Navigating the High Cost of Living in Singapore: Finding Stability Amid Rising Expenses

For many Singaporeans, the rising cost of living feels like an unrelenting pressure—whether it’s food prices creeping up, electricity bills stretching budgets, or housing costs shaping life decisions. Financial stress can feel trapping, as if we are caught in a cycle where expenses outpace income.

This experience is well captured by the ancient wisdom of the I Ching, where Hexagram 47 (困 - Oppression/Exhaustion) symbolizes a period of constraint. It speaks of a time when resources feel tight, external pressures weigh heavily, and progress seems blocked. But it also carries a crucial lesson: hardship is not permanent. Just as exhaustion eventually gives way to renewal, resilience and adaptability can transform financial pressure into stability.

So how can we turn financial constraints into sustainable solutions? The key is to find and cultivate lasting resources—a concept represented by Hexagram 48 (井 - The Well). The well is a timeless source of sustenance, signifying financial strategies, shared community support, and sustainable wealth-building that allow us to withstand challenges without running dry.

The Reality of Rising Costs

Several factors contribute to the increasing cost of living:

• Global Inflation & Supply Chain Disruptions: Essential goods, from food to household items, are subject to price fluctuations due to global instability.

• Housing & Rent Increases: While Singapore remains committed to affordable homeownership, those renting have faced rising costs.

• Higher Service Prices: Dining, transport, and healthcare costs continue to rise as businesses adjust to inflationary pressures.

Much like the difficult conditions of Hexagram 47, these rising costs create a sense of being “trapped.” However, the lesson from the I Ching is that struggle compels us to dig deeper—to find sustainable ways forward rather than just reacting to hardship.

Turning Struggles into Sustainable Financial Stability

Instead of fighting against rising costs blindly, we can approach financial planning like tending a well (Hexagram 48): maintaining a resource that provides stability in all seasons.

1. Build a Financial Well That Won’t Run Dry

A well, once established, must be deep and well-maintained—just like an emergency fund.

• Set aside at least 6 months of essential expenses in a liquid account.

• Automate savings to ensure consistent contributions, no matter how small.

• Diversify income sources where possible—freelance work, passive investments, or upskilling for higher earnings.

2. Draw from Community & Government Support

Even in challenging times, we do not stand alone. Just as a well provides shared nourishment, Singapore’s financial support measures—CDC vouchers, U-Save rebates, and tax reliefs—help offset costs.

• Make sure to claim available rebates and relief schemes rather than bearing the entire financial burden alone.

• Pool resources where possible—community bulk purchases, shared transport, or cooperative childcare can significantly reduce costs over time.

3. Spend Wisely: Deep vs. Shallow Wells

A shallow well dries up quickly, while a deep one ensures long-term stability.

• Instead of simply cutting costs, focus on value-driven spending—choosing quality essentials over short-term savings.

• Use cashback apps and digital rebates to make everyday expenses more efficient.

• Plan major purchases around seasonal promotions and discount periods.

4. Adaptability: Moving Beyond Financial Stagnation

Hexagram 47 teaches that stagnation is not a permanent state—it is a call to break free from fixed habits.

• Rethink financial priorities: If fixed expenses are too high, are there flexible alternatives?

• Upgrade skills in growing industries to increase earning potential.

• Stay informed on financial trends and adjust strategies as economic conditions shift.

Final Thoughts: From Hardship to Financial Stability

The transition from Hexagram 47 (Oppression) to Hexagram 48 (The Well) reminds us that financial struggles can be overcome through strategy, shared support, and long-term resilience. While rising costs create pressure, they also push us to build more sustainable financial systems—ones that are deep, strong, and enduring.

By budgeting wisely, maximizing available support, and fostering adaptability, Singaporeans can navigate these challenging times without feeling trapped. After all, the most valuable wells are those that continue to provide—no matter the external circumstances.