If you dream of living in a big city one day, whether it’s New York, London, Paris, etc. This article is for you. You certainly have more opportunities in large cities. More career opportunities, more people to meet. Cities are full of life, culture, and art. So, it’s no wonder people want to live there. All of that sounds amazing, but there is a price. Living in a big city is incredibly expensive. And it seems as time goes on, it gets more and more costly. But, don’t worry. There are ways to save money when living in a big city. You just have to be motivated and stick to certain rules.
Big City Living on a Budget
- Make a list
- Make a plan
- Get a roommate
- Use public transport
- Skip the gym
- Practice moderation
- Do the research
Make a List of Expenses
The best way to start saving money is first to calculate how much money you are spending every month. That will give you a better picture of your financial situation. So put down on paper how much you spend on rent, bills, food, transportation, clothes, dining out, social events, and any other expenses. Then compare that to your monthly income. It is the best way to see what is the biggest burden on your budget. From that point forward, you can begin to plan what expenses you can cut down and how to be smarter about spending your money.
Make a Plan and Set a Goal
Having a goal in front of you is the best motivation. Decide on something you are saving money for. Then decide how long you will stick to this new plan for saving money. People usually save money so they can buy their own homes. That’s a big and ambitious plan but an incredibly motivating one. Just think how one day you won’t have to pay rent or have a landlord. But there is also nothing wrong with your goal being something smaller. Buying a new tv or saving enough money to go on vacation. Whatever it is, you must stick to your plan. Once you succeed in a small goal you will have the confidence to tackle larger goals.
Split the Rent
Getting a roommate is one of the best ways to save money when living in a big city. It’s common knowledge that rents in a big city, like New York, are incredibly high, even for a small one-bedroom apartment. You are inevitably going to have to find someone to share that bill. Research has shown that more than half of people living in Manhattan on a budget have at least two roommates. So it’s possible to save even in this area, but you have to be willing to share your living space. But look on the bright side; all that money you would have to spend on rent can now go to funding the goal you set. And you are one step closer to achieving it.
Use Public Transport
There is no better or more efficient way to save money than public transport. And thankfully big cities have a variety of public transport options. There are usually buses and subways available at any hour. You can save thousands of dollars a year if you don’t have to buy a car or spend money on gas, car insurance, and maintenance. Also, there are ways to save even more money on public transport. Many subways and buses offer monthly discounts. Then there are discounts for students, people over 65, and people with disabilities. For example, there is a program in New York called Fair Fares Program. That’s a program for low-income New Yorkers, where they receive a 50% discount on subways and buses.
Lose that Gym Membership
The convenient thing about big cities is that everything is incredibly close to you. Hair salons, restaurants, and gyms are all at your fingertips. Well, it’s also as expensive as it is convenient. This gives you an incredible opportunity to cut back on your spending. Gym memberships are often pricey. They are also not the most necessary expenses you have. Quit your gym membership and try working out by yourself. Thankfully that’s not too hard today. Instead of paying a lot for a gym every month, you can go for a jog every morning. Or ride a bike. There are many tutorials online for working out. All of these options are free and help you save money. Plus, in cities, often everything you need is within walking distance. It seems like almost every block has one of everything, so at most, you might have to walk a couple of blocks… and walking is great exercise!
Moderation is Key
Knowing how to find the right balance is incredibly important in life. So don’t get too extreme in your attempt to save money. You don’t have to give up every pleasure in life. That won’t lead to anything good, and you will probably get frustrated and give up on your money-saving plan. Allow yourself a treat from time to time. For example, If you cook at home most days, then allow yourself to spend money on takeout or go to a good restaurant once in a while. The best thing you can do is find the right balance.
Do the Necessary Research
Saving money requires doing a certain amount of research. There are many expensive stores and shops in big cities, but there are also many cheaper alternatives. You just have to find them. Make a list of cheap food and clothing stores. Keep an eye on discounts and utilize that. If there is a cafe or a restaurant you’d like to go to, find out if they offer coupons or discounts.
In Conclusion
There are ways to save money when living in a big city. But you have to make a plan and be persistent. Don’t give up after the first hurdle you encounter. Remember, do everything in moderation. Treat yourself from time to time. Don’t be ashamed to use public transport; it’s an incredibly efficient way to save money. Look for cheaper alternatives. Stop wasting money on unnecessary gym memberships and subscriptions. And maybe the most important. Don’t forget your goal. That’s the biggest motivator in this whole process.
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