Living in a big city has its own advantages, but it may also drain your bank account due to the greater cost of living. Notably, 69% of Americans live paycheck to paycheck without saving. However, this should not deter you from living in a city because other methods exist to minimize your expenditures regardless of your financial status. Here are a few things you can do if you reside in a big, costly city and wish to save money.
1. Cultivate the habit of cooking at home
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You should do this regardless of where you reside. You may save a lot of money on food each month by cooking at home and even bringing your lunch to work. Another way to save money on food is to buy at local farmer’s markets during the warmer months. Check whether your neighborhood or adjacent areas have one where you can stock up on fresh and healthy groceries.
2. Look for a roommate
Housing is frequently one of the most expensive costs. You can make more room in your budget by reducing your housing expenditures. Finding a flatmate (or two) to divide housing costs with is one of the best things you can do. In major cities, there may be dodgy neighborhoods where housing is less expensive. However, you should avoid these areas since nothing should be more essential than your health or safety.
Fortunately, big cities generally offer many inexpensive lofts for rent in low-crime locations. You simply need to look carefully and do your research. When you divide bills and rent payments with someone else, things appear much cheaper. Pick someone you can trust and get along with so you do not have to deal with problems while collecting money each month.
3. Utilise public transport
In major cities, public transit is usually convenient and inexpensive. Owning a car may cost you more money and cause you more trouble than it is worth. Drivers in major cities must sometimes purchase monthly permits to park outside their homes, which may quickly add up. You will also have to deal with city traffic and pay to park somewhere when necessary. It may not be accessible in some circumstances because of limited spaces. A better choice would be to take the bus or train to your destination or try riding a bike. You can save hundreds of dollars every month by using these transportation modes instead of driving your own car around town and paying to park it.
4. Consider your clothes carefully
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You may be tempted to spend money on current and trendy clothes, but you may save money by planning your wardrobe carefully. Rather than buying something you will wear only once or twice, stock your closet with essentials that will last you for years, such as neutral sweaters, fitted jeans, and flexible overcoat. Though your initial cost may be greater, the cost per wear for each item will be substantially lower, saving you money in the long term.