Source: Dumb Little Man
If you live in a big city, your cost of living could get even higher in 2018. Cities all over the US are seeing record-breaking increases in living costs, making personal budgeting more difficult than ever.
For city-dwellers, high expenses come with the territory.
A study conducted by Zillow and Care.com found that people living in cities paid $9,073 more on average for daily living expenses than people living in the suburbs of those same cities.
Some places have an even bigger gap. Cities like Chicago and New York could cost up to $71,237 higher—nearly $6,000 dollars more per month.
See Also: How to Reduce Expenses When You Live In An Expensive City
So, how to cut down expenses?
The first step is to break down your budget and track your spending. Services like Mint and Acorns provide easy ways to track your spending and save. Planning your budget can help you build up an emergency fund and save for long-term goals like home ownership.
To get you started, here are a few tips for reducing your monthly expenses and eliminating wasteful spending.
Find the Perfect Apartment
With real estate markets skyrocketing across the US, your location can make or break your budget in a major city. “Budget-buster number one is housing, so I recommend starting there when trying to keep expenses in check,” says finance author Stephanie O’Connell in an interview with Chase Bank. If you’re willing to make a few small sacrifices in your living situation, you stand to gain considerably.
Start researching apartments early and get to know where the “trendy” neighborhoods are. You can look for areas away from the highest growth. You can also consider rooming with other people.
Finding a low-cost location to establish yourself will simplify your budgeting. This puts you in a good place to save for a better apartment after a few years.
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