Living in an expensive city can be mentally and financially draining, with everything from housing to food emptying your wallet faster than it would in other areas. While it’s no secret that staying in a pricy area comes with challenges, it can be worth it with the opportunities and culture available at any time. If you don’t want to give up your dream of living where you want, then use the tips for living in an expensive city below to stay on budget.
1. Take Advantage of Specials
Happy hour, early bird, late-night, and daily specials are all worth taking advantage of in a city that would otherwise be too expensive to dine-out in. Most bars and restaurants have discounts each day on both food and drinks. Make a list of the spots you want to go to and look on their websites for their daily specials. By timing your meals or drinks, you’ll save a considerable amount of money.
2. Take Advantage of Public Transit
Owning a car can leave you with sky-high expenses in an urban city, from the increased cost of car insurance to the higher price of gas. Since public transportation in these cities is normally abundant, it’s highly recommended to take advantage of it. By ditching car ownership, you can save hundreds every month while still being able to get to where you need to go. You won’t have to worry about parking, insurance, gas, payments, repairs, or any of the other expenses that come with owning a vehicle.
3. Share Your Living Space
Living alone can put financial stress on your shoulders when you’re solely responsible for rent, utilities, insurance, and all other necessary living costs. This is why some people turn to ideas like coliving spaces in major cities that are just too expensive to live in alone. Although this will limit your personal space, it will greatly reduce your monthly expenses by sharing it with one, two, or three other people.
4. Find Free Activities
Classes and clubs for activities can add up over time, especially if you’re involved in multiple interests at once. To save money, look for free classes or clubs in your immediate area. You can also check with nearby parks during the summer to find free yoga classes, movie nights, picnics, concerts, and other activities. Most big cities host these for no cost so you can enjoy an evening without spending a lot.
5. Create a Budget
It can be incredibly easy to spend more than you should when you don’t have a budget set in place. To avoid overspending on a daily coffee or weekly dinners, create a budget using online software or the help of an accountant. Once you know where your money is going, you’ll be able to eliminate unnecessary spending and save more throughout the year. When you make your budget, take into account groceries, rent, utilities, activities, dining out, insurance, clothing, and any other expenses you can expect through the month.
What Will You Save On?
Living in an expensive city can be tough if you’re not careful with your budget. By utilizing the tips above, you can save money while still having an active social life. In fact, you may be able to do more when you realize how easy it can be to save money on things that you enjoy doing.