Cost Of Living

What does it cost to live?

1. Housing

• Rent: The average monthly rent for an apartment in Colorado Springs is approximately $1,553.
  RentCafe

2. Utilities

• Basic Utilities: Including electricity, heating, cooling, water, and garbage, the average monthly cost is around $176.56.
  RentCafe

3. Groceries

• Monthly Grocery Expenses: A single individual can expect to spend approximately $366.44 per month on groceries.
  Zumper Rentals

4. Transportation

• Gasoline: The average price per gallon is about $3.43.
  RentCafe
• Public Transportation: A monthly bus pass costs approximately $63.00.
  Expatistan

5. Healthcare

• Doctor’s Visit: An average consultation costs around $148.28.
  Springs Relocation Guide
• Dentist’s Visit: Approximately $118.46 per visit.
  Springs Relocation Guide

6. Miscellaneous Expenses

• Fitness Club Membership: Around $47.14 per month.
  Areavibes
• Movie Ticket: Approximately $11.74.
  Areavibes

7. Overall Cost of Living Index

• Colorado Springs has a cost of living index of 119, indicating it’s 19% higher than the national average.
  Areavibes

8. Median Household Income

• The median household income in Colorado Springs is approximately $79,026.
  RentCafe

These estimates provide a general overview of living expenses in Colorado Springs. Actual costs may vary based on individual lifestyle choices and economic fluctuations. It’s advisable to conduct personalized research and consult local resources for the most current information.

Managing your finances

Managing your finances effectively in Colorado Springs can be facilitated through various budgeting strategies, discount opportunities, and membership programs. Here are some resources to help you save money and optimize your budget:

• 1. Budgeting Apps

  Utilizing budgeting apps can provide a structured approach to managing your finances:

  • YNAB (You Need a Budget): This app employs a zero-based budgeting system, encouraging users to allocate every dollar a specific purpose, enhancing financial awareness and control.
    Real Simple
  • Goodbudget: Based on the envelope budgeting method, Goodbudget helps you allocate funds for various expenses, promoting disciplined spending.
    Lifewire
  2. Local Discount Platforms

  Taking advantage of local deals can significantly reduce expenses:

  • Groupon Colorado Springs: Offers discounts on dining, entertainment, and services in the Colorado Springs area.
    Groupon
  • Valpak: Provides printable coupons for local businesses, including restaurants and retail stores.
    Valpak
  3. Membership Programs

  Joining membership programs can lead to substantial savings:

  • Costco: A membership-based warehouse club offering discounted prices on groceries, household items, and more.
  • Sam’s Club: Similar to Costco, providing bulk purchasing options at reduced prices for members.
  4. Local Deals and Coupons

  Exploring local tourism websites can uncover additional savings:

  • Visit Colorado Springs: Features a variety of deals and coupons for attractions, shopping, and lodging in the area.
    Visitcos
  • Pikes Peak Region Attractions: Offers coupons for various attractions, making entertainment more affordable.
    Pikes Peak
  5. SNAP Produce Bonus Program

  For eligible individuals, Colorado has introduced a program to assist Supplemental Nutrition Assistance Program (SNAP) participants in purchasing healthy foods. The SNAP Produce Bonus program encourages beneficiaries to buy fresh fruits and vegetables by offering a dollar-for-dollar match on qualifying produce, with a maximum of $20 per transaction and $60 per month.

  The Sun

  6. Transportation Savings

  Utilizing public transportation and related discounts can reduce commuting costs:

  • Mountain Metropolitan Transit (MMT): Offers discounted bus passes for students, seniors, and individuals with disabilities.
  • Carpool Programs: Participating in local carpooling can decrease fuel expenses and vehicle wear.
  7. Utility Assistance Programs

  Certain programs can help manage utility expenses:

  • Colorado Springs Utilities: Offers budget billing and assistance programs to help manage monthly utility costs.

  By leveraging these resources and programs, you can effectively manage your finances and make the most of the cost-saving opportunities available in Colorado Springs.