How To Budget Like You Live in N.Y.C and Can’t Afford To

New York City is one of the most expensive cities to live in the world. It’s a fabulous place with lots of life and love and things to do, but it also comes with $6 for a gallon of milk and $8 for cereal (God-bless you Trader Joes- you have reasonable prices and delicious food always). Trying to stretch your paycheck can be difficult when you want to do and see it all in a city that doesn’t sleep.

What’s important about budgeting is that it also helps you save money for your student loans. Ahhh, yes, those wonderful loans that have piled up throughout the awesome years of college. Mine don’t kick in fully until January, and I’m trying to be as proactive as I can in order to save up for them. Student loans are a bitch to pay off, and living here does make it hard to try and start my sensible money handlings.

As I was exploring on for ideas on how to make money and pay off loans, I came across one of the most brilliant ideas I have ever heard of; the 50%/20%/30% rule.


This rule is genius to me. The way it works is you put aside 50% of your paycheck for necessities to live (rent, utilities, food, water, medicine, etc.), 20% for investments (student loans, credit card bills, mortgage, car payments, etc), and the last 30% is what I call fun money (shopping, going out, subscriptions, drinks, etc.). Breaking it down this way makes it seem so much more simple than it is. Whats great about this too is that it does help save up for your student loans, and you can start getting into the habit of saving up now and organizing your money before they hit with full vicious force.

Now personally, I have no restraint when it comes to spending money. I love love love spending money, which is why I don’t have a credit card. When I went abroad, my parents set up this savings account that made it so I could transfer money into it, but couldn’t transfer out any money to my checking account unless I was in the bank itself. Since my bank is only located in Upstate New York and not Ireland, this made it so I couldn’t take money out whenever I wanted to.

I’m trying out this new savings method currently, hoping itll improve my habits and help me become more money savvy. I’m also going to implement the same type of savings account I had abroad to help me keep my money stable. I’ll update you on how this goes for me, and let me know if you try this out too!!


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