need some financial advice from the wise! How to save $$ in NYC?

Parent Cafe
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<p>ummmm . . . I know this is going to sound harsh, but . . . you might want to track your spending for the next 2 weeks to see where that $280 a week goes; that information may help you </p>

<p>most practical suggestions so far here: onlyh go out for lunch once week, if that; otherwise, ALWAYS brown bag it </p>

<p>make sure you cook at home for dinner at least 3 nights a week; lots of cuisine ideas in the posts above </p>

<p>a special tip that worked for me: we set up two cups with cash in them; one held what we needed for weekly household expenses; the other was an informal personal savings account that we’d use to spend on whatever we wanted (e.g., upcoming trip to DC; new slacks; tickets ot the Opera) . . . then we banked the rest </p>

<p>this does four things:
1- gets you out of any ATM/debit card habit; it’s harder to spend real money than it is to just swipe the card
2- it sets aside some money to spend guilt free on whatever you’re saving up for<br>
3- it sets a practial limit on how much can be spent each week; if it’s Thursday night, I get paid on Friday and there is no money in the cup I don’t go out<br>
4- bank the rest</p>

<p>If you did $160 for household and $20 per week for personal expenses you’d save $100 per week</p>

<p>stretching money got to be a game after a while . . good luck!!!</p>

<p>P.S. Get to be a hawk for all the NYC free/low cost stuff: e.g., MOMA Friday evenrings</p>

<p>P .P.S. For anyone reading this who is in college: THIS IS WHY TAKING OUT AS LITTLE AS YOU CAN IN LOANS IS A GOOD THING!!!</p>

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<p>Also know that at the beginning of your career, things will start slowly but will pick up speed. You’ll get raises or move on to a new job with a higher salary. If you keep your same standard of living, you can bank the extra income and your savings will grow. Right now, work to put together an emergency cash fund. </p>

<p>Did you say you had health insurance? An unexpected medical expense can decimate anyone’s financial situation–it’s one of the top factors leading to bankruptcy.</p>

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<p>NYCFlux…I don’t wish to divulge my D’s income on a public forum, but she makes substantially less than you. She doesn’t have a regular salary and has a variety of jobs in her field (all related to performing arts). She is not paying her college loans. But looking at even just your discretionary income, I know she survives on less than you. Looking at rent, she spends a lot less than you as she shares an apartment in the Williamsburg section of Brooklyn. She does get some food on the go as she has to go to many locations in her daily life in the city, but she tends to eat many breakfasts and dinners at home. There is also a large grocery store in walking distance of her apt. which is between where she lives and her subway stop. She is 22. She is self supporting except we are still paying health insurance.</p>

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<p>I do not have insurance and never have – i simply can’t afford it</p>

<p>soozievt: thanks for the update</p>

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<p>I would guess that 62k is (odd as it sounds) about on the margin for living by oneself in a decent part of Manhattan and having a lifestyle comparable to other recent college grads. (though you can certainly find healthy food cheaper than at Whole Foods - not that I am against WF, they have some great stuff, and its a joy to shop there, but to rely on it when you are financially marginal doesnt seem like the best choice. I can also understand the temptation to eat out alot - Manhattan kitchens tend to be small, and there are many surprisingly reasonable nice restauarants in some parts of Manhattan -still learning to cook will save $$. ) </p>

<p>But I assume most young folks at that income are either living with roommates, or living in Brooklyn or NJ or maybe even Harlem. </p>

<p>Slightly lower, I would expect they are, like soozievt’s D, living with roommates in a fashionable part of brooklyn, or living alone in an unfashionable part of Brooklyn or Queens.</p>

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<p>“living with roommates in a fashionable part of brooklyn, or living alone in an unfashionable part of Brooklyn or Queens.”</p>

<p>Exactly. Depending on the location of the job, a commute to Astoria or Hoboken can be very convenient. It just isn’t convenient for socializing. But I took the OP’s description of rent as a fixed cost that he’s under a lease. When the lease is up, IMHO it would be smart to leave Manhattan.</p>

<p>FWIW, I’m a 35-year-old homeowner, and I STILL have a roommate. It allows me to have a much nicer apartment than I could afford to own otherwise.</p>

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<p>NYCFlux, I’m an Ivy grad and I shared an apartment with others until I was 31, even the first few years we were married we had a roommate in the apartment. But we don’t owe any money now except a mortgage. But I do sympathize, I lived in the city while in grad school and it’s very easy to spend money there. Another thing you might try is having part of your pay check go directly to a savings account where it’s harder to access. Hanna is right that a mostly vegetarian diet with plenty of grains, rice or pasta will save you money. Think of meat as a condiment.</p>

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<p>My daughter and her roommate (NYC students) have started sitting down every week or so to talk staples and menus before calling Fresh Direct to place an order. They have lowered their food budget considerably just by planning what and how much food to have in the apartment rather than spontaneously stopping at the grocery store all of the time. If you are on supermarket email lists they will send you announcements when they have specials…stock up and freeze meat when it is on sale. Beans are cheap and good for you.</p>

<p>As another poster pointed out, Time Out New York is a great resource. There is a Cheap Eats section that my daughter swears by when she goes out. [NYC</a> Restaurants & Bars, Reviews & Openings - Time Out New York](<a href=“Time Out New York | New York Events and Things To Do All Year”>Time Out New York | New York Events and Things To Do All Year)</p>

<p>NYCFlux, you are certainly right about the cost of housing in Manhattan. My daughter and her roommate’s apartment costs $2200 a month and IMHO is a dump (don’t tell her that I said so). They looked at 20+ apartments before they rented this one. It IS on a good block in a safe neighborhood and close to the subway line that takes her right up to school.</p>

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<p>The most important part of all these is not feel depressed, whether it is the job, income, apartment or food. You are ahead of many ppl that has lot less means and income.- Things will improve through out the years and you have 40 years ahead of you. Almost everyone has had the same experiences as you do when they started.</p>

<p>35 years ago, when I got into my first job in NJ, the monthly balance was in red for a year. I have never expected those expenses that pops out of nowhere. I left the $90/mo apartment in Hoboken, yes, Hoboken was a dump and an apartment on 6th st. was only $90/mo, moved into a good neighborhood in Dover, a good looking garden apartment. I thought I had the World Oyster in my hand, but I miss calculated everything, especially with that new car loan. I got out of it after a real struggle and was on my feet two years later.</p>

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<p>Another bit of food shopping advice: Fairway on Broadway/74th (or in Red Hook or Harlem) has the cheapest and best groceries in NYC–significantly cheaper than Whole Foods and the quality is as good or better.</p>

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<p>You can buy most of your food at the Greenmarkets. Nutritious, inexpensive, and a fun shopping experience. Buy non-greenmarket stuff (toiled paper, shampoo) only when it’s on sale. Get a little extra, and wait for the next sale before you purchase again.</p>

<p>If you live and work in Manhattan, you should walk everywhere, and save $25-$30/week. Years ago, I lived on E. 22nd Street, and for awhile I was working in the east 70s, and then in the far west 50s. Walked to & fro everyday, great workout (you don’t belong to a gym, do you?), and saved $$$$. There’s no way I’d move to an outer borough or NJ, but that’s just me. I didn’t move to Manhattan to be in East Orange.</p>

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<p>But now you’re in CT?</p>

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<p>NYC - All I can say is, stop eating out!!! I don’t live in NYC but I do spend a couple weeks every year up there visiting friends. It’s insane. My one friend that I visit eats out every meal, literally. Breakfast, Lunch, Dinner, and 2nd Dinner (haha - gotta love NYC delivery at 3 am). He makes more then you, but it’ seems like an insane amount of money to spend on food. Whenever I am up there, I try to budget myself… and a very large majority of my money winds up going towards food. I can get you some quick easy recipes if you would like. You can make things in bulk and heat it up later. Also, you could look in different areas. A buddy of mine used to live in Manhattan and just recently moved to Brooklyn - he’s the first stop in Brooklyn off the L train. (Bedford Ave). It’s an easy commute into Manhattan and rent is much less over there. You can transfer from that L to pretty much any subway line that you want to if I am remembering right… Another buddy of mine moved from Manhattan over to NJ. They are right on the other side of the Hudson and have a gorgeous view of the city from their rooftop deck. Rent is even less there, or you could look into buying.</p>

<p>I personally don’t see the point in renting, but that’s just me. You could look into buying if you plan on staying for awhile, it probably wouldn’t cost too much more plus you would get equity in the property… but I’m not sure how much of a down payment you’d have to put down. My friend that eats out every day owns his apartment. I live in PA… and I personally saved every dime I could, bought myself a house for my 26th birthday. I put over 35K down on it. Biggest check I’ll probably ever write in my life. But it’s so nice having my own house, and my mortgage is less then what you pay for your rent. Nice thing is that the interest paid is tax deductible, so your spendable income increases.</p>

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<p>Yeah, 25 years and three children later. I assumed the OP is this same age as I was 25 years ago.</p>

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<p>I live and work in NYC… and even though rent for the most part is high or high considered what you get, NYC is actually one of the best bargain places in the world. Every museum has a free night or pay what you can policy, there are tons of things to to do that are free. Use the subway and walk. Eat breakfast at home. Get a refillable water bottle. Learn to cook some basics. Make a sandwich and bring it for work, or eat yogurt. Bring an apple or nuts and raisins with you to munch on during the day. If you go out for drinks, stick to one drink or find cheap places to go. Eliminate cable TV. Eliminate Starbucks. The coffee cart on the street where I work - .$75 cents a cup. The Dunkin Donuts and Tim Horton’s $1.51 and $1.62… Starbucks even more…</p>

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<p>Try ordering staples from Amazon, grocery section (free shipping over $25). </p>

<p>Consider getting a rice maker. Make it and entress in bigger batches than you need and save some for brown bag lunch (assuming there is a microwave at work).</p>

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<p>I have worked in NYC for 21 years and amazed at how much people can (and do) spend on food. I work near a Dagastinos and get 1/4 pound of turkey or ham most days and put on bread that I keep in the office freezer, so I eat lunch for under $3/day. Another tip is to cut the expensive beverages - Starbuck add up, as do sodas for lunch. Buy a coffee maker and make your own and drink water during the day. Also stop going to Whole Foods aka Whole Paycheck. Trader Joes has very good semi-prepared foods you can pop in the microwave and feel like you are eating out. If you really think about saving, you can do it.</p>

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<p>If you are saving $1255 per month I think you are doing a superb job.</p>

<p>Are you temping? Usually companies that can pay employees $62K a year also can provide health benefits.</p>

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<p>Funny as it sounds but 67k isn’t THAT much in NYC.</p>

<p>There is a salary wizard at this site</p>

<p>[Cost</a> of Living Wizard | Salary.com](<a href=“http://swz.salary.com/costoflivingwizard/layoutscripts/coll_start.asp]Cost”>http://swz.salary.com/costoflivingwizard/layoutscripts/coll_start.asp)</p>

<p>If I put in a salary of 62k NY and convert it to where I l ive in PA, that’s equivalent to 32k here. Not exactly scraping by, but not raking in the money either. It’s all relative to where you live. I can tell you that if I made 32k I wouldn’t own my house right now… i’d be renting just like the OP is.</p>

<p>his 1255 was just on non fixed bills, i understood. meaning food, metrocard, and such is coming out of that.</p>

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<p>Saving $10,000 a year is pretty good at your stage in life. When I was in my twenties, I was lucky to save half that. </p>

<p>One thing about living in NYC is that it looks like everyone is so successful and has so much money to burn (mostly subsidized by parents, I think), so that your expectations become unrealistic. Also, it’s hard to keep to the simple life because there are so many temptations on every single block. I’m always amazed when I visit my in-laws out in the sticks that I can go an entire weekend without spending much money, because you have to plan your shopping, whereas in NYC, all you have to do is run to the post office and before you know it, you’ve dropped $20.</p>

<p>Anyway, that said, I agree that there are many bargains in NYC but you have to get creative and you have to be willing to travel to different neighborhoods, but that’s part of the fun. Be adventurous! I agree that Whole Foods is to be avoided if you’re trying to save. Ditto Fairway, although their produce is fresh and reasonable. Just don’t buy anything else there – put on your blinders! The most important food shopping advice is this: 1) Decide your menu for the week and buy only the ingredients on your list and 2) go shopping right after you’ve eaten a big meal. NEVER shop when hungry!</p>

<p>My favorite cost-saver here is the New York Public Library. There is probably a branch near you, and you can order almost anything in their collection (books --cookbooks!, dvd’s, music, etc) online and have it delivered to your branch. Most of my music collection on my iPod is thru the NYPL. One very important thing to keep in mind though – they recently raised their fines for dvd’s to $3/day!! </p>

<p>A good place for men’s clothes is H&M. You can outfit yourself pretty well there, and most of the stuff is decently made.</p>

<p>Pizza, ubiquitous here, is a very cheap lunch.</p>

<p>One way to really cut your food bill, both grocery shopping and eating out, is to stop buying drinks. Stick to water, which is very good in NY.</p>

<p>Oh, and someone mentioned free food at gallery openings. Nope. But if you get there early, you might score a little plastic cup of bad wine. The Brooklyn/Lower East side galleries might have bottled beer, but get there early. Gallery openings can be a fun, free, early-evening activity with friends. It’s like a roving party.</p>