This study establishes an adequate household budget for elderly persons with different household compositions in order for them to attain a basic standard of living in Singapore. Unlike expenditure studies that construct budgets through what people expend, the methodology adopted in this study is based on a unique consensual design developed by the Centre for Research in Social Policy at Loughborough University, UK. Through a series of consensual methods, elderly persons become the experts on what their basic needs are, allowing the research team to draw up a more accurate household budget that reflects elderly people’s actual needs, with annual updates in line with price inflation.