GREENSBORO, N.C. — What does it take -- specifically, how much money do you need -- to live comfortably in 2024 in America?
A new survey from personal finance website Smart Asset found in America's biggest cities, a two-parent household supporting two children needs a combined $235,000, yet research shows only a third of U.S. households earns more than $100,000. In Greensboro, the 'living comfortably' estimate for a family of four is $203,674 ($87,110 for an individual). In Winston-Salem, it's $191,605 ($81,869 for an individual).
The data included cost of necessities -- housing, food, transportation and income taxes in the cities analyzed. It factored families spend 50% of their total income on these needs, 30% on "wants" and 20% on savings or debt payments.
Financial literacy author Ja'Net Adams with Debt Sucks University acknowledged though the study is somewhat subjective, it highlights the plight of many families' financial struggles amid high inflation.
"Everyone wants to live financially comfortably, but when you look at the numbers...it's hard to imagine how to make that dream possible," she said.
Where does your money work?
Cost of living, no doubt, is a primary factor in determining how far the dollar can stretch.
"Most of these numbers that are stated in articles are usually in the bigger cities in each state. In those cities, costs are well above the national average. If you have a certain salary that is industry specific, you should look for cities that fit your salary. There are plenty of great cities around the country that won't break you financially, and you will be able to live comfortably. The key is to do your research and find what works best for you," Adams said.
Find ways to save
For individuals and families who don't have the flexibility to move somewhere cheaper, there are ways to adjust to make day-to-day life a little easier on the wallet.
"You need to try a different tactic. You will need to find ways to save on your expenses. If you are a single person, you could cut down on living expenses by staying with a friend. If you and a neighbor have kids at the same school, you could cut back on transportation costs by carpooling. Go through your expenses and see where you can cut back, in order to live comfortably," Adams emphasized.
Go after more
If, at some point, the current financial situation just isn't enough, it's time to look deeper at the current state of employment.
"That could mean going after a raise or even finding another company that will pay you more. Other options could be to start a business on the side to bring in more money. The goal is to have enough money for your bills and for you to do more of what you want," she concluded.