The Key to Not Going Broke In NYC

A friend of mine recently asked me , "How do you save money in NYC?" After I lived in the city for a year and some change, the answer became so clear to me.

Learn to say NO.

No to the friend who asks you to go to happy hour 5 times a week. No to the rental broker who charges 15%. No to the potential roommate that urges you to spend more than you can afford on housing. And hell no to the to guy with dreads on the subway passing out his mix tape.

It's really that simple, yet it took me 386 days of living here to figure out.

When I first moved to New York from Seattle, I told myself I was going to say yes to everything that came my way. Yes to random people I've never hung out with. Yes to invites to happy hour with co-workers I wouldn't primarily hang out with. And yes to living with a roommate I barely knew who I later discovered was batshit crazy.

I found an apartment in Nolita, a neighboring borough to Soho that was less than my assumed budget (or so I thought). By the time I cut the check for my first and last month's rent, deposit, and broker fee, I was struggling to furnish and do all the other household necessities I needed to do. Yet, somehow I still  found a way to go to dinners and attend events. Again, I told myself I didn't want to miss out on any type of experience. Why was I going out 4 times a week and staying out until 2 am when I had work the next morning at 9 am? I still don't know. I felt pressured to do everything in a short amount of time as if New York wasn't going to be there the next year, or the next day for that matter.

I received my wake-up call in the form of a letter addressed to myself and my roommate from my apartment management company. Management would be raising our total rent 10% after our lease ended. Prior to receiving this letter, I had already decided I'd be staying in my apartment (with a different roommate of course) since moving in NY was such a hassle. I calculated my estimated moving costs and compared that against my total yearly increase in rent. They didn't even compare. I tried to negotiate, as I do with everything in life, and the rental company would not budge.

I was pissed. Can I even afford the 10% increase? The answer was no, but I decided I was going to try and suck up the 10% increase and find a new roommate. I searched for 6 weeks. People verbally committed and then backed out during paperwork time I finally ended my yes streak. I was tired of letting New York back slap me into submission.

No, I will not pay the 10% increase and will be moving out on the 31st. It was decided.

The trick to figuring out your rental budget in New York is not only calculating the standard 30% of your monthly salary, but calculating the 30% and then deducting $200. You will thank me later. This will leave you liquid for any last minute BS that New York likes to throw your way. I found an apartment with brick finishing, a washer, dryer, & dishwasher (all things I didnt have before), adding only 10 additional minutes to my commute to work.

My entire mentality changed.

I began bringing my lunch to work.

"No, I brought my lunch, but I'll walk out with you to get fresh air."

I started bringing cash to birthday dinners and group dinners to avoid getting cornered into paying for Sally Sue's third drink (when we all only had two) and appetizer (when I didn't order one).

"No, sorry. I only have this much cash and don't want to complicate things using my card."

I had calculated a "social budget" per week and once I exceeded that amount, all invites were declined (unless they were free). I was strategic with what I committed to and my friends learned to ask me in advance to do something. One thing NYC has that most cities don't is promoter dinner/ nightclub events. As a female, I can easily get an invite to these events. If I ever wanted a 3 course meal, bottomless champagne, and VIP table service, all I had to do was bring $15 to tip the waiter at dinner. After an Instagram story or two, I'd have friends text me, "Wow, you said no to dinner with me but I see you're out anyway".

Sure am.

No to $40 dinner with you. Yes to a $15 full course meal and table service.

It is possible to be financially stable in NYC while still having a social life. You just have to be selective. New York isn't going anywhere and you have as much time as you let yourself to experience it all. It's all about rationalization.

What would YOU rather do more? 

-B