Guest Post: How I Live in NYC on $50,000
Hi, GMBMFB readers! I’m MoneyMaus and I’m guest posting for Krystal today while she’s at the Financial Blogger Conference.
Six months ago, I made the huge cross-country move from San Diego to New York. What a change – but one that has been completely worth it!
As background, I’m 25, single, I have zero debt, a $20K emergency fund plus additional savings and a huge support system of family and friends that encouraged me to live where I’ve always dreamed of being. All of these factors are crucial to being able to afford New York!
I went from making a $35K salary in a fairly expensive city to $50K in a really expensive city. This is actually feasible after having learned to live on less for the past three years. While I pay more in rent here, I’m also earning more and I dropped some expenses like gas due to selling my car.
NYC is truly a whole other world. Everything is more expensive, except flowers ($10 for 2 dozen roses!) and nail salons (basic mani/pedi for $20 total!). Groceries, toiletries from the local CVS, food (it’s very much a take-out/dine-out culture) and of course, rent were the largest sticker-shocks for me even when I had mentally prepared myself for those increases due to ultimate city life!
Here are some ways I make do on my salary here:
- Pay Myself First – I’ve been doing this ever since I landed my first job back in 2008. My savings are all automatic and coincide within a day or two of each paycheck. I’ve actually increased these since getting my new salary!
- Make Priorities – My current priorities after the basics of rent/food/bills are just having FUN. I go out with my friends frequently, but I try to go shopping less.
- Do Free Things – There are LOTS of free things to do in the city! I’ve taken advantage of quite a few. From wine tastings, concerts in the park and comedy shows to kayaking, street fairs and just exploring the different neighborhoods/boroughs, there’s always something that doesn’t cost money. There are also incredibly cheap options like happy hours ($1 beer nights at various bars) and food options (5 dumplings for $1 at Prosperity Dumpling).
I won’t lie, living in New York has been quite the lifestyle adjustment. I’m constantly going out with friends, for happy hours, dinners, bars/clubs and even the occasional trip. However, I also know that this expensive lifestyle inflation isn’t sustainable for the long term. I don’t actually plan on living in NYC forever, but you never know! (I figure I’ll reassess where I am in my life and career in five years when I’m 30.) After all, I’m still trying to save my cheese. :)
MoneyMaus is a 25-year old NYC resident (by way of Seattle & San Diego). She loves travel, budget, the gym, shoes, food, reading, knitting, and laughter. She also holds the remarkable distinction of living in NYC without any debt. You can follow her on Twitter @moneymaus.
17 Responses to “Guest Post: How I Live in NYC on $50,000”
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This is a great post.. NYC is my dream!
Katy´s latest post —> *Daily Update #355: If It Wasn’t For…
NYC would be my dream if it weren’t so freaking expensive! hahaha I was looking at real estate and rental prices when I was there this summer, and it makes Vancouver look super affordable!
Katy – you can definitely make NYC your reality! :)
Krystal – haha yeah, rent is expensive but owning a place is abhorrent & not even close to feasible lol. hence why I won’t live there long-term!
MoneyMaus´s latest post —> Another Weekend Getaway (+ About a Boy)
NYC would be my dream too, but it’s almost impossible if you’re from the UK :(
Thanks for the insight Money Maus :)
You’re welcome! And you could always give it a shot…who knows what might happen :)
That is a seriously impressive emergency fund. Assuming graduation from college at age 22 (i.e. 18-22 in college), that’s thousands per year.
Thank you! It was mostly due to bonuses at work and living well beneath my means each other. I’m even shocked at how much I was able to save!
I would love to move to NYC! Great post.
Michelle´s latest post —> Bank of America’s $5 debit card fee
Is that all you’ve got? Seems a very skimpy article =(
I live in NYC and expect to pay half your salary to rent and that’s for a small place with a roommate. It’s crazy expensive but its a great city.
I live in NYC(Brooklyn)in a very pricey section but I was able to score a one bedroom apt for under market due to the landlady wanting someone that would take care of her place. I make more than you and also have no debt but I don’t think NYC is as expensive as most believe. Yes, if you’re coming from the midwest or south. I moved here from DC and to tell you the truth I make more here and my rent is only $100 MORE than what I was paying in DC. I eat cheaper(there are a plethora of cheap places to eat,street meat,food trucks and some very inexpensive restaurants) also there is an unlimited metro card. In DC you paid by trip. I was spending close to $250/month on metro alone not to mention gas for my car. I have a car here and I don’t pay for a spot(just DEC-Feb this is 1st yr doing it)but I rarely fill up.
I will agree that CVS and groceries are higher which really sucks but I find clothes to be cheaper.
I spend a lot of time going to happy hour,lounges and restaurants(I love to eat out). You can make it here. It’s a tough city but it’s doable if your mindset is right. Good Post.
ShellyShell´s latest post —> On Vacation in Dubai
I kind of agree with you. Granted, I’ve never lived in NYC, but when I visited this past summer and compared housing prices between the city and Vancouver, the prices are almost on par. I can’t speak for anything else though. :)
There area really lots of ways to save money in the city. My number one source is City Maps. It saves me time and money, I have also started using coupons and it does take a little more time but it’s worth it!
MoneyMaus didn’t mention that she has at least two roommates! :)
That’s definitely true! But I feel like having roommates is an essential part of living in NYC. It must be killer on the budget to try and rent a place on your own.
[...] about saving money. You know who helped me make that decision? You. From the minute I read that Money Maus had been saving since the day she started working full-time, I knew I was missing out on [...]
That’s awesome that you were able to figure out how to accomplish your dream!
Newlyweds on a Budget´s latest post —> Why do I feel guilty when I spend money on myself?