Utahns Save $10K A Year With A Simple Move
I remember talking to a guy who was interested in retiring from his career. He had built a nice retirement fund, but he didn’t have enough to get him all the way to the end of life living comfortably. Through discussions with friends, he found some of them had moved to countries where the cost of living was cheaper. Essentially allowing his funds to stretch further.
Geographical location in determining the value of your money has been a strategy that has stuck with me. The value of your dollar can be stretched or shrunk depending on where you live. For example, $20 bucks in Las Vegas might get you a movie, but in Hurricane, that same amount could include not only the movie but also snacks and a refreshing drink.
I have noticed a lot of people taking advantage of this idea as the acceptance of remote work has increased. We have some friends who work for Google in San Francisco, but their office is open to remote work options, so they decided to move from their expensive apartment and purchased a house in our area.
They love it because their cost of living went down even though they own their home. In their estimation, they have saved about $10,000 a year by making this move. They are able to go out to eat more often, have the funds they need to travel, and don’t have the cost of commuting in the congestion of their old neighborhood.
There are plenty of sites that can help you find locations even within your area that might have a cheaper cost of living. A smaller town, suburb or development might give you a financial break. You might not even need to work remotely if the commute is acceptable.
Also, look for opportunities to save money that might be overlooked. Our friends also moved closer to their family, so they have that added support, including saved babysitting costs.
A little research and rethinking where you live might do a lot to ease the strain on your budget. These decisions are especially effective at transition points in your life when a change can help you make the move.