If you live in a big city like Sydney or Melbourne, you’ll know that it can take forever to get ahead. The cost of living alone can be a real pain in the backside to keep on top of – never mind the thought of saving your hard-earned cash.
Is there a solution to this dilemma? How about one that can increase your income and help you to start saving? The answer may lie in relocating to a regional area.
The first step of the journey however, may involve stripping back your daily expenditure. Eating out less, cutting back on your hourly coffees and socialising of an evening, will all need to be reduced. Other expenses such as phone and internet bills, electricity etc., are relatively fixed-term however.
Consider for a moment, the average weekly rent in Sydney and Melbourne – sat at $500 and $400 respectively. This means you’ll be forking out around $25,000 per year in rental payments alone. This is undoubtedly a sizable chunk of anyone’s salary.
Relocating For Savings
With such a monumental chunk of income being spent on rent, what kind of situation does this leave you in? Changing your daily spending habits could save a couple of hundred dollars per month, but is that enough to live a good life? The other possibility is relocating to a regional area.
Regional areas of Australia tend to be much cheaper to live in, and although it might seem like a drastic step, it can lea your life into a totally new and exciting direction.
Different states of Australia offer financial incentives for those willing to change their lifestyle. Tasmania, Queensland and parts of South Australia offer unique and inexpensive lifestyle options. In many cases you can see a vast change to your living costs if you move just 100km or so from a major city.
The cost of living can vary greatly between different cities and regional towns. For the most part however, you’ll find that everything becomes much cheaper and a little more budget friendly once you move out of the city – with the exception of fuel for the car.
Recent studies have shown that rental prices in regional areas are steady across the board, with rapid growth only being seen in certain areas. Towns across regional Victoria and New South Wales are booming due to a major industrial and infrastructure rail project. Choosing a town near one of these locations will be a solid relocation strategy.
Rents in regional towns tend to be much lower than the $500 dollars of Sydney, coming in at around $175 per week in regional Victoria. Rents in New South Wales sat at around $300, which will almost double the amount you can save each week.
There is a whole heap of tips on how to save for a home deposit, but there is nothing quite like a relocation to boost those savings. A change in lifestyle resulting in a reduction to the cost of living, will set you nicely on the way to that deposit.
What are you waiting for? Go away and take a few trips to visit regional areas – check out what all the fuss is about. You never know, a change of lifestyle could give you some extra spending money and a whole new quality of life.
The information and links provided on this website are for general information only and should not be taken as constituting professional advice. This information does not take into account the financial situation or particular needs of individual readers. Before making any decisions about matters discussed on this website, you should consider whether it is suitable for you in light of your own circumstances, and seek appropriate advice.