f I live in Dallas and make $100,000/year, I would need to make $86,000 to maintain my standard of living in Cleveland
Things that don’t adjust to CoL.
Savings. Arguable a bit TBH. If you plan to retire in same area—you probably want to adjust it. If you’re saving for a world roundtrip—no. May be a mix of both.
Out of state/country/city trips.
Non-local charity givings.
Internet shopping.
Big ticket items: cars, etc.
I really like the suggestion to make actual budget for different scenarios in different places to understand what you need to make/how much will you save.
Things that don’t adjust to CoL.
Savings. Arguable a bit TBH. If you plan to retire in same area—you probably want to adjust it. If you’re saving for a world roundtrip—no. May be a mix of both.
Out of state/country/city trips.
Non-local charity givings.
Internet shopping.
Big ticket items: cars, etc.
I really like the suggestion to make actual budget for different scenarios in different places to understand what you need to make/how much will you save.