Map reveals nine best places to live where you can easily save £1k a month
A new study shows that your location in the UK can make a big difference in how much you end up saving every month.
Saving money can be difficult, especially with a ever-rising cost of living and frozen wages, there is often little disposable income left by the end of the month.
A study by Compare My Move shows that your location in the UK can make a significant difference in how much you end up saving every month.
The research highlights nine UK locations where residents earn at least £1,000 more than their cost of living, boosting the potential for savings.
By living in one of these areas, saving £1,000 a month could give you £12,000 in a year or £36,000 over three years, enough for a 10 percent deposit on a £360,000 property.
York tops the list, with a cost of living of £1,415 and average post-tax earnings of £2,846, leaving £1,431 of disposable income each month.
Cambridge comes in second, offering £1,314 in leftover income with a remarkable £3,143 average salary and a £1,829 cost of living.
Reading, which has the highest employment rate in the UK at 86.1%, provides £1,195 in savings potential, despite higher housing costs in the South East.
Other cities higher up North, like Leeds, Wigan and Bolton boast disposable incomes of £1,104, £1,171 and £1,152 respectively, making them attractive for those seeking to save for big purchases, such as a house.
Derby, Coventry and Glasgow also fall in the healthy savings range of £1k and are considered 'underrated' spots for young adults looking to enjoy a good social life while also starting their savings journey, according to Compare My Move.
While individual earnings and living costs will depend on job roles and exact locations, where you live could definitely impact your financial well-being.
