How to know how much money you need to live in NYC in 2020?
Living in New York is a dream that’s hardly ever going to come true for most people. However
some are lucky enough to actually get there. Although it’s an opportunity of a lifetime, it doesn’t mean that it comes with no hardships and challenges. Having an NYC lifestyle comes with many perks. You just need to know how to get around some of its drawbacks so you can fully enjoy the advantages. You have probably heard people ask: how much money do you need to live in NYC in 2020? Well, here’s a bit about that and how to make the most of what you have.
Talking about strict numbers when trying to figure out how much money you need to live in NYC isn’t that great of an idea. That’s not to say that the statistics don’t play a role in figuring out an approximate sum. Experts state that the cost of living for a single person in New York, New York comes to about 1,316.87$ without rent. However, today, there are so many different lifestyles that you should perceive this number as a mere suggestion.
Set your priorities
Knowing where your priorities lie is the only way to figure out how much money you need for life in NYC. Once you’ve made the list of you must-haves and items or activities that you can go without, you can actually make a pretty precise estimate of your future costs.
A great strategy that’s proven very effective for deciding how big a budget you need to live in NYC is merely residing there for a month. It may not be the most budget-friendly method, but it is quite reliable. This doesn’t mean that you need to splurge for a month. It only means that you should live the way you would anyway and see where that takes you. You can later use this as a starting point for future improvements and references.
Factors to take into consideration if you want to live in NYC
You need to think about some variables when figuring out how much money you actually need to live in NYC. Here are some of them:
Of course, the question “how much money do you need to live in NYC in 2020?” can only be answered once you figure out the exact location of your whereabouts. It’s only sensical. You won’t be spending the same amount in Brooklyn as you would in Manhattan.
Something else that’s of great informative value when it comes to the amount of money necessary for life in the Big Apple is your lifestyle. You can, of course, modify it. And the modifications will encompass everything from your food habits to the way you like to have fun.
- Living situation
You surely won’t have the same experience if you live alone or have a partner or a family. This can significantly affect your final figure.
Strategies to lower the amount of money that you need to live in NYC in 2020
To reduce your monthly spendings in NYC, you need to be open to some suggestions.
The way you acquire your meals will affect the final sum of your expenses. Although eating in restaurants can be fun for special occasions or every now and then, it shouldn’t be your everyday thing. Being a beginner in cooking is no excuse for wasting a good part of your income on dining out. There are excellent beginner cooking tips out there that’ll help you get by.
Another area of your life where you need to strategize to reduce the cost of residing in NYC is transportation. Taking a cab or an uber can really add up. And very quickly so at that. Although driving isn’t very achievable in NYC for the most part, there are other ways of getting by. Luckily, New York has a very well-organized subway system that’s also very available and affordable.
Finding a home, with all the expenses that go alongside it, isn’t that difficult in NYC. However, lowering the sum of money you’ll need to live in NYC in 2020 isn’t that much of a breeze.
Undoubtedly, your housing choices affect your budget, so that is the most significant decision you need to make. Two very different approaches drastically affect the amount of money you need to live in NYC in 2020. Both have their advantages and disadvantages. The decision is yours to make, just make sure that it’s a well-informed one.
Renting out a home is the number one way people choose to solve their living situation in NYC.
Making sure you have enough money for a downpayment is worrisome enough on its own. There’s a lot that goes into buying your own place, especially in NYC. However, if it’s something you deem worth the effort, make sure to give it good thought.
A factor that not many people take into consideration when looking at how much money you need to live in NYC is the way they spend their leisure time. Make sure that you look into plenty of different options. This is purely because New York has a bunch of affordable free activities to offer.
Hire reliable people
Hiring companies can also affect your spendings in NYC. Make sure that you make wise choices.
Look for experienced real estate agents
Although everybody needs a real estate agent, this doesn’t mean that you have to make a considerable budget sacrifice to hire them. Experience and reliability will get you far. Finding a company that offers you free estimates is usually the most budget-friendly choice in the end.
Find good movers
Investing in a trustworthy moving company could be a great way to save some money.
So, how much money do you need to live in NYC in 2020? Well, a lot. However, it doesn’t mean it’s unmanageable and that the costs can’t be reduced by careful planning and maybe learning how to be thrifty. You only need a few pieces of advice, and you’re good to go.
Author’s bio: Marry Jenkins is a former Capital City Movers NYC worker. Today, she works as a copywriter, educating people on different ways to get the most out of their lives by using her previously gathered experience