The Expense That ‘Big Savers’ Save On

Don’t go missing the forest for the trees, now.

When it comes to saving money, many guides will list out all of the small expenses which you could save on. Skipping your $4 Starbucks latte will certainly leave some extra money in your wallet, and small expenses are not to be overlooked. However, it’s often more important to save on the single largest expense, your housing.

Research by TD Ameritrade has revealed that the biggest savers are actually just making better housing choices. Of course, this is determined in large part by where you live. If you live in a place like LA or New York City, you can easily end up paying a third of your income on housing. Regardless, the study found that housing was indeed the single biggest difference between those who save and those who do not. The biggest savers in the US spend about 14% of their income on housing.

In order to save on housing costs, there are a few options. Remember that you can always try to negotiate with a potential landlord, so don’t be shy! You can also split a two-bedroom with someone you know to save costs. Alternatively, you can move out to the suburbs, if that is feasible for you.

Written by  
5 years ago
Article Tags:
· · · ·