Aug 23, 2023
While we adhere to strict editorial guidelines, partners on this page may provide us earnings.
Many people find tax season to be a stressful time of year, but individuals living in some of the most popular cities in America may find paying taxes to be an even more discouraging experience — even if they’re wealthy.
SmartAsset, a financial research firm, analyzed the impact of taxes and living costs on people living in America’s biggest cities. Their research found that an annual salary north of $300,000 in New York, San Francisco and Honolulu is required just to bring home $100,000 after taxes and cost-of-living adjustments.
For context, the median American household income is $70,784, according to the U.S. Census Bureau. But SmartAsset’s research shows that a family living in the Big Apple or Silicon Valley would need more than four times that amount to feel like they are in the "middle class."
Regardless of income level or location, it's always a good idea to save money. With that in mind, here are three ways to hold on to more of your paycheck.
Minimize essential costs
Insurance is an essential expense, but that doesn’t mean you need to spend a huge chunk of your paycheck on it – especially when there are easy ways to find better deals, right at your fingertips.
OfficialCarInsurance is a website that compares car insurance quotes from multiple companies and narrows down the best auto insurance rates in your area. All you have to do is answer a few quick questions, and in 2 minutes you will be served offers from trusted brands like Progressive, GEICO and Allstate, making it easy to find and select the right one for you.
Must Read
- Dave Ramsey warns nearly 50% of Americans are making 1 big Social Security mistake — are you doing the same?
- Thanks to Jeff Bezos, you can now become a landlord for as little as $100 — and no, you don't have to deal with tenants or fix freezers. Here's how
- Robert Kiyosaki says this 1 asset will surge 400% in a year and begs investors not to miss this ‘explosion’
Join 250,000+ readers and get Moneywise’s best stories and exclusive interviews first — clear insights curated and delivered weekly. Subscribe now.
Invest your money
Investing is a great way to build your wealth and produce higher returns over time. The best part? You only need a bit of spare change to get started.
Acorns is an easy to use, automated savings platform that allows you to invest your spare change without thinking twice about it. They offer different membership options for all levels of investors, so you can choose the option that best supports your financial goals.
After getting set up, all you need to do is spend as you normally would. Acorns will round up your purchases to the nearest dollar, and put the remaining change into a smart investment portfolio.
Hire a professional
Navigating your finances on your own can be daunting. Rather than being too hard on yourself for the expertise you may lack, consulting a professional can ease you into a financial groove that paves the way for stacked savings and peace of mind.
WiserAdvisor is a free matching service that helps you find a financial adviser that can help you reach your financial goals by matching you with a pre-screened financial adviser from their database of thousands.
All it takes is a few minutes to answer some questions about yourself and WiserAdvisor will provide you with a personalized match of two to three adviser.
While most adviser matching services pair you purely based on your net worth and location, WiserAdvisor opts for a more personalized approach by having you describe your unique needs that a financial adviser can help with so you’re sure to find just what you need.
With just a few simple clicks you can put your paycheck to work, save more, and grow your monthly earnings.
You May Also Like
- Turning 50 with $0 saved for retirement? Most people don’t realize they’re actually just entering their prime earning decade. Here are 6 ways to catch up fast
- Inside a $1B real estate fund offering access to thousands of income-producing rental properties — with flexible minimums starting at $10
- Vanguard’s outlook on U.S. stocks is raising alarm bells for retirees. Here’s why and how to protect yourself
- Here are 5 easy ways to own multiple properties like Bezos and Beyoncé. You can start with $10 (and no, you don’t have to manage a single thing)
The Moneywise Editorial Team is a group of passionate financial experts, seasoned journalists, and content creators who are deeply committed to providing unbiased, relevant, and accurate financial information. With years of combined industry experience, our team is dedicated to maintaining the highest journalistic standards and delivering informative and engaging content. From personal finance and investing to retirement planning and business finance, we cover a broad range of topics to suit the financial needs of our diverse readership. You can trust the Moneywise Editorial Team to empower you with the knowledge and tools necessary to make wise financial decisions.
