A Guide to Budget-Friendly Living in New York

Economically, New York is the leading state with a $2 trillion GSP. But the booming economy and other factors like taxes and real estate costs make life in the state expensive.

Housing in New York City alone is 230% higher than the national average.

Most things, from utility bills to grocery, will cost you extra bucks, more than you will spend in any other state.

Is it even possible to live on a budget in New York?

Well, this guide provides you with ideas on budget-friendly living in New York. With a few strategies, you won’t need to blow up your savings to afford life in New York.

Rethink Your Transport 

The mode of transport you choose in New York will be a factor in your budget. If you’re not careful, it will cost you tons every month.

You can slash your transportation costs by half or more by using more affordable means.

It’s great to drive and super convenient, but gas and maintenance costs are not pocket-friendly. Depending on your commute destinations, you could ride buses or take the subway. They are definitely more affordable than driving or using a cab.

Alternatively, you can buy a bike if you don’t need to commute many miles. New York is a bike-friendly state. NYC, in particular, has hundreds of miles of bike lanes.

Between cycling and walking, which many people do, you will save a lot on transportation.

Eat at Home

It’s easy to downplay how much you spend eating out until you count the number of times you dined out or ordered in a month. It adds up fast and will certainly strain your budget.

Cooking your meals reduces how much you spend on food in a month. That means grocery shopping on a budget to slash the costs even more. 

The average cost of groceries in an expensive city like NYC is $486 a month per person. Still, if you plan well, compare prices, and take advantage of discounts, you can retain some change.

Lower Your Housing Costs

Housing cost is most likely the main culprit breaking your wallet. It can be ridiculously expensive if you are not careful. 

Plan on lowering your housing costs by finding the most affordable place to live.

If possible, avoid the five boroughs because they are the most expensive when it comes to housing. Living costs are slightly lower in upstate New York, particularly housing costs. Rent and mortgage prices in cities like Buffalo and Syracuse are more affordable than in NYC.

If you do live in NYC, you still have options. The average rent in Kew Gardens, Queens, is $1,800. The same goes for North Shore, Staten Island.

Share Accommodation

Sometimes the best way to live affordably is to share accommodation, especially in NYC, where rent and mortgage prices are high.

Pair up with a friend and share the rent or look for a roomie among people you know. Sure, the arrangement isn’t usually desirable, but it will save you tons of money.

If you’re paying a mortgage, renting out a part of the house or apartment reduces your spending on the mortgage.

Browse Discount Sites

If you wish to live on a budget in New York, you need some grasp of discount sites and visit them often before making purchases. 

These sites have thousands of retailers and manufacturers offering discounted deals, from grocery and restaurants to clothing and travel.

Groupon, for example, has plenty of deals from local businesses. RetailMeNot is even bigger and better, with over half a million offers. Others you should try are Woot!, CouponCabin, and DealsPlus.

Prescription Drug Assistance

New York Rx Card, a statewide discount program for prescription drugs, is a must-have to help you save on medications you need. There are no requirements for getting on the program as everyone is eligible.

Remember, some drugs may not be covered by your health insurance. Being a cardholder will help you save big on your medications.

Also, medical marijuana has become part of many patients’ treatment plans. But this is one area where cheaper street options aren’t worth it as they are illegal and risky. Plenty of info online will guide you on how to get a NY medical marijuana card and access the drug legally.

The Bottom Line

As expensive as life may be in New York, it’s not impossible to live on a budget and save more. Simple hacks like those mentioned here will help you cut costs.