Teri Monroe, Author at Beating Broke

New City, New Life? 9 Financial Struggles You’ll Face (And How to Survive Them)

April 1, 2025 By Teri Monroe Leave a Comment

Moving to a new city comes with excitement, but also unexpected expenses. From relocation costs to housing, taxes, and a higher cost of living, your budget may take a hit. So how can you stay financially stable during the transition? Here’s how to navigate the challenges and keep your finances in check.

1. High Moving Costs

Moving costs, especially if you are moving far can be a financial burden. If you are moving for work, ask your employer about a relocation package to help offset some of these costs. Otherwise, you may want to consider doing some of the moving yourself by renting a U-Haul truck or packing up your belongings yourself. This can help you save a good amount of money.

2. Housing Costs

Housing costs are usually one of the biggest financial stressors when you move. You may be stretched thin trying to provide money for rent including a security deposit. If you’re buying a home, your down payment and mortgage payments may also have drained your savings. If you’re feeling broke, make sure to adjust your spending habits until you can get back on track.

3. Increased Cost of Living

The things you once were able to comfortably afford may be more expensive in your new city. Groceries, gas, and eating out may all be more expensive. If this is the case, make sure you adjust your budget accordingly and consider bringing in additional income if you can’t find ways to make your budget work with an increased cost of living.

4. Lifestyle Creep

Is your new city more expensive than your last? You may find that lifestyle creep becomes a financial struggle for you. The things you once were able to afford may not be within budget anymore. You also may feel a strong fear of missing out on experiences in your new city. Try and balance how you spend your money and not let your new city blow your budget.

5. New Job Hunt

If you move without a job, you may face the financial struggle of job hunting. Hopefully, you’ll be able to use your emergency fund or savings to get you by while you look for a new job.

6. Transportation Costs

You may need to get around in a different way when you move. Maybe you’re used to walking or using public transit, but that isn’t an option in your new location. You may need to invest in a car if that is the only way to get from place to place.

7. Higher Taxes

If your new area has higher taxes, make sure that you budget appropriately. You may have to pay more in income tax, sales tax, or property tax in your new city.

8. Higher Utility Bills

Changes in weather in your new city may leave you with higher utility bills than you are used to. Especially when you are unsure how much your utilities may cost, it may come as a shock. To lower your bills use energy-efficient appliances, unplug devices, and compare utility providers.

9. Healthcare Costs

When moving to a new city, make sure that your new doctors are in-network. Don’t get caught going to doctors that are out-of-network, which will cost you more out-of-pocket. Especially if you are switching healthcare plans, your premiums may also increase in a new city. Be sure to check what your insurance coverage entails.

Are you moving to a new city? What unexpected costs have surprised you?

Why Your Water Bill Is Sky-High (And 6 Fast Ways to Slash It)

Teri Monroe

Teri Monroe started her career in communications working for local government and nonprofits. Today, she is a freelance finance and lifestyle writer and small business owner. In her spare time, she loves golfing with her husband, taking her dog Milo on long walks, and playing pickleball with friends.

Why Your Water Bill Is Sky-High (And 6 Fast Ways to Slash It)

March 27, 2025 By Teri Monroe Leave a Comment

Are utility bills leaving you broke each month? If your water bill is sky-high, you may be wondering how to save money on your water bill. The truth is, utility bills can be a huge financial strain if you aren’t mindful about keeping them in check. Here we’ll give you insider tips on how to slash money from your water bill.

Why Your Water Bill Is So High

High water bills are often an indication of a larger problem. You may be overpaying because of unknown leaks, inefficient appliances, running toilets, or excessive use for things like lawn watering or sprinkler systems. Here’s how you can lower your bill.

1. Check for Leaks

Inspect faucets, toilets, and outdoor hoses. Fix leaks immediately. For example, a running toilet can waste 200 gallons of water per day. Check for silent leaks by adding food coloring to the tank; if the color seeps into the bowl without flushing, you have a leak. You may want to call a plumber to conduct a review of your pipes, just in case there is an internal problem.

2. Upgrade Fixtures

Did you know that if you install low-flow showerheads and faucet aerators, you can cut your bill by up to 30%? Small changes like this can make a big impact on your monthly bill. As far as running toilets, you should switch to dual-flush toilets to use less water for liquid waste. This can save up to 67% of toilet water usage.

3. Adjust Your Sprinkler System

Try to water less or change the times you water to early in the morning or evening to avoid evaporation. Repositioning your sprinkler heads to only focus on your grass, not sidewalks or driveways, can save you money. You should also check for broken or clogged sprinkler heads to prevent waste. Make sure that you aren’t watering during inclement weather. You can also adjust your landscaping so that it is less water-thirsty adding in rocks and drought-resistant plants.

4. Shorten Your Water Consumption

It may seem like common sense, but how to save money on your water bill includes reducing how much water you use. Try to take shorter showers, turn the water off when you brush your teeth, and limit how much laundry and dishes you do per week. Just turning off your water when you brush your teeth can save 4-10 gallons of water per day. It may seem like a small improvement, but every dollar saved counts.

5. Adjust Settings on Your Appliances

If you have energy-efficient appliances, you can adjust the settings to save water. If your appliances aren’t energy efficient, it may be more cost-effective to replace them. For example, modern Energy Star-certified dishwashers and washing machines use 35-50% less water. If your appliances are energy efficient there are a few things you can do to help them. First, pre-wash all your dishes so that you don’t need a rinse cycle on your dishwasher. On your washer, make sure to use the appropriate load size setting on your washing machine to avoid using excess water for small loads.

6. Have Your Water Meter Checked

Did you know that you can request your water meter to be replaced? If your meter is dated, you can call your water provider and request a new one. Older water meters can become inaccurate over time, overestimating your usage and leading to higher bills.

Have your utility bills increased recently? How do you save money on your water bill? Let us know in the comments section.

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Teri Monroe

Stop Letting Your Money Sit Idle: 6 Tricks to Give Every Dollar a Job

March 25, 2025 By Teri Monroe Leave a Comment

Every dollar has a job — Image Source: Pexels

Do you just let your money sit passively in a checking account? By doing this you’re letting your dollars lose their value with inflation. With money just sitting idle, you’re missing opportunities for financial growth. You should be putting your money to work for you instead. When every dollar has a job, whether it be to pay off debt, invest, or save you’ll reap the benefits. Here we’ll talk about 6 smart ways to put your money to work.

1. Automate Your Savings

Before spending any of your money, you should pay yourself first and put money into a high-yield savings account. This easily can be automated to come out of your checking account with each paycheck or deposit. You can use apps like Acorns, YNAB, or Qapital to round up purchases and save spare change. A good rule of thumb is to aim to save 20% of your income and adjust this number as your income increases.

2. Invest Consistently

You can start small with investments by opening a brokerage account and investing in EFTs or index funds. You can invest a fixed amount monthly so that every dollar has a job. With easy tools like Coinbase or Robinhood, you can invest right from your phone. Even small amounts like $50 per month can grow significantly over time. Make sure you are diversifying your portfolio so that you can make the best investment decisions.

3. Create Sinking Funds

If you anticipate large expenses, you can create sinking funds. Set aside money monthly toward large expenses like car repairs, vacations, taxes, etc. Keep each fund organized and keep putting money into it so that you don’t incur debt when large expenses happen.

4. Maximize Employee Benefits

If your employer offers benefits like retirement accounts or other pre-tax benefits, make sure you are taking advantage of these financial opportunities. For example, make sure you contribute enough to your 401(k) to get the full employer match. It’s free money! This money can make a difference as you save for retirement over time. When you sign up for health benefits, make sure you explore HSAs, FSAs, and other pre-tax accounts to reduce taxable income. This can help you save money on health-related expenses.

5. Pay Off High-Interest Debt First

Don’t overpay on interest on your debt. Use the Avalanche method to pay down your highest interest debt first so that you don’t throw away money over time as interest accrues. This way you can keep your debt manageable and continue to pay it down within a reasonable amount of time.

6. Manage Your Spending

Make a budget and allocate your money toward needs, wants, savings, and debt repayment. Using budgeting apps can help you stay on track and make sure that every dollar has a job. You can use methods like the 50/30/20 rule to manage your money and help set a realistic budget.

How do you make your money work for you? Share your thoughts in the comments.

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Teri Monroe