New York City is one of the most desired places to live in the United States. Living here can give you access to some of the best jobs and culture in America. With great opportunities comes a high price of living. While you may feel like the big apple is going to eat you alive, there are ways in which you can live in New York City on a budget. Here are six tips that will help you establish a budget when you are planning on moving to New York City.
1. Walking is a great way to save on transportation
One of the biggest costs of living in NYC is your cost of transportation. The amazing thing about NYC is the proximity of amenities to where you will be living. More often than not, you will be able to walk to the store or work. You should walk whenever you can. It will save you hundreds of dollars each month on cabs, trains, and other forms of transportation.
2. Attend free concerts instead of splurging on entertainment
Free concerts are very common in New York City. In the summer, there is a free concert virtually every night. This will help you save on the very high cost of entertainment in New York City.
3. Budget for a big rent payment
In most cities, you should budget for about 30% of your income to go to your rent. However, with the high price of rent in NYC, you should budget for about 60% of your income being rent. This will make you assess what you can spend on other important monthly items.
4. Take advantage of roommates to make your rent cheaper
Living in NYC means that you are most likely going to have to have some roommates. It is important that you choose your roommates well. They are going to have a big impact on your life. If you are in a situation where your roommates are making your home life unbearable, don’t be afraid to move.
5. Shop for groceries at the right stores
In New York City, there are fancier places that you can shop for your groceries. These stores are obviously more expensive than the cheaper markets. Make sure that you do your research before you go out shopping for your monthly groceries. This could save you hundreds of dollars a month.
6. Opt for a longer commute to save on cab fare
While it will take you longer to get to your destination on a train, you will save a great deal of money when you aren’t dependent on cabs. You need to research the different train schedules to make your transportation more effective.
These are just a few of the many different tips that can help you establish a manageable budget in NYC. While moving to NYC can be expensive, it isn’t impossible. When you have a solid budget, you can even save money living in the big apple as long as you are making the right financial decisions.