Unless you’re tracking expenses carefully, it can be hard to tell whether your city’s cost of living or your own spending habits are the cause of your financial troubles. Using the 50-30-20 budgeting rule, for example ― in which 50 percent of income covers necessities, 30 percent is for discretionary items and 20 percent is saved ― you can quickly determine whether your income is sufficient to cover expenses for living in your city. If it isn’t, you might have to cut costs or maybe even move.

How Much Income Do I Need???