Chances are, your biggest expenses are housing, transportation, and food. In most high cost of living cities, all three of these already large expenses are even larger. If you’re planning a move to an expensive city, prepare your budget for the hit with a trial run.
Photo by Kevin Stanchfield.
I did this before moving to Los Angeles. I knew I’d be paying almost twice as much rent, and I wanted to save up for the move. To build a savings cushion and get used to the inflated costs, I calculated how much more I was likely to spend in Los Angeles, and I saved that amount instead.
Of course, this tip isn’t doable for everyone, but if you can swing it, it’s a great way to get used to what your new budget will feel like. It’s ideal if you’re looking to save money for your move anyway. Paying yourself the difference will give you an idea of how much you’ll be working with financially when you move.
If you’re planning a big move, we’ve also written a start to finish guide to moving to a new place, and here are some tips to keep in mind if you’re moving across the country.
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