12 Money-saving Tips For The Broke New Yorker

If you’re like most New Yorkers you understand that there are universal but costly necessities that just cannot be avoided in our daily lives.

– That weekly Metro card you buy for $32 from the MTA even though the trains are constantly late and you make X per hour

– Breakfast/ Lunch which can range from $5-15 depending on where your job is located

– Groceries because we can’t eat Chinese every day of the week ( I mean..you can but that’s gross)

– An umbrella for $5 because our weather is just THAT unpredictable

– Rent for your shoebox-sized apartment because our real estate is that crazy right now

We all live different lives, and work in different fields but struggling with saving is something we all have in common and who could blame us?. The costs above keep skyrocketing and our paychecks haven’t changed much at all. Many of us are 1 disaster away from financial ruin with some many things that could push us to that edge. Health care costs, unexpected sickness, raised rent, loss of a job, the list goes on and on. Frankly, we, especially as millennial’s, live in uncertainty 24/7. We get up each day wishing it was our last while wishing for the privilege to just be stable and financially comfortable. I am not going to tell you that the tips here will save your life, or make you rich but as a New York Millennial, I’m going to share what has been working for me and my family.

1. Save Little – Save Often – Save Big

When we go online and look at most savings guides we read about people saving $500 a month with different tips and tricks to make it happen sticky notes, charts, fancy formulas. Living in New York that kind of method isn’t always feasible and for some its damn near impossible to save away that much a month. That’s why I push the notion of saving little, saving often, and saving big. If you’re just beginning to get into the habit of saving spare change in a jar it’s a sure fire way to save often because you’re only putting in small amounts of money into the jar at a time but by doing it constantly that amount grows rapidly. Not only that but watching the change grow in the jar can be a big motivator to remind you to empty your pockets when you get home.

Think about that bacon egg and cheese you bought from around the corner for $4.25 the other day. You probably gave the cashier $5 and got back $0.75. Ask yourself what can you really buy in NYC with that $0.75 alone? you can’t buy food, and you can’t even do your laundry for that amount. The most instant gratification you can get from that $0.75 is hearing the clink of it hitting the bottom of your savings jar.

Here’s what you’ll need to get started

1. a Jar/ or kiddie bank or any type of container you prefer

2. Discipline

3. The change that’s probably scattered about your bedroom, your purse, and your jacket pockets from last winter every little bit helps!

 

I ensure my husband does the same since he usually has more coins in his pocket!

2. The Funky Dollar

This method is something my husband and I came up with and its exactly what it sounds like but not really. Sometimes we leave dollars in our wallets for weeks at a time during this time that dollar just gets funky. It gets bent, it gets folded, it gets worn out and weird looking. Instead of trying to spend it to save ourselves from its ugliness we put it in a kiddie safe that we got from 5 below, you can also get it here from Amazon. This method takes lot of discipline obviously because you might have to convince yourself why you can live without that dollar. We do this often where any dollars left in our wallets at the end of the week goes into this safe or one of our many little jars.This method works for us because it’s usually $1-$3 that we find when we decide to clean out our wallets.

3. Payday Pampering 

This isn’t the type of pampering you’re thinking of but it can be if you start to think differently. This is another method my husband and I use. Sometimes after paying bills we have a little bit of money left over from our paychecks. In this case, we do what we can to hold onto to these funds until the next payday. When that fateful day comes around whatever was in our checking accounts before gets moved into our savings. It can be as little as $5 but we still save it because something is always better than nothing at all. This requires discipline of course because many of us (myself included)  love the idea of those extra funds being available. Train yourself to think of it as money you weren’t supposed to have and save it instead. You’ll feel a lot better when you open your banking app and see a balance under the last 4 digits of that savings account.

4. Affordable Luxury

I don’t want this article to be that “Eat ramen noodles and dollar pizza or else it’s your fault you’re poor” because it’s not true and you shouldn’t have to live like that. I like the idea of affordable luxury because I really believe that even the poor/working poor should be able to have things that make them happy. Like for example clothing makes me happy so I shop at places like rainbow. Focus on the things you want and try to find an affordable alternative to it because it’s out there if you look. That way when you make that purchase of your favorite item you don’t feel bad for buying it. Treat yourself to affordable luxuries when you can and don’t forget to save that spear change!

5. Recycle

This is something that not a lot of people consider doing because it’s time consuming but if you drink beers or any type of bottled beverage take a look at the label. Very often just by taking it to your local grocery store you can get $0.05 for each bottle deposited. I know this is a daunting task and it’s not for everyone but its a good way to make money off of your trash especially in NYC where there is garbage literally everywhere. I save up all my bottles during the week and then I get up early on Saturday to deposit the bottles and put my change in my jar. It’s a lot of work but I feel very accomplished and proud of myself afterward.

6. Utilize your cash back 

My husband and I both have capital one Quicksilver credit cards which give us 1.5% cash back on all of our purchases. Instead of using it for our bills or shopping we cash it out and add it to our savings accounts.

7. Get a high yield savings account

This is the most important thing you can have because a good savings account can help you grow your money!. We use capital one 360 which gives us 1.75% Interest on our balances, no fee checking and savings, and convenient locations. There are many banks out there so be sure to shop around and figure out which one is the best for you.

8. Shop Affordable Grocery Stores

If you live in the outer boroughs you can find really affordable places to get food like ethnic food stores or Aldi who is famous for having the best prices on food. I can easily spend $100 and see exactly where my money went, not only that but they have luxury food too. You can get steak at a pretty decent price than what you would at a regular grocery. That “at home date night isn’t at all out of reach” and it can be affordable!

9. Have date nights at home

While we’re on this subject this is a pretty decent way to save money while still being romantic. In NYC there is no shortage of affordable liquor stores and there’s no shortage of affordable eats. We’ve also cut cable and have access to many streaming services where you can find a good flick. So go ahead and get comfortable in the comfort of your shoebox apartment. If you’re extra like me you can still put on a full face of makeup and get dressed up.

10. Take advantage of promotions

Our favorite is the $5 Tuesdays at AMC theaters or for the morning matinee’s on the weekends. $15 is way too much for a movie ticket in our book so we wait for those days to go and see the movie. It makes for a nice after work date night / great start to the morning. This of course sometimes means we can’t get in on the hype as fast as everyone else but for the sake of saving coins we’re alright with that. In addition to entertainment promotions look for restaurant promotions! Groupon is a great resource for finding ways to eat high end while on a budget.

11. Raid the dollar store

No seriously dollar tree is a godsend. You can easily get ramen, fruit cups, bags of chips, and other things to make homemade lunches with savings you a ton of $$$ during the work week.

12. Get a side gig

My husband and I both work our regular weekday jobs and on the weekends we take side gigs to increase our coin stack!

 

These are the savings methods we use in our household so I can attest to how well these methods have worked for us! find the perfect balance by looking at your income and taking a look at where your money goes. Figure out where you can cut corners to save big.