US Expat in Singapore: thinking about money when overseas
Moving from San Francisco to Singapore was a rather big financial and mental shift for me. I make a significantly less salary, but I think about my situation, and truly believe the pros of being in Singapore currently outweigh the cons. Money is always able to be earned, but opportunity is not always able to be grabbed.
Age: 26 years old
Industry: media & tech
Rent in SG: $1,400 SGD / $1,032 USD for a master’s bedroom in a 2b/1bathroom condo
Savings per month: around $3,000 SGD / $2,210 USD
Biggest expenditure: rent and food
Goal: eventually run my own enterprise or become a freelance content creator and writer
Here are my concerns when I think about working and living in Singapore long term:
Unfortunately, the money doesn’t translate back to the US well. I used to make 6 figures in the Bay Area, but I burnt out after two years. I also want to point out that I worked very hard to get to that point in the Bay Area — that salary was not easily attained. It was with jumping jobs, hard negotiating, and proving my capabilities. Now I make less than my first job salary, but I can say I am a lot happier. More money, more problems, right?
If I go back to the US, I will feel like I’m a bit behind on my savings timeline. There’s always a nagging feeling that I could be working at a company that does 401k matching, or have a signing bonus and offer a lot more benefits.
Lastly, I am concerned about the skills I need to transfer back. Will I continue to work in media when I leave Singapore? Or will I go back to a startup or corporate? Those are the worries I have about building and bringing back a transferable skillset.
But why did I come here anyways? And why am I staying for another year? This is my own self-guided MBA. I know I can be making more money (and I could always be making more), but I am investing in myself. This is ultimately the most important.
I am still investing. I am continuing to invest in the market with my accounts based in the US, but am also investing in personal growth. As long as I continue to learn through my work in Singapore, I am investing in myself. I am learning to lead a massive new project, and how to work cross culturally with colleagues in Singapore, Indonesia, China, and Myanmar. I am building a valuable network through the nature of my job and being plugged in via different organizations. When this no longer stands, I will make the decision to leave.
My money philosophy includes a few things: buy practical items that last long. Don’t spend money on people or things if it’s the sake for impressing someone else. Do spend money on things that will bring you happiness and make you better. Do treat others who help and mentor you. This a transferable philosophy I use in the west, and now in the east.
A lot of the ways I spend money is based on my personal preferences and how I was raised. I don’t live an atas lifestyle. I don’t like expensive things, as I tend to ruin them and don’t find joy in spending weekends shopping at Orchard. Instead, I am cruising on a SGBike along East Coast Park. I grew up wearing hand-me-downs, so I am totally OK wearing the same clothes for many years to come. I dislike wearing and buying makeup because my skin breaks out from the humidity here in Singapore. I enjoy riding the clean buses since it helps me clear my head and I can listen to a podcast; on a rare occasion, I’ll take a Grab when I’m feeling fancy or just lazy.
Kim Kardashian cried over losing a $75K earring in the ocean, so I don’t like placing value in items that can disappear when I can place value in experiences.
But all of this is me — I still spend money on great food, get the occasional Starbucks because it sparks joy, and will drop money on a good, practical coat. Managing my own personal finances in Singapore has been moving around my priorities, spending, and re-evaluating what is important to me.
Emily is a US expat currently living in Singapore to learn about the tech communities growing in Asia. She has worked 4+ years in dev relations, community management, and event marketing within the tech and travel industry. Her time at OmniSci, Google and Booking.com gave her cross-functional expertise. In her free time, she runs the volunteer community initiatives for Singapore Women’s Network and CMX Hub Singapore, as well posting her journey in digital at The Fang Girl.
