Moving out into the world on your own is a scary experience—especially when that world is New York City. You’re no doubt feeling high from the rush of independence, but being on your own is expensive. Soon you’ll realize that your parents weren’t just being electricity Nazis when they’d shout at you to turn off the light when you’d leave a room.
Living on your own is going to be one of your greatest challenges ever. You’re going to have to budget your money and set priorities. You’ll have to find the balance between having all of the things you need and some of the things you want. There’s a lot to learn and a little time to learn it. Continue reading to get some tips that will help you get set to live on your own in the Big Apple.
Moving out and living on your own could be one of your greatest challenges ever. You’re going to have to budget your money and set priorities.
Downsize Or Get A Roommate
When you’re looking for a new place, the main two things you’re looking for are the size and price. Of course, the more rooms the apartment has, the more expensive it will be. A great way to offset the price of rent is to get a roommate. Housing is expensive, and there are a lot of people in the city who are looking for a roommate. Just keep in mind, apartments are cramped in NYC, so you may have to put some of your stuff in storage. You’ll probably be able to find self- storage in Clifton, NJ or the surrounding area far cheaper than in the city.
Being young, you probably like to have the latest, most capable smartphone on the planet—whichever one that is this month. The top smartphones on the market go for close to one thousand dollars. When you first get your new place, you won’t have that much money to splurge on electronics.
You can get refurbished cell phones with all the accessories and new toys that the ones still fresh in their boxes have for much cheaper. Refurbished smartphones are gently used and are functioning at a level that makes them good for resale. You can have the latest smartphone if you must—just be smart about how you buy it.
When furnishing your first place, you should do it with used furniture and appliances. It can cost up to $2,500 to furnish a one-bedroom apartment, and you can add another $500 to $1,000 per bedroom. That’s not even including appliances should you want your own in your home. Buying everything you need to make your home liveable already used will save you hundreds of dollars.
You should also buy a cheap used car if you don’t already have transportation. Believe it or not, public transportation can cost you more than having your own transportation over time. If you go to an auto auction, you’ll find repossessed cars for sale at prices that will shock you. You can get one for the same price that used car dealers pay.
Build An Emergency Fund
You should plan to have great times in your new place and prepare for the most bizarre things to happen. The good news is that most of the problems life will throw your way you can handle with enough money.
You need to put money away in your bank account for an emergency fund for when some unexpected expenses pop up. Put a portion of each paycheck into an account that you only touch when a necessary expense arises that you can’t cover with your spending cash. With time this account will grow and become tempting but don’t bust it open if you don’t have to.
What are your favorite tips for saving money and living on your own?
Share your thoughts and comments with us.
“PIN & SHARE”