When you feel as though expensive groceries and inflated gas prices are eating away at your disposable income, it may be time to consider a move. Moving to a cheaper city will definitely cut costs, but there are some trade-offs as well. Here are some things to consider before you make your decision.
Weighing the pros and cons when considering a move takes careful thought
Do your cost of living research.
A lower cost of living means that essentials such as food, energy costs, housing and rentals, education and social services will be more affordable than what you’re currently paying. However, a lower cost of living does not always mean that everything will be cheaper. It’s important to do your research on taxes, salaries/wages and on everyday expenditures to see how it compares to your present situation.
Your job prospects will be different.
The job market can vary dramatically from city to city. Job demand may be the opposite of what you’re used to in your current city and there may be much higher or lesser demand in some industries than others. Does your current training fit these demands? Are you setting out on a new career path where there are lots of opportunities there? Will your expected salary be comparable? These are all important factors to consider.
Think of your long-term future.
Once you find a city that seems more affordable, how long do you see yourself living there? If you have kids or are thinking of having kids later down the road, you’ll have to research whether this place is family-friendly. How does the educational system stack up and are the neighborhoods kid-safe? Part of the research process also has to deal with assessing your own long-term goals, both personal and professional. Can these be achieved in this new place?
Time for change?
Once you have decided on the best place for you to live – a more affordable city that supports your career, values, family and lifestyle – it’s now up to you to take advantage of these new opportunities. Moving alone may help resolve your financial troubles temporarily, but this does not necessarily mean that your problems will go away. Keep in mind that if you’re a poor financial planner, you may soon find your dollars stretched to the maximum again. So while you’re considering making a move, also consider making some changes and perhaps talking to a money manager or a financial planner. That way, the new life you’ve dreamed of is far more likely to become a reality instead of a repeat. Take some time to resolve the factors that are making you want to move in the first place, then learn and move forward.
We hope that the tips mentioned today come in handy when considering a move to a cheaper city. For more information on our moving and storage services, please contact us.