Living in New York City is a dream for many people. They are living in one of the best cities in the world with lots of opportunities for everybody. However, there are always some potential problems. The first of those problems is a financial one. Living in NYC is not a cheap experience and you already know this. Especially when you are renting. That is why using some budgeting tips for renters in NYC is a good thing because it will help you in the long run. It is a good thing to know even before your local movers Manhattan finish the relocation. Be as prepared as possible for the life in Big Apple.
Budgeting tips for renters in NYC – make a financial plan
Naturally, the first thing that you want and need to do is to make a financial plan. Nothing else matters if you do not do this. If you do not do this, it will be very hard for you to keep track of all the things you are spending your money on. That is why you should make a list of all the expenses you are having in a month. Once you do this, it will be easier for you to keep track of all the expenses and make the necessary changes if needed.
Unwanted expenses are always there
Even though we would like to organize everything in our lives and in the budget, it is not always possible. There will always be some things that are just out of our hands. It is also a thing that you need to include in your budget. Of course, you can’t always know everything. You can’t know the specific number. Depending on the life you lead and the things you do, the goal for you is to make the closest possible number.
Renting in New York City is expensive
As we have mentioned, renting in New York City will not be cheap. This is even more expensive if you are willing to live in Manhattan. The average renting costs are like this:
- Studio – $3,300
- One-bedroom – $4,000
- Two bedrooms – $5,300
- Three bedrooms- $6,400
- Four bedrooms – $7,000
Naturally, the prices can be different depending on the place in NYC you want to live in. For example, Clinton, Manhattan is one of the best places for you if you want to live in Manhattan specifically. The rent is similar to the rest of NYC. That is why this is a great place to live in and Clinton movers advise you to start your new life here. You will be in the center of all happenings so you can live your life as you like!
Follow the rules for saving
The good thing is that budgeting tips for renters in NYC do not have to be that complicated. Yes, it will not be cheap to live here but there are many ways how to ensure that everything is okay. One of the best tips that you can use is to implement the 50/30/20 rule. A 50 rule means that you should dedicate 50% of your income to the things that you have to pay for. Those are rent, food, groceries, utilities, etc. This is something that you have to pay for.
30% of your income should go to your personal wishes. Those can be anything from buying new clothes, going to the theater or movies, going to restaurants with friends, etc. The rest of your income, the last 20%, should go to a savings account. Or, you can just take this percentage and forget about it. Using this system will help you rationalize your spending and it will be much easier for you to function in New York City. If you are not careful, you may end up in big trouble, which is why we are making this guide for renters in NYC on a budget.
Get a roommate for your apartment in New York City
Another great budgeting tip for people who rent in NYC from Heart Moving Manhattan is to get a roommate. The percentage of people living with roommates in NYC is big. It is at about 40%. That means that many other people need to find a way how to live in New York City on a budget, especially if living in more expensive boroughs, like Manhattan. As we have mentioned before, not all Manhattan neighborhoods are as expensive as you would expect. However, some are more expensive like Upper East Side.
That is why our Upper East Side moving company suggests you get a roommate and make sure that you cut almost all costs in half. It is vital to see what you have to do in order to survive. The good thing is that there are many people looking for a roommate in NYC. This means that you have more room and time to find the people that will be according to your wishes and your needs.
Winter moving to NYC can be beneficial for renters in NYC
This is a good thing if you are moving to NYC at the same time when making the plan for budgeting. What we mean is that the prices are usually lower both when it comes to renting (also in Manhattan) and when it comes to moving companies. The reason is the same, there are fewer people that need these things so you can work your way around to reduce the price. Even the best West Village movers that are relocating to NYC will say the same. Supply and demand, it’s simple!
Our goal here was to give you the best budgeting tips for renters in NYC that you can use. It is vital to know them because they can make living here much easier. Of course, there are even more of them but we wanted to give you some of the best ones. All of these tips will help you survive here without having to worry that much. Have in mind that they may sound easy but they are not in the long run. You will have to form a habit and only then you can relax knowing that everything will be okay.