New to NYC? Here are some ways to save money
MANHATTAN, N.Y. (PIX11) — Do you find yourself struggling to keep up with expenses after moving to New York City? Don’t worry, you’re not the only one feeling the pinch!
PIX11 has a list of money-saving tips to help you avoid overspending. Check them out below.
How much should you be making as a salaried worker in NYC?
Housing
Finding an affordable apartment can be considered quite the hurdle when moving to the city. The average rent in New York City is $3,747 a month, according to Apartments.com. Average rent prices fluctuate depending on the neighborhood and can reach as high as $5,504 a month in Midtown West.
A solution that many New Yorkers have embraced is living outside of Manhattan and commuting via the train or subway. The average rent in boroughs like Brooklyn and Queens is $2,664 a month and $2,326 a month, respectively.
Although some people may think that the cost of rent is too high, sharing an apartment with roommates is an effective way to reduce expenses. As per the data provided by SpareRoom, a shared apartment may cost less than $1,500 per person per month, depending on the location. For instance, in areas like Elmhurst, the cost can be as low as $933.
You will have to share public spaces like a living room or the kitchen and give up commodities like a private bathroom, but the money you could save may be well worth it.
List: Several New York City apartments under $1,000 available in housing lottery
Transportation
It’s a common advice given to many people who are planning to move to New York City- don’t bring your car. According to Zebra, an insurance rate aggregation company, the average cost of car insurance in NYC is $4,545, which is already a significant amount, not including the expenses for gas and parking.
New York City is home to the Metropolitan Transportation Authority, the nation’s largest transit system. Not only is the cost of traveling on subways and buses significantly cheaper than owning a car, but the MTA also offers several options to save commuters money:
Purchase an unlimited MetroCard – A 30-Day Unlimited card costs $132 and a 7-Day Unlimited card costs $34.
Commuters can use contactless payment with OMNY, which offers the benefits of a 7-Day MetroCard with no pre-paying. After you pay for 12 rides in a week, additional rides are free with fare capping.
Rides include a free transfer between the subway and local buses and between local buses.
For travel on the Long Island Rail Road or Metro-North Railroad within New York City, you can get a discounted fare with CityTicket if your trip both starts and ends within city limits.
What’s next for OMNY, the MTA’s tap-to-pay fare system
Food
With thousands of restaurants scattered throughout the five boroughs, New York City offers an abundance of dining options to explore. However, new residents must be mindful that eating out can quickly become expensive. It’s important to venture out and experience the local food scene, but be aware of your budget to avoid breaking the bank.
Fortunately, there are a few money-saving options to consider when it comes to food:
Too Good to Go is an app that helps restaurants cut down on food waste by offering people unsold food at an affordable price. For a mere $4 or $5, you could end up with a bag filled with a dozen bagels, a box with four slices of New York-style pizza, and more! The only caveat is you will never know what you’ll get in your surprise bag.
Cook at home
According to Numbeo.com data from March 2022, groceries in New York City usually cost about $486.71 a month, per person. That averages around $15-16 per day for food, which is equivalent to or less than the cost of a single restaurant meal, depending on the establishment.
Make your own coffee
While paying a few dollars for a cup of coffee may not seem like a big deal, the numbers add up. Purchasing a coffee every day of the month could cost anywhere between $90 and 250.
If you insist on having your daily caffeine intake, there are more affordable options that will save you money over time. For starters, consider purchasing coffee pods. A box of 96 coffee pods online costs around $41 and will last you several months.
For those who aren’t fans of coffee pods, head to a store like Trader Joe’s, where you can snag a 14 oz. bag of ground coffee for $4.99. One bag will make over 20 cups of coffee!
Tasty ideas to have the perfect picnic
Things to do
If you’re looking for things to do in New York City, you might find yourself overwhelmed with an extensive list of activities, many of which can be quite expensive. However, you may be surprised to know that there are actually several free activities and things to do in the city. Here are a few options you should consider exploring:
Take the Staten Island Ferry – This fare-free passenger ferry provides passengers with views of the Statue of Liberty, Ellis Island, and New York Harbor. The ferry runs regularly between St George on Staten Island and Whitehall Street in Manhattan.
Visit museums and cultural institutions for free with an NYC ID card – IDNYC cardholders are eligible for free one-year memberships or discounted tickets at several participating institutions.
Escape the metropolis and enjoy a walk/hike through a park – Did you know that there are over 300 miles of trails in New York City? Spring and summer are wonderful times to explore places like Fort Washington Park in Manhattan and Forest Park in Queens.
Attend a concert for free! New York City’s beloved free summer concert series is back for 2024, and it’ll feature 85 free performances in parks across all five boroughs from May to October.
Ben Mitchell is a digital content producer from Vermont who has covered both local and international news since 2021. He joined PIX11 in 2024. See more of his work here.
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