Minimum wage, by definition, is a high enough pay needed to maintain a normal standard of living. Given NYC is the most expensive place in the world, its living wage is naturally higher comparatively; it is $14.52 per hour-per adult, to be precise. And perhaps this is the biggest obstruction for self-employed people looking to move to this vibrant city but can’t because of financial constraints; because their business doesn’t yield as much as required to maintain a ‘normal standard of living’ in New York.
So what does that mean? Do these people just give up on their dreams to move to NYC? Do they just wait till they earn sufficient?
While high pay would definitely help one live luxuriously in New York, it isn’t necessary by any means. There are few smart ways around with which these soloprenuers can enjoy a decent lifestyle in this expensive city even when their business doesn’t yield the required living wage NYC–
- Let local moving company help you– New York has few renowned moving companies that not only offer efficient long and short-distance services but also charge relatively low. So instead of settling for your hometown movers, look for these NYC based local moving companies. You’ll be surprised by just how much you’ll be able to save here.
- Walk or take public transport– The traffic in NYC is congested; so you can do without a car. Also, taxis charge high. So you’re left with public transport. Subway is your best option. Although getting used to the complicated subway map can take time, it’s much cheaper and can easily save hours of your day.
- Avoid eating outside– If you’re an outgoing kind of person who likes hitting cafes, pubs and hotels every other day, you might want to change that habit. Eating out in New York is costly; add to that the cost of tips you’re supposed to leave every time. Cook and eat at home!
- Shop at your local market– New York is crowded with retail service providers, right from groceries to clothes. While all of them might claim to charge you “cheap”, you often end up spending more than normal. So, at least for the groceries and other utilities, avoid shopping online. Hit your local market and buy from there.
- Cut unnecessary cost– Many unnecessary costs might be taking a chunk of your budget without even you noticing. So look out for such costs and cut them off. You don’t need a landline; your cell is enough. You don’t need to go to the movies and pubs every day. You don’t need to sign up to any laundry service.
- Make use of everything “free”– Admittedly, New York is the most expensive. However, the city does offer a lot of things for Free, if only you keep your eyes open. Instead of paying for internet, make use of public WiFi. Don’t go to the gym; instead make use of free parks to run and exercise. Also, you can get plenty of things at very cheap if you know where to look at; like shopping at flea market.
- Save– Whether at New York or Detroit, saving should be a big part of your finance strategy to welcome any uncertainty with preparation. Sure cutting back in your expenditure in a costly city is a difficult task. But following smart ways, you can manage to save a decent amount every month.
These are 7 simple ways that can help the soloprenuers (and anyone) afford a living in NYC even when they are making less than city’s marked living wage. So if you’re planning to move to New York City soon, don’t let your low business return disappoint you. You can live decently in this costly place without compromising on your needs and preferences.