Cost of Living – Do Your Research Before the Move
In today’s economy, many people think not only about their current career situation but also about the cost of living. Often people move closer to work to reduce travel time and related expenses such as the cost of fuel. They are looking for job opportunities in more tax-friendly states with communities that offer proximity to affordable housing, and areas with reduced costs of utilities, fuel, and groceries, so they can make a good living while still having the ability to save money. Some considerations on the checklist are opportunities for advancement and communities with a growing economy offering higher salaries that offset the increase in living expenses.
No matter what is on your list of preferences, your top priority should be doing your research to make well-informed decisions before any move. Understanding the cost differences between housing, fuel, groceries, and utilities can make the difference between making a living or barely making it. If your current 1-bedroom apartment costs $1500 a month and your weekly grocery bill is $125 and you decide to move to a city where the average cost for a 1-bedroom apartment is $2000 per month and groceries cost $175 then your salary needs to reflect that increase. In other words, if you currently make $20 an hour which covers your expenses then move to a place with higher living costs you need to make sure your job pays enough to cover the increase in your cost of living.
An example to think about:
Pay – $20 per hour x 40 hours a week x 4 weeks = $3200 Gross (No taxes taken out)
Now Subtract
- Rent – $1500 per month 1,500
- Groceries $125 per week x 4 weeks = $500 500
- Gas $40 per week x 4 weeks = $160 160
- Vehicle Payment $300 per month 300
- Insurance Payment $300 per month 300
- Phone Bill Payment $60 per month 60
- Balance $ 380.00
And I haven’t even included additional factors to consider, such as winter storms, fire, flood zones, and the insurance that comes with them.
Do your research and do the math – Understand the Cost of Living before you move.
