolve around food and booze, frequently at fancy restaurants and bars where no students or blue-collar employees are present. A meal at a mid-level restaurant can easily cost more than $25 or $30.

Some people go so far as to eat out every day, whether due to a lack of cooking abilities or a lack of time. It’s usual for people to dine out four or five nights a week, and they also eat out for lunch when they’re at work. It’s easy to forget that almost every other country in the world does not dine out every day since it’s cheaper and healthier to cook your own meals. If you do wish to eat out on occasion, don’t forget that there are credit cards that can help you get the most out of your meal!

Going on Regular Abroad Vacations

Singaporeans are among the world’s most frequent travellers, and it’s hard to blame them: travelling for more than an hour in any direction immediately sends you outside of this tiny country. With the advent of VTLs, Singaporeans can hardly contain their wanderlust any longer.

Despite the higher cost of post-pandemic travel, the time-consuming ART tests, and the possibility of a stay-at-home order upon return, Singaporeans will continue to flee the country.

Home Loan | Education Loan | Personal Loan | Car Loan | Travel Insurance | Lifestyle | Real Estate | Career