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Could Moving to a New City Revitalize Your Finances?

We all go through tough patches with our finances but sometimes the solution is simpler than you think. For example, could moving to a new city help you get your money back under control?

This might seem like a drastic upheaval, especially if you have kids.  However, we should bear in mind that a change of city now could revitalize your finances and leave you living better and more comfortably for the rest of your life. What factors should you look at before deciding whether a move is right for you?

A Better Job

Different skills are in demand in different parts of the country, and indeed the world. Maybe you aren’t in the right place to take advantage of your skills. If we look at an extreme example to make the point we could consider somehow who is a genius with computers but who lives in a remote town instead of close to Silicon Valley or one of the big cities. If you have a skill which isn’t rewarding you as much as it should do then you should be asking yourself where you could make more use of it. If you don’t have any special skills but are keen to get a better job then there is a world of opportunities out there. A few minutes research on the internet will tell you what unemployment rates are like in different cities and what type of work is most commonly on offer there. You then lose nothing by sending off a few online applications and testing the water.

Lower Living Expenses

We tend to associate the cities with lots of jobs as being the most expensive places to live in. You certainly won’t live cheaply in New York or Washington DC but with a bit of planning you could find a place with good employment possibilities and low living expenses. The current list of the cheapest places to live in the US with a population of over 200,000 includes the likes of Tulsa, Indianapolis, Houston and Omaha. You can expand your choices even further by looking at smaller towns, although finding work might be the biggest problem in these cases. Don’t assume that a low cost of living equates to a bad city to live in. Once you find somewhere which meets your criteria then check it out and see if you can imagine living there. If you want to look outside the US then the cost of living drops off sharply in Latin America, for example. If you are able to work remotely then this could give you a terrific balance between a decent income and low monthly outgoings.

Cheaper Real Estate

As well as the cost of buying food and transport and all the rest we need to consider the cost of real estate. In fact, if you own a house then this could be the easiest way to free up some cash. Selling a house in an expensive area and buying somewhere cheaper is a time honored way of releasing equity and having more money. If you choose your new area wisely then you might not even have to downgrade your property in order to do this. The list of the cheapest cities for real estate in the US includes places like Detroit, Pittsburgh and Memphis.

The Next Step

If you like the idea of starting afresh elsewhere and revitalizing your finances then you need to get some research done. There are sure to be cities out there which offer you the job prospects you need and could give you a lower cost of living and real estate prices as well. Now it is just a question of finding one and making it happen.

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4 Responses to Could Moving to a New City Revitalize Your Finances?

  1. Mark Ross says:

    I think most people move to get a better job. That’s the main reason why most of my countrymen migrate to other countries, because job opportunities are scarce here.
    Mark Ross recently posted…Invest For The Long-Term: Best Long-Term InvestmentsMy Profile

    • Robert says:

      Moving for a new job is exciting as well as being a chance to earn more money. If you can cut down on your living expenses as well you are onto a winner

  2. Stuart Laing says:

    It’s really easy to get into a financial rut once you’ve been living in a place for a length of time.

    Moving is a great reason to review your income, your current expenses and your financial goals.

    Alternatively, if you get into a habit of reviewing your finances every month, they will be in much better shape whether you move or not.
    Stuart Laing recently posted…Be Careful How You Define YourselfMy Profile

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