Yes, New York is an expensive city, but there are things you can do to try and make the most of NYC on a budget. Let us tell you how!
It’s no secret that NYC is an expensive city — the average cost of living is 129% more expensive than the national average. But, when it comes to career development, nightlife, culture, shopping, and food, there’s no beating the Big Apple. Regardless of your level of income, it’s possible to budget and minimize your expenses while taking advantage of all the city has to offer.
Let us tell you how!
Cut out unnecessary expenses
Cutting out unnecessary expenses will free up money to spend elsewhere.
For example, if you have a car, consider getting rid of it. Insurance in NYC is expensive and monthly payments, gas, and maintenance adds up fast.
Investing in a monthly MetroCard ($127) is a cost-effective way of commuting every day. You can save on taxi fares by walking as much as possible.
Also, consider eliminating subscription services you may not need, such as Netflix, Amazon Prime, or the New York Times. Alternatively, look into sharing subscription costs with your friends.
Make your purchases with a credit card, so you can take advantage of the rewards.
Most banks offer great deals on cash back at restaurants and stores, as well as travel points. Just make sure to track your spending and be in the habit of paying your card off every month.
If you have a debit card, belong to a bank with low ATM fees.
Moreover, if you have a larger purchase to make, consider using a personal loan. Personal loans have lower interest rates than credit cards. There’s also the opportunity for flexible repayment plans.
NYC has no shortage of free activities if you know where to go. Take a free yoga class at Bryant Park — free classes are held on Tuesday mornings at 10am, or Thursday evenings at 6pm.
Visit a free art gallery — there’s plenty in Chelsea (typically between West 14th Street and West 29th Street), such as, Milk Gallery, Gagosian, and David Zwirner. We can also help you to organize a Private Art Tour during your stay!
When you need some peace and quiet, escape to Brooklyn Botanic Garden by Prospect Park. Admission is free on Tuesdays and you can check out the zoo, the LeFrak Center, and Lefferts Historic House. Or, try exploring the New York Botanical Garden, in the Bronx! Such a beautiful place!
Even if you’re on a shoestring budget, NYC is brimming with things to do and see.
Try a cheaper restaurant you wouldn’t normally eat at or seek out a new store with bargain prices. With a little thought and planning, you can enjoy a fulfilling life in NYC without breaking the bank.
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*Last Update on March/2020.*