It isn’t hard to see why so many people are drawn to city life. After all, many large cities are dens of culture that are packed to the brim with things to do. World-class restaurants, museums, shopping, and nightlife are just a few of the amenities you’ll find when residing in a major metropolis. However, big city living also comes at a cost – specifically, a financial one. With rental rates and food costs in large cities far exceeding those found in smaller areas, smart budgeting is essential for city dwellers who wish to maintain a comfortable lifestyle. Whether you’re new to city life or have spent your entire life in a big city, you’re sure to benefit from the following money-savers.
Use Public Transport
For many people, there’s simply no upside to owning a car in a large city. In addition to higher gas prices, you’ll be responsible for parking garage fees, which can cost you hundreds of dollars per month. Furthermore, attempting to drive in most large cities is a fool’s errand. Due to heavy traffic and a large number of pedestrians, most motorists have no choice but to make extended stops every few seconds. Needless to say, this can be a huge hindrance to punctuality. With this in mind, it’s in your best interest to make ample use of public transport. While public transportation can be unreliable in small towns, most big cities have public transport systems that consistently operate efficiently and on-schedule. Not only will you free yourself of the financial burden of owning a vehicle, but you’ll also reach your daily destinations quicker.
Open a High Yield Checking Account
Having robust savings will serve you well in a big city. In addition to embracing smart spending habits, you can effectively build your savings through wise investments and bank interest. This is why it pays to open a high yield checking account. As the name suggests, a high yield checking account accumulates more interest than a standard checking account, effectively helping you grow your savings in a simple and timely manner.
Be Mindful of Food Costs
As previously stated, food costs in large cities tend to be much higher than those found in small towns. However, when living in a big city, the temptation to dine out on a regular basis can be overwhelming. With so many tantalizing restaurants, wanting to sample everything is only natural. Since regular restaurant visits and takeout orders can drain one’s monthly budget in no time, it’s recommended that you limit yourself to one dine-out experience per week. This can save you a considerable amount of money and make meals out feel all the more rewarding.
Big city life has an appeal that’s impossible to deny. While there’s nothing inherently wrong with small-town living, large cities offer amenities that smaller areas simply cannot match. Still, city living generally doesn’t come cheap, and if you don’t wish to be perpetually strapped for cash, it’s crucial that you learn the tenets of smart budgeting. Armed with the tips discussed above, you can make city life less financially strenuous.