As I mentioned in my last post, I am becoming a modern nomad! This decision will bring about changes in all aspects of my life: What would my routine to settle down in each city quickly be? Will I finally find some recipes that I can masterfully cook, that will be both healthy and delicious? So many questions.
One thing that I am most curious about is what it will do to my finances. I will cover some financial topics so I can better compare my financial health in the future. Read on if you’re curious!
Average expenses from last year:
|Category||Average $ from August 2017-July 2018|
|Rent: apartment (includes utilities), parking||$830|
|Owning a car (includes gas, tolls, and maintenance)||$280|
|Public transportation and ride sharing (Lyft and Uber)||$60|
|Groceries: Stop & Shop, Star Market, Whole Foods, Trader Joe’s, Target||$148|
|Life needs: Spotify, gym, and personal training||$80|
|Entertainment: concerts, theater, events||$115|
How are you going to be doing city-to-city financial comparisons?
I’m going to be using cost-of-living calculators from NerdWallet and Sperling’s Best Places and CNN Money to be comparing Boston and whatever city I am hitting up. The only reason I’m comparing it to Boston is because I’ve lived there for my entire adult life, so I don’t know anything else.
Based on Sperling’s Best Places, Boston’s cost of living is 169.90 compared to the U.S. average of 100. Boston is more expensive than the national U.S. average in all the categories measured: grocery, health, housing, utilities, transportation, and miscellaneous. The data that Sperling uses to do their indices was last updated in 2016, and I feel like Boston has only gotten more expensive since then. Boston has consistently made the top 5 most expensive cities to live in for the last several years.
How do you think your finances will change with this modern nomadic lifestyle?
Of course, I’m hoping that my finances will be similar or less than it is living in Boston and traveling. However, I cannot assume that this new lifestyle will be more affordable. I don’t want to find out that I’m spending more money than I would like because I feel like I’m saving so much money on things I no longer pay for.
- Groceries would be less because I would be more focused on not buying so much and throwing them away because they go bad. My goal is to cook most meals. If I wanted to eat out on a weekday, go for lunch because it’s cheaper than dinner. We’ll see how this actually goes.
- Rent would go away.
Do you have any financial goals during this nomadic time period?
Yes! I would love to have $10,000 saved up by the time I finish my trip. So let’s say $10,000 by June 2019?
That’s all I got to say about my finances for now. Do you guys have any financial questions you’d like me to discuss about on the blog? Let me know in the comments below!