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4 Tips for Affording the Cost of Living in Maryland

| March 12, 2022, 08:00 AM

Money Woes

Photo by Tima Miroshnichenko from Pexels

Living in Maryland might feel expensive, especially if you are anywhere in the DMV area. And if you have a tight budget, it can feel even harder to make ends meet. The good news is you don’t have to sacrifice the fun things in order to pay your regular living expenses. There are a few tips that can help Maryland residents stretch their budgets.

Determine Whether You Still Need Life Insurance

Life insurance can be a monthly expense that adds up over time, and if you have other financial obligations to cover, it might make sense to think about whether you still need a life insurance policy. If you had it while the kids were young or you had other debt, you might no longer need coverage once they are grown or you have your debt paid off. You might consider a life settlement, which allows you to receive a sum of cash in exchange for your policy. It’s always best to learn more before making your decision, so you can review a guide with more details on the process and what it involves.

Spending More Now to Save Later

Some parts of your financial life might be too important to try to do on your own. Working with a financial expert can come in handy in this case because it helps you curb financial anxiety and get expert advice. If you truly feel stressed about your financial situation, spending a bit of money now to work with a financial planner can help you get a better handle on the situation, creating a plan for your future. There are certain programs in Maryland that can help you find a financial planner to work with.

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Consider Getting a Metro Pass

If you work in or near Washington D.C., you might be paying a lot to commute into the city and park in one of the expensive parking garages. And traffic can be challenging to navigate at times. That’s why you might want to consider getting a pass for the Metro system instead. It allows you to conveniently travel around the DMV area, not just Washington D.C. during the peak hours, you don’t have to wait that long for the next train. Getting a monthly pass to the Metro system allows you to cut commuting costs and save a lot of money on individual fares. In fact, many employers in the area offer some type of discount to help employees get even cheaper transportation to work. Ask the HR department about transportation benefits that might be offered.

Consider Getting a Home

If you plan on staying in the area for a while, you might consider getting a home instead of renting. This can sometimes be more cost-effective in the long run, especially because rent in Maryland can be extremely expensive. You can finally buy your dream house or opt for something suitable for only the foreseeable future. Of course, this depends on your loan agreement and offer on the house, but a modest home can be similar or lower in cost than monthly rent, and you will have more space than in an apartment. Maryland also has homebuying assistance programs, which can offer better loan options to qualifying buyers. And parts of Maryland are becoming more in-demand to live in, meaning your home could quickly increase in value and give you a good return.

Category: Local News, NEWS

About the Author - Stephanie Maris

Stefanie is a local blogger and social media content marketer from Maryland and most recently a wife and a mother. She has an unhealthy obsession with puns, sarcasm and caffeinated beverages.

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