10 Ways to Save Money in a Big City like NYC or San Francisco

After Covid-19, many people migrated in and out of the bigger cities for various reasons. One of the biggest reasons for the migration out of the cities was due to the financial strain of big cities, including high living costs, rent prices, and overall expenses. The pandemic highlighted the importance of more space, lower costs of living, and a desire for a different lifestyle, leading to a significant shift in population dynamics. As a result, there has been a recent migration of many residents to different big cities such as New York City, Seattle, Austin, and San Francisco, seeking new opportunities, a change of scenery, and a better work-life balance. This trend has reshaped the demographic landscape of these cities and impacted housing markets, job markets, and local economies.

The challenges associated with relocating to major metropolitan areas are diverse and impactful. One of the most prominent hurdles is undoubtedly the exorbitant cost of living. The heightened expenses for housing, utilities, transportation, and everyday essentials can put a significant strain on individuals and families alike. This financial burden often leads to a decrease in discretionary income, making it challenging to maintain a comfortable standard of living.

Furthermore, the dearth of opportunities to save money compounds the issue. With a dwindling ability to set funds aside for the future, individuals may find themselves ill-prepared for unforeseen expenses or unable to make progress towards their long-term financial goals. This lack of savings can also contribute to heightened stress and anxiety, as the assurance of a financial safety net is not readily attainable.

In essence, high living costs and difficulty saving money make it hard for people to move to cities. It’s important to carefully think about the money impact of this choice and find ways to lessen these challenges. Here are some ways to live comfortably and save money in big cities like NYC and San Francisco.

1. Budget Friendly Apartment or Home

Unfortunately, the high cost of rent/mortgage in big cities poses a significant challenge. Last year, my family spent over $40,000 on a 1-bedroom apartment in SoMa, San Francisco. We learned the importance of finding places that meet our expectations within budget, suggesting that it might have been beneficial to seek more affordable options in other districts nearby. Remember to shop around when you are looking for a new home in the city.

2. Don’t have a Car; Use Transit

Seriously, the hassle and expense of owning a car wasn’t worth it in the city. Traffic was terrible, and parking cost around $400. Public transit, particularly the Caltrains, was preferred. Taking the Caltrain to the nearest station and walking the rest of the way was the preferred mode of transportation. Relying on public transit not only provided convenience but also saved significant costs compared to owning and using a car in the city. The ability to walk everywhere after reaching the station added to the overall appeal and practicality of using public transportation.

3. Have a Weekly Food Budget

Living in a city necessitates a weekly food budget, which offers a clear overview of available resources and enables the preparation of cost-effective meals. Shopping at bulk bin stores is advantageous due to the ability to purchase various items at affordable prices. This approach not only facilitates meal planning but also ensures that the budget is utilized efficiently. By being aware of the available budget, individuals can create dishes that are not only accommodating to their preferences but also to their financial resources. The practice of budgeting for weekly food expenses is indeed beneficial as it provides the flexibility to make informed decisions about food choices and promotes financial prudence.

4. Limit Take-out/Eating out

Limiting the frequency of ordering take-out and dining out at restaurants can significantly improve your financial situation. It’s understandable that as a food enthusiast, this may be a tough truth to embrace. However, finding a balance by reducing these expenses to perhaps once a week can make a meaningful difference without completely depriving yourself of enjoying good food.

5. Shop at Budget Friendly Stores

Everything in big cities seems like it’s more expensive than other places. However, if you plan your shopping well and keep an eye out for deals, you can find great bargains at budget-friendly stores like Ross for clothing and other supplies. With a little extra effort and some savvy shopping, it’s possible to navigate the higher cost of city living and still find affordable options for your everyday needs.

6. Subscription Reduction

With the rise of streaming services on different platforms, it might be a good idea to reduce the number of subscriptions. Consider what you use throughout the week and cut back on the ones you use less frequently. For example, do you really need all subscriptions like Netflix, Hulu, Prime, Paramount, and YouTube Premium?

7. Don’t follow the ‘Keeping up with the Jones’ Rule

Following the ‘Keeping up with the Joneses’ rule can lead to unnecessary stress and financial strain. It’s important to avoid the trap of trying to match the material possessions or lifestyle of others, as this can lead to a constant feeling of inadequacy and a never-ending cycle of comparison. Instead, focus on what truly brings you joy and fulfillment, and make decisions based on your own values and priorities. Embracing individuality and finding contentment in your own choices can lead to a more authentic and satisfying life.

8. Have a Strict Budget for Everything

Having a budget for everything in the big city will allow you to enjoy your time in the big cities.” It’s crucial to plan your finances meticulously, considering the diverse range of expenses that come with urban living. By doing so, you can ensure that you make the most of your experiences and opportunities in bustling city environments.

9. Go to Cheap/No Cost Events

One of the best things about living in a city is the wide variety of events happening all around. It’s a wonderful opportunity to immerse yourself in the local culture and entertainment scene. The best part is that you can often find events that are either free or very affordable, allowing you to have a great time without stressing about finances. Keep an eye out for these budget-friendly options and make the most of the vibrant city life!

10. Increase Your Revenue

Increasing your revenue can improve your saving without the need for another full/part-time job. By offering your services in your chosen field once or twice a week, you can bring in more revenue, making it easier to save money. This approach can provide a significant boost to your overall financial situation, allowing you to achieve your savings goals without the commitment of a traditional additional job.

11. Bonus: Mystery Shopper

One effective way to save money is by working as a mystery shopper or reviewer. This allows you to enjoy shopping and dining without overspending. Mystery shopping and reviewing provide an opportunity to experience the pleasure of shopping and dining without putting a strain on your finances. It’s a great way to balance leisure activities with financial responsibility, ensuring that you can still indulge in enjoyable experiences without breaking the bank.

Well, these are just some of our tips and tricks to save money in big cities. Living in a big city can be exciting and full of opportunities, but it can also be expensive. However, with the right strategies, it’s possible to save money and make the most of what the city has to offer. Whether it’s finding free events and activities, taking advantage of public transportation, or discovering budget-friendly dining options, there are plenty of ways to keep your finances in check while enjoying all that the urban environment has in store. By being mindful of your spending and seeking out cost-effective alternatives, you can navigate city living without breaking the bank.

Thanks for reading

Navi