Necessary and Discretionary ExpensesĮverything you buy or pay for falls into one of two categories: necessary or discretionary expenses. Your current city may have a high cost of living compared to other options, but if you love the lifestyle and live close to friends and family, the expense may be worth it.īut it helps to know what your money can buy in different places, especially if you’re transitioning to a new phase of your life or want to focus on saving money and reducing your expenses. Of course, personal preference enters into your decision, too.
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Is the local environment safe and free of dangerous toxins?.Is there a substantial gap between rich and poor residents?.Is there a range of affordable housing options?.Some questions to ask before choosing a new place to live include: The standard of living in a city refers to other factors as well. The cost of living in Scottsdale is 33% lower than in San Francisco, freeing up some of your income and potentially giving you a bit more breathing room. On the other hand, you might find that in Scottsdale, you can rent a large apartment, comfortably afford to shop at gourmet grocery stores and save for big-ticket items each month. In San Francisco, you might find yourself living paycheck to paycheck, barely covering the essentials with little left over for savings and splurges. You might work the same 40-hour week in San Francisco, California, and Scottsdale, Arizona, but your costs and standard of living will be quite different in those places. Standard of living refers to how many hours you need to work to cover those expenses and your overall quality of life. When you’re considering moving to a new city, it’s helpful to compare the cost of living with the standard of living there.Ĭost of living refers to how much you’ll pay for essentials such as rent and groceries, along with extras such as dining out and entertainment.
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