How to Save Money in New York City
New York City is famously expensive, which can put a huge burden on people living there or even making a short stay. However, with a few simple adjustments, it is very possible to save money while still enjoying the city.
According to the Economist Intelligence Unit’s 2022 report, New York City ranks as the most expensive city in the world, sharing the top spot with Singapore. This article will explore various ways to cut costs and make living in the city more affordable, covering areas such as housing, food, transportation, and more.
Transport
Walking and biking are not only cost-effective but also convenient ways to navigate New York City. Walking allows you to explore the city while incorporating exercise into your daily routine and getting in your 10,000 steps.
Many neighborhoods are easily walkable, particularly during daylight hours when safety is less of a concern. You might want to practice your route in the daytime if you are new to the city, as it can be easy to get lost.
If biking is more appealing to you, consider using the city’s bike-share program, Citi Bike or browse through platforms like Facebook Marketplace for affordable, second-hand bikes. A good idea might be to get a bike with a basket, or one that is designed for city use.
New York City also boasts an extensive public transportation system including buses, subways, and trains. Opting for public transportation is a highly cost-effective way to move around the city, especially when you purchase a weekly or monthly unlimited pass. For a convenient way to monitor timetables, check out mobile apps such as Transit or Citymapper.
If you rely on public transport, you might want to get a MetroCard or an OMNY card. These cards enable you to add value or purchase unlimited passes for subway rides, bus trips, and train journeys, and can be used to pay for other transportation options such as the Staten Island Ferry or the Roosevelt Island Tramway.
If you prefer not to rely on public transportation, carpooling or sharing rides with friends or coworkers is a viable option. Even ride-sharing services such as Uber and Lyft allow you to split the cost of a ride with others traveling in the same direction.
Food
Cooking meals at home is one of the most effective ways to save money on food expenses. Although it might be challenging to find time and energy after a long day, cooking is a huge money-saver. Eating out can be expensive anywhere, but the prices in NYC are especially steep. Cooking at home provides a fun, cheap, and healthy alternative.
Create a weekly meal plan and shopping list to stay organized and avoid purchasing unnecessary ingredients. Not only does this reduce waste, helping you do your bit for the environment, but it stops you from wasting money on perishable items that will expire before you get the chance to eat them.
Buying groceries in bulk can be more cost-effective than purchasing individual items. Items like rice, beans, flour, and pasta can be bought in larger quantities. You can try going to bulk stores to make even more savings. If these stores need a special card, you could pool the cost between friends.
Rent
One practical approach to save money in New York City is to consider renting outside the city limits. Living in the heart of the city is impractical for most people anyway, with sky-high costs and tiny living spaces. By exploring housing options in areas beyond the city center, you can discover more affordable alternatives while still maintaining a reasonable commuting distance.
If you do not want to live too far out, you can consider places like Brooklyn, Queens, and Jersey City. These locations offer lower rental costs compared to places like Manhattan. On top of the low rent, you can benefit from more spacious apartments, yards, and parking facilities within your budget.
Coupons
Plenty of apps such as Groupon offer a wide range of coupons and deals for restaurants and grocery stores. These apps can provide substantial savings on your favorite meals and grocery purchases.
If you sign up for email lists and loyalty programs offered by restaurants and food delivery services, you can eat out for cheap. Many establishments provide exclusive discounts of 10-20% to customers who join their mailing lists. Certain credit cards also offer rewards points or cashback specifically for purchases at grocery stores and restaurants.