We Spend Way above the basic standard of living. How Luxurious' our life?

In October 2021, a study was done by National University of Singapore Lee Kuan Yew School of Public Policy (LKYSPP) and Nanyang Technological University (NTU) which found that in a family of family of four, with parents, a pre-teen and a teenager, needs at least $6,426 a month to afford a basic standard of living. You can read more about the article here.

I did a short study on my own household to see whether my family is spending above or below this $6426. My family is quite different from this case study. We have one more person, and the kids' demographics (currently all preschoolers) are different. Also, there are a few differing categories that we have. But I still feel it is a way to see how we fare against this "basic standard of living".

We are definitely not living any luxurious life, but the expenditure is way, way, way above  this basic standard of living. 

Our Monthly Expenses in detail

Here's a breakdown of our expenses:

Annual Fixed Expenses ($5090 per year or $1922.50 per month)

Insurance (per annum) - $ 5000 (or $417 per month for 5)

Property tax (per annum) - $90 (or $7.50 per month)

Income tax (per annum) - about $18000 for the 2 adults  

Monthly Fixed ($7555.90)

Mortgage - $2400

Broadband - $39.90

Mobile plan - $16 (me and my partner. Use RedOne Amazing 8. It's amazingly just $8 per month per line.)

Parents allowances (4 pax) -$2800

School fees - $1500 (childcare for 3)

Enrichment - $800 (for 2 kids. Note: one is still too small)

Monthly Variable ($2690)

Groceries and food - $500

Milk/ Coffee/ Beverages - $100

Diaper and wet wipes - $80, typical Drypers from Qoo10 (affiliate link) and cheap wet wipes at just $12.90 for 10 packets

Utilities - $160

Transport -  $80 ( public), $1300 (car)

Snacks/ discretionary food expenditure - $100

Toiletries/ detergents/ etc. - $40

Entertainment - $30

Allowance for repair/ others - $300 

Total - $12,168.40

This is way, way, way, way above the basic standard of living, 

How Luxurious is my life then?

I have a car, which my partner bought. I guess its a great luxury, considering the cost of public transport a month is about $80 if I go fully public, and kids below 7 (prior to primary 1) ride free. The cost of a car including mortgages, petrol, insurance and maintenance is so many times more expensive!

But, apart from that, my feel my life is plain standard.

I live in a HDB flat. A typical 4 room flat of 93 square metres- not luxurious.

I eat mostly at home, with occasional hawker food. And restaurants are once in a blue moon - during celebration. I've eaten enough restaurant food while travelling for work and don't have great desire for them. 

Every other stuff that I spend on are quite ordinary. 

My partner and I don't fancy any type of entertainment, except for reading books  on Libby and watching Youtube videos, Disney+,  and occasional snacks such as eating potato chips while reading or watching. We do go cycling on and off on our cheap bicycle (about $80 each bought from taobao). 

Comparing against benchmark is a good exercise. At least I know I'm spending way too much. Note to myself to optimize my spending. 

Oh my gosh, why am I spending way above standard amount when I'm living a standard life.