Managing your hard-earned money is the key to living well in NYC, without running up a lot of debt. The Big Apple is a place where the cost of living is 68.8% higher than the USA average, according to Smartasset.com. In Manhattan, New Yorkers really feel the burn, as the cost of living is twice the national average. In the city that never sleeps, temptations to spend abound, from exquisite suppers at Eleven Madison Park to tickets to Hamilton and beyond. The key to success is saving money on basics, so you’ll have cash to spare for occasional splurges. You’ll also benefit from tracking every penny and using the right checking account.
How to Save on the Basics
It’s very possible to save big bucks by finding cheaper places to buy groceries. If you’re in the habit of racking up big bills at Whole Foods and Dean & DeLuca, you may want to grab your basics somewhere more affordable, such as Trader Joe’s. To eat well as you save, look for healthy foods for the lowest prices.
Making your own food, rather than heading for Big Apple eateries, will also help you to put money away for other things. Instead of eating out three times a week, scale back to once a week, but treat yourself to an exceptional meal when you do go out…perhaps at Rouge Tomate?
Track Your Monthly Expenses
This isn’t the sexiest finance tip, but it works. Most people who live in NYC burn through money and then forget that they spent it. They don’t realize how much money they are throwing away on the little things, like daily cappuccinos at Birch Coffee or Ubers, which average 18 bucks per round trip. Mint is a highly-rated app that offers plenty of budgeting tools and it’s available for IOS and Android. If you try Mint, you may link your bills, accounts and cards in the app. You’ll be able to get the inside scoop on what you owe and what you have. You’ll access tools which allow you to see where your money is going and how you may cut back. Create a budget, track your investments and save for the future.
Open A Great Checking Account
Big banks are currently in peak condition with interest rates are going up. Since banks are in a strong position, it’s up to consumers to do their homework when it comes to finding checking accounts with low monthly maintenance fees, as well as low overdraft fees. A checking account should fit the way that you spend, so consider how many deposits you typically make, your average bank balance and your spending habits. If your checking account isn’t a good deal, switch to one that is.
Saving for the Future is Smart
To achieve big NYC goals, such as buying real estate or opening a business, New Yorkers need to manage their money with care. Big Apple residents who follow the tips shared here will notice slow and steady savings that build up nicely over time. In this city, anything is possible, but money makes everything easier.