How to Save Money While Living in NYC
Living in New York City is the dream of many people, but it might seem out of reach financially. The Big Apple is costly, and people trying to settle here without a great job may suffer. That said, NYC doesn't have to be a money pit if you understand a few simple facts. The following tips will help make this city a bit more affordable for the average person.
Tips for Transportation and Parking
The average American car or truck spends 95% of its life parked. In New York City, that might be closer to 98-99%. Driving and parking in the Big Apple are not enjoyable and can be extremely expensive. However, there are less expensive ways to get around New York.
For instance, walking and biking are trendy in New York because both are free and work well in such a densely populated city. If you need to get anywhere within about a mile or two, walking and biking are your cheapest options and will save you money in the long term.
You can even pay for an inexpensive CitiBike membership, which includes access to bikes whenever you need them. Note that similar budget transportation options are available for subways, including a yearly pass that works well for people regularly traveling.
Entertainment on a Budget
Having fun in New York can be pricey if you're hitting up all the big Broadway shows and concerts. You can apply for free tickets from the biggest shows in New York. While your chance of winning is low, it's better than no chance.
Remember that New York offers many free entertainment options, such as park concerts and street entertainers. While that's different from seeing Hamilton, these options are inexpensive and can work well if you get bored and need a little fun for the day.
Make the Best of a Modest Living Arrangement
There's a good chance you'll live with others when renting in NYC. Having roommates isn't as bad as it might seem because they can help with groceries and utilities. Just as importantly, they can help you cover repairs, maintenance, and upgrades to your home.
Fixing simple leaks in a home can help you save up to 10% on your water bills. Other similar repairs may help in different ways, and working with your roommates to address these situations can ensure that you live comfortably in New York.
It's also important to understand things like down payments and how your credit score can affect your living situation. All FDIC banking institutions must release quarterly reports about their financial information. These details may affect whether a bank is willing to work with you.
Eating on a Budget in New York
Let's face it: you're probably not going to eat out a lot when you live in New York City. The food is fantastic and unique but way too expensive if you have little cash. Thankfully, there are ways to get around this problem by shopping at discount food stores and cooking at home more often.
For example, there are places like Trader Joe's and small mom-and-pop grocery stores where you can buy inexpensive food and save money. Asian, Indian, and Middle Eastern food shops can also provide great ingredients and recipe books to help you become a master chef and save cash.
Other tips to consider when saving money in NYC are to buy an inexpensive exercise bike to get in your workouts and to avoid high-end coffee shops. Talk with a financial adviser if you need help with these steps. They can help you plan with your money, take the cash you have saved, and invest it to build a better passive income level.
