![]() ![]() Keeping a budget helps you account for those changes in cost, so you’re prepared for them as soon as you arrive. Head to Oakland, and expenses go up by 26%. If you were to move from Sacramento to San Diego, your cost of living would rise by 23%. California residents can see much steeper changes. Someone who lives in Winston-Salem, North Carolina, can expect their costs to increase by 8% if they move to trendy Asheville and by 6% if they pursue Wilmington’s coastal life. But it can also change if you’re moving to another city in the same state. Your cost of living can change significantly if you relocate to another part of the country. A budget is especially important when you’re moving because as your costs change, so does your spending ability. The higher your necessary expenses, the less there is available for quality of life purchases.Ī budget helps you keep track of your expenses and ensure that you’re living within your means, which is why it’s a good idea to keep one at all times. Where you live determines how much money you have available for discretionary expenses. Some examples of discretionary expenses include restaurant meals, streaming services, gym memberships and personal grooming costs, such as getting your hair done at a high-end salon. These include things that you enjoy or that are important to you, but which could be cut from your budget if you needed to save money. You also have discretionary expenses, no matter where you are. ![]() All of the following items are non-negotiable, but what you’ll pay for them looks very different depending on where you live: However, the cost of both necessary and discretionary expenses can vary significantly from city to city. Necessary expenses include anything essential for your well-being and day-to-day survival, while discretionary expenses are additional items, services, activities, savings or investments that you spend on. Necessary and Discretionary ExpensesĮverything you buy or pay for falls into one of two categories: necessary or discretionary expenses. Your current city may have a high cost of living compared to other options, but if you love the lifestyle and live close to friends and family, the expense may be worth it.īut it helps to know what your money can buy in different places, especially if you’re transitioning to a new phase of your life or want to focus on saving money and reducing your expenses. Of course, personal preference enters into your decision, too. Is the local environment safe and free of dangerous toxins?. ![]()
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