Saving up for a rainy day is part and parcel of adult life.
Last Thursday (August 31), TikTok user Edrick_lie ponders aloud if the average graduate pay in Singapore is enough for one to live a comfortable life.
He took $3,800 a month as the average salary of a university graduate in Singapore. As reported by CNA in February 2023, a local survey found the median gross monthly salary has risen to $4,200.
However, upon completing the projected monthly expenses, Edrick realised most fresh graduates will be left with just $80.
With 20 per cent of $3,800 already moved to the CPF account, Edrick was left with just over $3,000 to spend.
He started with a basic necessity, food expenses. This was calculated by allocating $30 for three $10 meals a day, every day of the week, which amounted to $840.
For transport, he set aside $100 for the “occasional” private-hire rides for when the option of buses or trains are not available.
In addition, Edrick predicted paying $150 a month for public transport. A quick check on the Transit Link website showed that an Adult Monthly Travel Pass is actually $128.
Since Edrick was providing a breakdown on a university graduate’s expenses, a monthly outlay on school loans must be included as well.
“If your parents did not pay your university fees, you can take out a 10-year university loan which is roughly $200 a month,” he explained.
Given how stressful Singapore can be, entertainment expenses ($400) and saving for a much-needed holiday ($100) should not be overlooked.
Parents allowance is also likely to bite a big chunk of your monthly expenses. Edrick projects that amount to be $400 per parent, as they “spend a lot of time and love” raising us.
After all that, the monthly saving for a fresh graduate comes to a meagre $80.
While it might seem rather doom and gloom, some netizens disagree with Edrick’s breakdown of expenses.
“I see a lot of items there which can be voided. You can’t have everything you want. It will slowly come next time,” one netizen said.
Other users saw value in Edrick’s video and thanked him for the advice.
One talked about the “good message” behind the numbers Edrick provided and appreciated that it’s important to “save early”.
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