How to Save Money Living in NYC
New York City is undeniably one of the most exciting places to live, but if you’re looking to save money living in NYC, it can feel like a challenge. After 4 years of calling this city home, I’ve picked up plenty of tips and tricks to help you enjoy all the best parts of NYC without draining your wallet. From affordable date ideas to free activities, here’s my ultimate list to help you save money while still making the most of life in this incredible city.
NYC Rent
Be flexible with your neighborhood: When it comes to NYC rent, being flexible with your neighborhood can make a huge difference. In this city, the size of your apartment doesn’t always correlate to the rent price—what really drives cost is the neighborhood. If you have the option to live in different areas, focus on finding one that’s safe and well-connected by public transportation. Areas outside the core Manhattan hubs can offer more space for less money, and still give you easy access to all the city has to offer. It’s all about finding the right balance between price, convenience, and comfort.
For those looking to save even more while maintaining easy access to New York City, many people choose to live in New Jersey. Areas along the PATH train line offer a similar commute time to Manhattan but come with several benefits:
Lower rent and living expenses: Rent in New Jersey, especially in cities like Jersey City and Hoboken, is generally more affordable than in NYC. You’ll also find that groceries, utilities, and everyday expenses can be cheaper.
Tax savings: New Jersey has different tax regulations, which can lead to savings, especially on income taxes.
Convenient commute: The PATH train offers a direct and reliable connection to downtown and midtown Manhattan. Many people find the commute to be as quick and convenient as living in outer NYC boroughs.
Consider roommates: NYC apartments are small and pricey. Having roommates can significantly reduce your rent. Use platforms like SpareRoom, Facebook Marketplace, and housing groups to find roommates. Communication is key to avoiding conflicts—be upfront about your expectations from the start.
Enter the NYC Housing Connect lottery: Depending on your income, you can apply for affordable, rent-stabilized apartments through the lottery system. Keep in mind that this can take a few months to a year for your application to be processed, so this might not be your first option when coming to NYC.
Look for rent-stabilized or rent- controlled apartments: If you plan to stay in NYC for more than a year, a rent-stabilized apartment will keep your rent from increasing dramatically. Rent-stabilized apartments are legally protected, meaning your landlord can only raise the rent by a small percentage determined annually by the Rent Guidelines Board. This prevents steep rent increases and helps you save in the long run.
Creative housing options: Sometimes, knocking on doors can land you a great deal! I’ve heard of someone renting a room for $300 in Brooklyn this way. There are also opportunities where you can trade services like childcare for free housing, similar to the au pair program.
Avoid broker fees: Post-COVID, many landlords cover the broker fee. In my three years here, I’ve never had to pay one.
Groceries & Dining
Groceries: Food can get expensive, especially if you eat out often. Save by cooking at home and shopping at affordable grocery stores. Chinatown and Trader Joe’s are often more budget-friendly. Whole Foods does offer Amazon Prime members a 10% discount.
Too Good to Go: If you're looking to reduce food waste and save money, the Too Good to Go app is a game-changer. You can grab discounted food from restaurants, coffee shops, bakeries, and grocery stores at the end of the day, helping you get great deals while keeping food out of the trash.
Dining out: Dining in NYC doesn’t have to break the bank. NYC Restaurant Week offers great deals on meals at top restaurants. If you live nearby Chinatown, you can benefit from lots of mom-and-pop food options, which can be as low as $3.5 for a meal.
Coffee: Learn to make your coffee at home or take advantage of your workplace coffee machine. If you want to spend money on coffee, take advantage of these unlimited coffee membership:
Panera ($10): unlimited coffee, and tea.
Pret’s ($24.99/month):Sign up to enjoy your favorite drinks all day long (that’s up to 5 organic coffees, teas, lattes, hot chocolates and more every day) starting at $24.99.any coffee made by barista (up to 5x/day)
Entertainment
Museums and cultural experiences: One of the best ways to save money living in NYC is by tapping into your NYC ID, which grants you free access to a bunch of museums and events. Sign up for a New York Public Library (NYPL) card, which also gives you access to Culture Pass, granting free entry to museums, concerts, and gardens.
Seasonal events: New York City offers many free pop-up events and activities, especially during spring and summer. Stay in the loop by following local event listings.
Cinema: Regal Theaters and AMC both have discounted movie tickets every Tuesday.
Entertainment/Fan experience: 1iota gives you free fan experience (screening premiers, Latenight shows viewing, etc).
Fitness: Try ClassPass for a free month (63 credits with a referral), or take advantage of free trial offers at yoga and fitness studios. Many places like CorePower Yoga and SoulCycle offer the first class for free. A lot of studios offer karma complimerary membership (you offer your work in exchange of membership - Sui Yoga, Modo Yoga, Sass Class).
Broadway and shows: Instead of paying full price, get rush tickets for Broadway shows. If you’re under 30 or a student, take advantage of memberships like TDF ($35) or Manhattan Theatre Club (free for students).
Transportation
Subway over Uber: The subway is your best friend for getting around NYC on a budget. It’s fast, affordable, and covers almost every part of the city.
CitiBike membership: If you prefer biking, consider getting a CitiBike membership, especially if you live near bike-friendly routes. Many companies offer CitiBike as part of corporate benefits.
NYC Fair Fare: if you are considered low income, you can apply for NYC fair fare that gives you 50% discount on your transporation fare.
Free Coworking Spaces
If you work from home or in a hybrid setting and need a break from your apartment, there are plenty of free places with good Wi-Fi to work from. Here are a few:
1 Hotel Central Park (2nd floor)
Stavros Niarchos Foundation Library
citizenM New York Times Square Hotel (or Bowery Hotel) for a $10/month membership
Tin Building by Jean-Georges
Walker Hotel Tribeca
New York Public Library - Stephen A. Schwarzman Building
Hudson Eats
Pier 57
Canal Street Market
Arlo SoHo
For a comprehensive list of coworking places or WFH coffe shops, check out this map.
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Shopping:
Sample Sale: If you are into fashion and designer stuff, look into sample sales that give you discounted price anywhere from 50-85%. This include designer brands (Gucci, Prada, Versace).
Outlet Mall: Bloomingdale Outlet on the 72nd street.
Facebook Buy Nothing Group: There is a Buy Nothing group on every neighborhood. You can get your next furniture or clothes from your nearby neighbor.
Facebook Marketplace (Move out Sales): There are people moving in and moving out in NYC every month, esp at the middle of the month and the end/beginning of the month. During this time, you will often find lots of move out sales in Facebook marketplace. Be cautious of the scams, though. Always check their profile to see if there is any activity. Make the transaction in person.
Side Hustle Jobs:
New York City has a place for everyone. You can get some extra cash by taking side hustle jobs:
Photographers: taking pictures for tourist, graduation, engagement pictures.
Model: New York is famous for NYFW.
Content Creator
Dog Walking: I know lots of people do dog walking and they can get up to 6 figures doing this.
In person survey/respondent: $100-150 for 3 hours.
Personal Shopper
How do people afford to live in NYC?
Before making the move, you should have at least five months of savings set aside. This will cover one month of rent, a security deposit, and additional costs like moving expenses. Depending on the situation, you might also need to pay the first and last month’s rent upfront.
If you are one of the people like me who search for “How to save money living in NYC Reddit”, I hope that this guide provides some additional insight and tips. Living in New York City on a budget may seem daunting, but with a bit of creativity and flexibility, it’s definitely doable. Prioritize what matters most to you and make smart choices to experience the best of NYC without breaking the bank.
