People who live in the suburbs have almost 4 times as much in savings as city dwellers. (via CNBCMakeIt)
, and many people need to live in certain places for work. But even if you live in a city, it's still possible to build up your emergency fund.One starting point for saving in a high-cost-of-living area is to live with a few roommates to split costs. Housing should comprise no more than 30% of your budget, says Marineau, which means potentially living in a less desirable part of town or making other sacrifices to save on housing costs.
Especially if you can't find an affordable place to live, you should consider making these sacrifices in other parts of your budget. "When considering a purchase, big or small, ask yourself, 'Could I afford this twice? Can I comfortably buy this once now and then once again with the money left over?'" suggests Marineau. "If not, it may be worth reconsidering, and saving up your funds until you can pay for the item or experience twice.
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