Wednesday, October 28, 2015

How to Save Money in San Diego-Ranked the Worst City for Wealth Building

The article in The San Diego U-T by Phillip Molnar outlined why San Diego is one of the worst cities to save money.  You can take a good look at the list on Bank Rates site. With housing prices almost 7.5 times the amount of income it has become a prohibitive place to live except for those with the highest incomes. There are a few things people can do to help themselves.

If your already rich San Diego may seem a little like Dubai. It has posh beach front areas to live and lots of fun activity. If you make an average income the housing prices may be stifling your opportunities to generate income for the future. The business community will need to come to grips with income costs in the area to attract top talent.

If you are already here then you might want to consider saving money and finding a balance between your income and expenditures. Households have a hard time living within a budget. By budgeting housing, food, entertainment, and savings you will help create a more secure future for yourself. Avoid living paycheck to paycheck as much as possible.

1.) Simplify Your Life: Much of what we spend and purchase has little to do with what we need. Reduce stress and simplify your life.

2.) Search Around for Housing: Have a plan for your housing. Some are charging outrageous rates while others are still under the market. Look for single house owners and avoid large companies.

3.) Set up your Retirement and Savings: Make sure you pay yourself first. Set up a retirement account and put money in your savings before paying anything else.

4. ) Do Activities that Don't Cost Much: Much of spending is wasted on expensive activities that have little to no enjoyment over the free ones. Find what you like and put your energy there.

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