Over the past few years I’ve gotten a ton of questions about how I financially manage living in New York. I’ve always shied away from doing a full post on this because I’m definitely no expert when it comes to money management! I’m still learning new things and facing new challenges every day. But, here are some of the tools and things I’ve practiced that have helped me so far. I think you’ll find these really helpful if you’re moving to/living in New York, or no matter where you might live.

1) Create a budget with categories for every. single. expense.
A lot of people cringe at the idea of having a budget because they think it’s too constricting. I’ve found the opposite to be true - I think that having a budget is extremely freeing because it’s about controlling your money, rather than letting it control you. Having a budget is basically YOU tell your money where it’s going.

I highly suggest using these budget forms from Dave Ramsey, or something similar. Getting it all on paper is key. Don’t worry about getting your budget perfect right away - it will take a few months to figure out which categories you can allot more or less money to. But no matter what, create a category for EVERYTHING - the more detail the better.

2) Track every dollar that goes in and out.
Once again - yes, this is tedious and can be annoying. But you know what’s more annoying? Not knowing where your money went and having to scramble for it last minute. I track every expense and income I receive (to the cent) in Quickbooks. Quickbooks makes it extremely easy to track everything, create a chart of accounts, etc. + and it’s a lifesaver for reporting your taxes (you can just process and print out reports straight from there). Another great (and free) option is Mint.com.

3) Use cash/debit as much as possible.
In other words, don’t spend money you don’t have. Obviously there’s a time and a place for a credit card, but Chanel isn’t one of them. I use my (one) credit card sparingly, and I try to use it only on the same things every month. This helps keep me from getting into the habit of using it flippantly/too frequently. Sticking to cash/debit really helps you make smarter spending decisions.

4) Pay your bills and other big expenses on the front end.
I know this isn’t always easy depending on when you get paid/when bills are due, but I do my best to make my big payments as soon as my paycheck comes in. So for example, every time I get a paycheck, the first thing I do is set aside my tithe, taxes*, utilities, rent, and whatever credit card payment I want to pay that month. That way I’m not scrambling later when those are due, and I know that any money leftover is “fair game” to safely spend on other things.
*I’m self-employed so I set aside my own tax money

5) Take advantage of referral programs.
I’m not sure about other places, but in New York just about every grocery service, meal delivery service, car service, etc. offers referral rewards (pretty decent ones, too). I’ve gotten dozens of vouchers, free rides, etc. from using these. Some examples: Uber, Lyft, Seamless, Munchery, Instacart.

6) Pick your “fun money” each week.
Something I hear so often is - “How do you go out to eat so often? How do you afford SoulCycle all the time?” My answer? It’s all about BALANCE. I’m constantly making conscious decisions on what I want to splurge on. So for example, this week I decided ahead of time that I want to take 2 SoulCycle classes, so I consciously am turning down dinner plans, and walking/taking the subway everywhere instead of cabs or Uber. Other weeks, when I know I have dinners lined up, I’ll do my own free outdoor workouts. Same goes for buying new clothes, pampering, travel, etc. I’ve found that as long as I keep things as staggered as possible (and still within my budget), it all usually balances out.

7) Embrace free entertainment.
There is SO much free entertainment to be found in NYC. I mean, you can pretty much just walk out the door and find it anywhere. With countless parks, piers, sight seeing, free concerts, museums, etc. you could spend days just wandering around having fun without spending a dime.

8) Have a roommate. Or 4.
This is kind of a no-brainer, but having a roommate (or a few) is pretty much the best way to save a crap ton of money on living expenses in New York.

9) Have a side gig.
Chances are if you meet someone in New York they either already have a side gig, or they have an idea for one. Networking in New York is huge, so it’s a fairly easy place to start something new that will catch on enough to make some extra income. That’s what I did with Speakable, and that’s what I started doing with social media projects (which has now turned into my full time job).

10) Accept the fact that New York is an expensive place to live.
Obviously this isn’t so much money management advice as it’s just my personal life advice. Yes - living in New York is more expensive than most other places. If you want to live here, you just have to accept that, make your budget accordingly, and move on. It may take some getting used to at first, but it isn’t impossible. And, in my opinion, the benefits of living in the greatest city in the world make the extra budgeting and money management 100% worth it.

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Do you practice any of these? What’s your top money management tip/tool?