Have you considered downsizing in order for you to live comfortably and plan for retirement? Many people are considering doing this. It does mean several quite drastic changes in your lifestyle, but you may be surprised at how pleasant your life is as well. I live in an area where many families are moving because of the relatively low cost of living here. Here are some things to consider before you move.
1) One thing that will likely change is your job. You may have to take a small pay decrease because the median salary is lower in a lower cost of living area. It is important that you realize that your dollar can stretch further in a lower cost of living area. It is important to make sure that you will make enough to live comfortably however. You will need to compare things such as groceries, housing, health care and taxes to make an accurate assessment.
2) One thing that will change is your housing. You may be surprised at the size of the house you can purchase in a lower cost of living area. It is important that you do not become too wrapped up in how much you can buy. You still need to make sure that you can easily afford the payments and upkeep on your home.
3) You should take a close look at your community. It is important that you find one that you will fit into. Some communities are more focused on the arts, others are more focused on the families. Of course you may be lucky and find one that is focused on both. Make sure that there are activities and programs that your children are interested in as well. If you are single, you may want to find a community that supports your lifestyle.
4) When you move, take the time to adjust your budget. It is easier to make new and better spending habits when you are in a new place. Find a few ways that you can trim costs and do them. Make it a goal to get out of debt as quickly as possible.
5) Go with a positive attitude. In any new area it is important to reach out and make friends with others. Look at the things you are gaining—better quality of life, more time with your family, financial stability—instead of the things you are losing.
Related Articles:
Can Cost of Living Affect Your Budget?
Are You Living Within Your Income?
Five Tips to Help You Stop Using the Credit Cards