New York City is one of the most expensive cities in the world to live in. It is the most populated city in the United States, and a city with over eight million people does not leave a lot of space. Since space is scarce, it is expensive. The average size for a single bedroom apartment is 750 square feet, and the average cost for a single bedroom apartment in the entire city is $2700 a month. Living in New York City requires the average New Yorker to be financially savvy. Here are six savvy ways to save money in New York City.
Saving Money on Rent and Utilities
Trying to save money on rent and utilities is the primary goal to keeping more of your pay check because the rental market ranking nationwide is awful. The Bronx County requires an average of 69% of the average New Yorker’s income to rent an apartment, so more and more inhabitants are having to live further away from Midtown. Here are some tips to save on your rent and bills:
- Live with roommates
- Settle for a less desirable neighborhood
- Ask neighbors if they want to share the WiFi expense
- Skip getting cable and landlines
Getting goods and groceries delivered to you your home in NYC is getting popular. Transportation costs in New York City to go grocery shopping and run errands really adds up, so getting you food and things brought to you is financially savvy and convenient considering the time it takes too. Online retailers that deliver are become big in New York City.
- Walmart.com offers free shipping on orders of $50 or more
- Target.com offers free shipping on orders of $25 or more
- AmazonFresh offers free same-day delivery with Prime membership
- Instacart offers same-day delivery for $3.99-$5.99
Entertain Yourself With Affordable Culture Venues
Many New York residents see the high cost of living as being worth it because of the amazing culture. A lot of it is completely unique to thee city. Also, some of the best concerts, museums and cultural events are cheap or free. There are several venues that operate on donations only.
Save on Transportation
It is easy to save money on transportation in New York. First, do not own a car. Next, embrace the mass transit system, and buy a 30 day metro card to save money on unlimited mass transit for the month. Finally, pass on the taxis and use Lyft Line or UberPool.
The Cheap Way to Stay in Shape in NYC
First of all, you do not need to join a gym to stay in shape, so you can save money by passing on a membership. Walk, run and bike to stay in shape and save on transportation costs. Use Youtube to find free workout videos. Finally, New York City offers free kayaking on some of its water ways.
Seek out Bargain Food Purveyors
Saving money on food is a challenge in the city. Buying groceries, going out to eat and going to bars are all expensive, especially the closer to Manhattan you go. Sometimes common sense is the way to go. Earlier, delivery services were discussed because they save money on transportation, but delivery services are not for everyone. Food co-ops are the most intelligent way to go, and they only require you to work a shift a month. Also, if you do not want to pay high prices for drinks when you go out, then consider not drinking. It isn’t exactly a necessity.
It is possible to make it financially in New York City. It will not be easy trying to live in one of the most expensive areas in the entire world though. The tips above will help you to live a fuller, more fun life while saving quite a bit of money at the same time.
David Milberg is a financial expert from NYC.