Living in the city means planning a little more frugally, especially as you are keeping up with the ever-shifting cost of living. If you are not sure where to begin planning for your finances, consider some of these tips.
Shop for Groceries
Though it may seem obvious, the fact of the matter is that urban living is always filled with small conveniences (i.e. expenses) that start to add up. It can be easy to order takeout every day when there are so many options available, but shopping for your groceries can provide you with even more savings, not to mention variety in your eating habits. Cooking your own meals will also mean you can customize for your personal nutritional needs and eat healthier.
Avoid Bad Spending Habits
We all have bad habits when it comes to spending. At the end of the day, it is important for you to take stock of the things that you know you can do without. Thinking about what would be easiest for you to remove from your monthly spending and what you can do with the money instead. Make a list of your monthly expenses and your income. This will make it easier to mark how you can spend money differently. Having a concrete goal for what to do with your savings will make it much easier to commit to it and accomplish your goal.
Housing
Generally, housing in the city is more expensive (and smaller) than in the “burbs” or country. But the upside is that since you have less space, you accumulate less junk and are less tempted to buy stuff on impulse. You may never have thought that there was an advantage to having less space but as Ashlynne Eaton says in the video above being intentional about your purchases is a great way to save money (and space). Also, even though housing is more expensive in the city, wages are generally higher as well and since things are closer you can save some money on transportation.
Use Public Transportation
One of the major advantages of city living is the availability of public transportation. Conversely, one of the biggest disadvantages of living in the city is the lack of (and high cost of) parking. In many cities, a parking space can easily cost you $1,000 a month! That being said, using public transport can be one of the best ways for you to save money when you move about. Whether you are traveling by bus or train, it is much easier to grab your ticket and take a ride whenever you need it. Most city neighborhoods have local places to get your groceries so you can probably just walk. For longer trips or to commute to work, you can use the metro system. Owning a vehicle is expensive, in addition to the cost of the vehicle itself, there is gas, maintenance, insurance, and as previously mentioned PARKING… which all adds up.
Automate as Much as Possible
With so much readily available on the internet, it has become much easier for you to stay on top of your bills. Everything from your electrical to your water bill can be adjusted through convenient payment options available through your bank. You may be wondering: “Can I pay my rent online?” often the answer is: yes you can! Speak with your landlord and see if they have an option available for monthly payments through your bank. Even if they don’t most banks have the “billpay” option to send a check so you can pay almost anyone.
Like with any other such planning process, it is always a good idea to consider your own personal needs first. You should have a little bit of money saved over every month to build up your savings, but always make sure to take care of your needs to avoid exacerbating regular expenses in the future.
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