When you have an HCOL, Here Are Some Frugal Living Tips

Anyone who lives in an HCOL area can attest to how difficult it can be to save money. Frugal living can help to save money each month while still investing and maintaining life’s little pleasures.

What is HCOL?

HCOL stands for “high cost of living.” Depending on where you live, this can vary greatly.

How Can You Live in a HCOL and Still Save?

Break Down Your Expenses

It doesn’t have to be super specific line-by-line budgeting to live frugally, but you need to be aware of fixed and variable costs.

Terrain Map

How To Save In a HCOL

Hopefully, breaking down expenses this way helps to view everything as either in our control or out of it.

White Bag

First Things First

– Take care of your fixed expense – Invest consistently where you feel comfortable – Save into your emergency fund for a rainy day (at least 6 months’ worth)

Next, Develop a Frugal Living Mindset

You control where you spend your money, and you should use that power to make sure you do everything possible to spend it wisely.

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