You need an income of over $300K in New York City, San Francisco and Honolulu ju...

Many people find tax season to be a stressful time of year. But individuals living in some of the most popular cities in America may find paying taxes to be an even more discouraging experience — even if they are wealthy.

SmartAsset, a financial research firm, analyzed the impact of taxes and living costs on individuals living in America’s biggest cities. Their research found that an annual salary of $300,000 in New York, San Francisco and Honolulu is required just to bring home $100,000 after taxes and cost-of-living adjustments.

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For context, the median American household income is $70,784 (adjusted for inflation). But SmartAsset’s research shows that a family living in the Big Apple or Silicon Valley would need more than four times that amount to feel like they are in the "middle class."

Regardless of income level or location, it's always a good idea to save money. With that in mind, here are five ways to stretch your paycheck.

Minimize housing costs

Housing expenses can be the most significant drain on your finances. Making adjustments to these costs can be an effective way to stretch your paycheck further.

If you're looking to buy a home, it's important to stay well below your mortgage approval amount to ensure you don't stretch your finances too thin. Locking in at a good interest rate can also save you money in the long run.

According to a study by Freddie Mac, borrowers who obtain at least five quotes when shopping for a mortgage save an average of $3,000 in their first five years of homeownership.

It's important to ensure that your monthly payments are stable and less than one-third of your monthly income. This is known as the 30% rule and is widely recommended by financial experts. By adhering to the rule, you make sure that your housing costs are not eating up too much of your budget, leaving you with more money to save or invest.