I Earn Decently, But Why Am I Still Broke?

You’ve got a decent job, a steady paycheck, and maybe even the occasional bonus. By most standards, you’re doing fine.

But here’s the question that nags at many Singaporeans: “If I’m earning well… why do I still feel broke?”

You’re not alone. In fact, this question has quietly become the anthem of the middle class in Singapore — a group squeezed between rising costs, lifestyle pressures, and the constant illusion that we’re “doing okay.”

Let’s be real: in a country where a bowl of noodles can cost $7, owning a car feels like a luxury, and property prices climb faster than your CPF balance, it’s easy to feel like your money slips away faster than it arrives. But beyond the cost of living, there are deeper reasons why many of us struggle to grow our finances — and most of them have little to do with how much we earn.

The Silent Killer: Lifestyle Inflation

The moment your salary goes up, your spending somehow follows. You justify a nicer lunch, a better phone, or an upgraded gym membership. You tell yourself, “I can afford it now.”

That’s lifestyle inflation — and it’s one of the biggest reasons people never feel richer despite earning more.

It doesn’t happen overnight. It starts with small choices — switching from kopi to Starbucks, taking Grab instead of MRT “just this once,” or buying branded clothes for “motivation.” Before you know it, your expenses have grown so quietly that your savings stay the same despite your pay raise.

Here’s the truth: if your lifestyle keeps growing with your income, your wealth never will.

The people who eventually achieve financial freedom aren’t necessarily the ones who earn the most — they’re the ones who know how to keep their expenses below their means and let the difference work for them.

Try this:
Each time you get a salary increment, commit to saving at least half of the increase.
If you get a $500 raise, put $250 straight into savings or investment. That way, your lifestyle improves a little, but your future improves a lot more.

The “I Deserve It” Mentality

We’ve all said it: “I worked so hard this week — I deserve that nice dinner.”
And honestly, you do deserve to treat yourself sometimes.

The problem is when “sometimes” becomes “every weekend.”

Small indulgences — bubble teas, Friday nights out, impulsive Shopee buys — don’t feel like much at the moment. But those tiny “rewards” compound faster than your interest rate. Before you realize it, they’ve eaten up your financial progress.

It’s not about being stingy. It’s about being mindful.
Reward yourself, but do it with purpose. If you want that $10 coffee, make sure it’s not replacing your emergency fund or your retirement savings.

Money should make your life better — not blur the line between comfort and carelessness.

The Pressure to Keep Up

Let’s face it: Singapore is competitive — not just in school or at work, but in lifestyle too.

We scroll through Instagram and see friends buying their first condo, flying business class, or posting wedding photos from a $60,000 banquet. Without realizing it, we start measuring our lives against others.

That’s where the trap begins.
You start to spend like them, even if your financial situation is completely different.

This social pressure — the unspoken “Singaporean flex” — silently drains bank accounts and breeds anxiety. It’s not just about overspending; it’s about tying your self-worth to how expensive your life looks.

Here’s the harsh truth: most people look rich before they actually are.
The fancy car might be financed to the brim, and the condo might come with a 30-year mortgage.

Real wealth isn’t loud. It’s the quiet confidence of having options — the ability to take a break when you need to, to help family when they need you, or to retire without fear.

So before you buy something to “keep up,” ask yourself — who are you really trying to impress?

The Fear of Starting Financial Planning

Many Singaporeans delay financial planning because it feels “too early” or “too complicated.”
We tell ourselves we’ll start when we earn more, when life is more stable, or when we finally “understand” investments.

But that’s a dangerous mindset.

The truth is, you’ll never feel ready.

Time is the most powerful tool in growing wealth — and the earlier you start, the less you need to do later. Even small, consistent steps can make a huge difference.

Let’s take an example:
If you invest $200 a month at an average annual return of 6%, you’d have nearly $200,000 in 30 years. Wait 10 years before starting, and you’ll end up with less than half of that.

Financial freedom doesn’t start with a big income — it starts with small, consistent actions.
Start where you are, with what you have.

The Singaporean Fear of Talking About Money

We live in a society where money talk feels taboo. It’s seen as “paiseh” to ask about salaries, and discussing debt feels shameful.

But silence keeps us stuck.

When we don’t talk about money, we don’t learn from each other. We don’t know what’s normal, what’s possible, or what we should improve.

It’s time to normalize money conversations — not to boast, but to build awareness. Ask your peers how they budget, what tools they use, or how they invest. Talk to financial advisors early — not because you’re rich, but because you want to get there.

The more open we are, the more informed our decisions become.

The Hidden Costs of Convenience

We live in a world of subscriptions, delivery fees, and convenience charges.
A $3 Grab delivery here, a $5 Netflix upgrade there — and suddenly, you’re spending hundreds a month just to save a few minutes of effort.

Convenience is great — until it becomes your biggest expense category.

Try doing a one-month audit. Track every small expense — the coffees, rides, and subscriptions. You’ll be surprised how much goes unnoticed.

Awareness is the first step to change. When you know where your money goes, you can redirect it toward where it should go.

Redefining What “Being Rich” Really Means

In Singapore, “rich” often gets mistaken for “earning a lot.”
But real wealth isn’t about income — it’s about freedom.

It’s the freedom to say no to a toxic job because you’ve built a safety net.
The freedom to spend time with your family without worrying about bills.
The freedom to live on your own terms — not society’s expectations.

Financial success is deeply personal. For some, it’s owning a home. For others, it’s being debt-free. The key is defining what matters to you, not what looks good to others.

When your financial choices reflect your values, your money finally starts working for you, not against you.