How much money do you need to ‘live comfortably’ in Fort Worth? Start saving now

Do you know how much money is needed to be set aside each month?

If you live in Fort Worth, you might need to do some penny pinching. That’s because a new study released by GOBankingRates says that Fort Worth is one of the more expensive U.S. cities to live in.

The personal finance site compiled the ranking by looking at data from the Zillow Home Value Index, the Bureau of Labor Statistics Consumer Expenditure Survey and the Federal Reserve. Through that data, the company compared the United States’ 50 largest cities by mandatory expenses.

The website used the 50/30/20 budget to see how much was needed in each city to live comfortably. That budgeting advice says that 50% of your income should go toward necessary expenses, 30% toward savings and 20% toward wants.

“The idea is to prioritize necessary spending and savings while still allowing for some guilt-free discretionary spending,” GOBanking Rates website says.

How much do you need to make to live comfortably in Fort Worth?

The study reported that the average cost of living in Fort Worth is $45,022 annually. GOBanking Rates indicated that to live comfortably in Cowtown, the average household would need to make significantly more than that.

How much? About $90,043 a year, GOBanking Rates said. Fort Worth ranked 32nd out of the 50 largest in America.

Detroit, Memphis, Tennessee, Wichita, Kansas, Tulsa, Oklahoma, and Oklahoma City ranked among the top five in the least expensive cities.

Long Beach, San Francisco, San Diego, Los Angeles, and San Jose -- all in California -- were the most expensive cities to live in, according to GOBankingRates.

Tips for budgeting in Fort Worth

While the 50/30/20 budget may work for some, budgeting is more often decided on a case-by-case basis. Here are some tips for budgeting, from usa.gov:

• Keep track of your income
• Set financial goals for yourself
• Prioritize certain expenses
• Keep track of your spending
• Set aside money for the unexpected
• Review budget on a regular basis and change as needed