How much is enough?

From speaking to interviewees in the street, Razor TV found that their "magic number" can range from $2,500 to $20,000 a month, but most estimates fall in the range of $5,000 - 6,000 a month.

One interviewee who said he would need $10,000 to $20,000 a month to be happy cited heavy family burdens as the reason for his high figure.

Three interviewees said $5,000 to $6,000 was their minimum figure. When asked why, one said "because in Singapore, expenses are very high, to manage everything and to be happy you need more than what is required".

So is $5,000 enough for one's living expenses? Razor TV did a calculation to find out.

Say you spend about $20 a day on meals, that's an estimated $625 a month on food and drink. If you take public transport, the bus or MRT fare could add up to about $121.34 for transport a month. For those living in HDB flats, utilities, groceries and housing loans will cost you an estimated $1,300 a month.

Another $600 may go to your parents' allowances, for your health care and dental needs, $50. Then throw in another $200 for recreation and leisure, and $200 more for shopping and gifts. Most importantly, savings which they estimate at $500 a month.

In summary:

By Razor TV's estimates, personal expenses alone will come up to more than $3,500 a month for the average Singapore resident who doesn't own a car.

But how about other people you may have to support? For your spouse, you may need another $500, and if you have elderly parents, another $500. For two children you will need at least another $350 for their education, books and toys.

So the "magic number" by Razor TV is $4,946.34 - the minimum amount of money you need to have a month to be happy in Singapore. Rounded up, it is quite close to the $5,000 cited by the interviewees.