The New York City living wage is $14.52 per hour-per adult, which, by standards, is far higher than many places in the world. So, as exciting as it is the decision to move to NYC, the fact is you’re entering in one of the most expensive cities in the world. And unless financially adept, nothing about this place (not even Times Square) would be as dreamy as all those Rom-Com movies has had you believe.
The first few weeks, in particular, are quite difficult for the New Yorkers who have to adapt to a relatively newer lifestyle and micromanage their finances.
Have you just moved to NYC? Or are you planning to do it soon?
When planning your daily/monthly budget, there’s a lot more to consider than just your rent and food expense. Here are 6 things you should undertake to map a perfect budget that meet your needs without giving you any surprises (and aches)-
Rent plus food cost–
Of course, rent and food would take off a large chunk of your income. Average monthly cost of one bed apartment in New York is about $2700. As for food, it really depends on what you’re having and where you’re having the meal. An average lunchtime menu could cost anywhere between $15-$20, while your monthly grocery cost could range in $270-$320.
Your moving cost–
Many people often overlook the expense of actual moving— only to regret later; don’t be one of them. The cost really depends on from where you’re moving and the kind of movers you have hired. A local NYC based moving company would charge you fairly low and even offer packaging service at either very cheap or free of cost. So, do your research, look around for such movers and book them well in advance.
Commute in New York could be quite a hassle (and you’ll take time to get used to the complex subway map- An early alert). If your destination is near your apartment, it is advised that you walk. If not, metro is your next best option. A single ride would cost you $2.75, while a week and month unlimited metro card costs $31 and $116.50 respectively.
Again, this depends from person to person. If you’re someone very outgoing – someone who likes to hit the local pub and movie theatre every other night – you’ll, of course, spend more than others. To give an overview, a beer in your local pub can cost you around $8, while a movie for two could cost $31.
Basic utilities like electricity, internet, water, heating and more might cost low individually; but when combined, the figure can max your expectation. Also, the end cost can vary, depending on your service providers. So first thing, be careful and smart when settling for any service. Take these utilities cost you anywhere from $170 to $220.
Personal care cost–
Personal care cost includes your regular health checkups, medicines, apparels, shoes, accessories, outdoor activities, gym and so forth. Much like the utilities cost, this one can largely vary, depending on your own needs, preferences and budget sparing. A short visit to a private doctor can cost you about $160.
These are 6+ things you should consider when planning your daily/monthly budget in New York City. Of course, there might a whole lot of other things that could need you spend higher. But good thing is there exist just as much of opportunities to cut overall cost and manage to save decently—if only you act a bit smartly.
Have a happy move to NYC!