Money Management Tips for Studying Abroad in New York City May 20, 2014

If there is one piece of information every student coming to New York should know is that ‘The City’ is expensive. Forget about what you thought expensive meant as New York simply blows almost all other cities out of the water when it comes to high prices. Of course income is high and the job market is well remunerated, but for someone new to the city with no clear job situation the first couple of weeks/months can be pretty rough.

Here are a few money management tips to make sure you don’t spend every precious penny you have or earn on the finer things the city offers.

Don’t live in Manhattan

While Manhattan if renowned the world over for its cultural and entertainment opportunities, it is extremely expensive to live in. A short subway ride to Brooklyn, Queens or the Bronx can literally cut your rent in half while offering less traffic, less noise and a more functional neighborhood with more shopping options.

Get A Roommate

If you want to cut down on rent even more, getting a roommate can be a great idea. You will save money by splitting the bills and you can even buy food together. Getting a roommate or two can also be a great way to make friends if you’re new to the city.

The Subway is the Best Option

Forget about buying a car or taking cabs. The subway is the best way to travel efficiently in New York both in terms of money as well as time. An unlimited monthly Metro Card costs just over $100 and beats every other travel option on the market.

Always Carry Some Cash

A lot of neighborhood stores have a minimum of $10 dollars shopping when you choose to pay with a card so even if you’re a card fan, save yourself the hassle of buying something you didn’t need and carry at least $20 in your wallet.

Get Internet, Don’t Get Cable

Don’t spend money you don’t have on expensive cable deals. Every show you want to watch plus countless other entertainment options are available online and you’ll probably need an internet connection for schoolwork anyway so try to avoid cable.

Two Words. Pizza Slice.

Dollar pizza slices are probably the cheapest food next to ramen you can get in NYC. They are delicious and a great snack as well, so make sure you find a good pizza place near the school, your place of work, or where you live.

Forget about Bottled Water, Drink Tap Instead

New York gets its water from upstate through a recently finished and ultra-modern aqueduct, ensuring that the Big Apple gets some of the freshest water in the country. So forget expensive bottled water and drink straight from the tap.

If You Must Eat Out, Do It For Lunch Not Dinner

While eating out is not necessarily the best idea if you’re trying to save a buck or two there are some incredible offers for daytime eating. Lunch menu offers and inexpensive sushi to name two. Make sure you make your schedule work around your lunchtime habit.