These include things that you enjoy or that are important to you, but which could be cut from your budget if you needed to save money. You also have discretionary expenses, no matter where you are. All of the following items are non-negotiable, but what you’ll pay for them looks very different depending on where you live: However, the cost of both necessary and discretionary expenses can vary significantly from city to city. Necessary expenses include anything essential for your well-being and day-to-day survival, while discretionary expenses are additional items, services, activities, savings or investments that you spend on. 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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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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