Cheapest Places to Live If You Want to Become Debt Free

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pexels-photo-243722 (1)If you want to pay off your debt and remain debt free, your living expenses can play a huge role. Personally, I’ve moved to save money before and I could never picture myself living in a super high-cost area because I like to keep my expenses very low.

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By doing this, I can use more of my money to pay off debt and get my finances in order. I never want to become house poor or have to struggle to make ends meet because I’m living above my means.

If you share any of these same values, you might have thought about moving somewhere different with a lower cost of living in order to pay off your debt and stretch your money further. Below are 5 of the cheapest places to live.

1. Memphis, TN

Memphis Tennessee is rich in historical musical heritage and southern charm. The town is also very affordable to live in and rent is very cheap averaging $726 per month for a two-bedroom/two bathroom apartment.

If you wish to buy a house, the average cost of a home is around $180,375 in Memphis. Overall the cost of living is 14.3 percent lower here than the national average which would make it a great move for your finances.

2. Pueblo, CO

If you’re not a fan of the Midwest or the south, you might enjoy Pueblo, Colorado’s beautiful weather, historical features, and affordable living options. Pueblo is growing economically but it’s still very affordable for the budget-conscious person or family.

You can easily purchase a home for under $200,000 and the state income tax is also low making it the perfect alternative to Denver or Boulder, CO. The cost of living in Pueblo is approximately 13.8 percent less than the national average.

3. Aurora, IL

Aurora is a midwestern suburb about an hour west of Chicago. It’s also the largest city in Illinois after Chicago with a population of 200,000. The median income in Aurora is $62,589 but it goes a long way. Aurora is a very urban-suburban area that is diverse and has lots to offer. The town has three medical centers and a few colleges.

The cost of living is lower than other surrounding areas and there are many options for regular expenses like housing, groceries, transportation, etc. If you ever wanted to purchase a home one day, housing prices are very affordable at an average of $172,285.

The best thing about Aurora is that it’s easy to access and enjoy the city of Chicago without having to deal with the expenses of living there.

Have You Thought About Living Outside the Country?

Do you enjoy traveling or have you always fantasized about moving to another country? Years ago, I studied abroad in Ireland for a month and I could definitely see myself living there with my family even for only a year or so. Since the people in Ireland speak English, it would have been a much easier transition.

However, the cost of living was somewhat higher there and conversion rates did not work in my favor. When you travel from the U.S. to Europe, you often lose money because the Euro is worth more than the dollar. If you’re thinking about living overseas, it’s best that choose a location that offers a standard of living you can feel comfortable with and afford.

4. Greece

Greece is a beautiful country that attracts tourists from all around the world. It is surrounded by Italy and the Ionian Sea to the west, with Turkey and the Aegean Sea to the east.

Greece offers a very good standard of living for cheap since the recent economic turmoil it has suffered. Moving money to Greece wouldn’t be an issue as it would be a good idea to save up as much money as you can before making the move. Plus, there are so many side hustles you can do to earn extra income from anywhere in the world.

However, the cost of living was somewhat higher there and conversion rates did not work in my favor. When you travel from the U.S. to Europe, you often lose money because the Euro is worth more than the dollar. If you’re thinking about living overseas, it’s best that you choose a location that offers a standard of living you can feel comfortable with and afford, and once you find that perfect location you can start looking for international movers here.

5. Bulgaria

Bulgaria is just north of Greece and another cheap place to live. Beautiful mountainous ranges run through the entire country. The average salary is less than 500 euros per month, so if you have at least $1,200 per month coming in, you’ll have more than enough to get by and use the rest of your money wisely.

To rent a decent one-bedroom apartment in Sofia’s city center, you may pay as much as 220 Euros a month. The average monthly utilities also don’t tend to exceed 50 Euros which includes electric, heating and water. Transportation is also dirt cheap and dining out is not as much of a financial issue as it is in the states because you get lots of food for a small price.

Have you ever thought about relocating in order to save money or improve your finances?

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