Saving money is hard no matter where you live. It’s always hard to budget your money and stop yourself from spending big. However, this problem is even further enlarged when you live in a large city like New York City. The cost of living in the city is sky high, meaning that saving your money may seem like an impossible task for some. Despite this, there are some ways that you can save a little cash without entirely sacrificing your quality of life. Here’s how to save money while living in New York City.
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Don’t Splurge on Your Housing
Housing prices and rent is extremely high in New York City. In fact, the Big Apple has one of the highest housing costs in the country. Real estate in the city is extremely valuable, meaning a large portion of your income will go to housing. You need to be aware of this when finding a place to live. A two-bedroom apartment in New York City is not the same price as it would be in a rural area. As such, you cannot afford to splurge and buy a location that is well outside of your budget. If you truly want to save money while living in New York, then you absolutely can’t afford to spend a large amount of your salary on housing. As a result, you might want to lower your budget when looking for Manhattan houses for sale. A good tip would be to find a place that allows you to only allocate around 15-20% of your yearly salary to your rent or mortgage. This may be difficult to do, but it is a necessity if you want to save money in the city.
Save on Food
Much like housing prices, areas in New York City suffer from increased prices in the food industry. However, this doesn’t mean that you can’t find cheap groceries or save money. First, you will have to sacrifice convenience for thrift. This means that you’ll have to go out of your way to find the cheapest food prices, not simply stop by the food stand that’s by your residence. Next, you’ll have to cut down on the extra spending you do when it comes to food and beverages. This means cutting back on the $5 coffees you get on your way to work and simply making your own in the morning. Finally, start cooking more rather than eating out. Eating out at restaurants can be expensive, especially in the city. Avoid this unnecessary cost by limiting both the number of restaurants you visit and take out food you order.
Don’t Spend on Fitness
Another area that people spend a lot of money on in the city is fitness. People in New York City spend a lot of money in order to get in shape and be healthy. While being healthy and getting in shape is a great goal, you don’t necessarily need to allocate a portion of your budget to it. You don’t need to be apart of a gym that charges $100 a month, especially if you’re not a frequent visitor. You can be healthy for much cheaper at home. For example, instead of running on a treadmill at the gym, run outside in one of the many parks in the city. You could also buy dumbbells and free weights to use in your home, allowing you to satisfy your fitness needs much cheaper. Staying healthy and fit is extremely important, but you don’t need to take from other areas of your budget in order to do it.
Travel Smart
Travel expenses can really add up in the city. Owning your own car can be very expensive, as parking will likely cost you an arm and a leg. Not to mention how expensive gas can be. You can save a lot of money in New York City simply by using alternative methods of transportation. Take advantage of public transportation to get where you’re going, as it will likely be much cheaper than owning your own vehicle. If public transportation can’t get you where you need to go, then try carpooling with a friend, family member, or coworker. Not only will these alternative methods of transportation help you with your travel prices, but they are also a great way to reduce your carbon footprint and better the environment. This makes these alternative transportation methods a win-win situation.