11 Ways to Save So You Can Live in New York For A Week
And happily not owe a cent on your credit card when you get home.
Once a year my friend Tina and I live in New York City. We fly from Western Canada and so it is a commitment of time and money to get there. We also pay an extra 30% for the currency exchange. So the Big Apple is an expensive apple for us — but we’ve learned how to have a joyful, adventure-filled week on an affordable budget.
And no, I don’t have a rich relative who pays for the trip. I save my money in advance and when I get home — I don’t owe a cent on my credit card.
You can too. It’s so worth it. You expand your world when you stretch out of the comfort zone of home and see how other people live. And when you travel with a friend, it becomes more affordable and fun.
New York is so much more than the cheap flashiness of Times Square. It is also a beautiful and sophisticated city filled with history, energy and contrary to what you’ve heard — New Yorkers are friendly when you are.
And for a week each year, I get to live in New York. But living in one of the most expensive cities in the world and not go into debt — well, that takes a plan.
1. Go With Someone Who Has Similar Interests
It all starts here. If you travel with someone you get along well with — your trip is already on the right path.
Splitting the cost of an apartment, cabs, and food dramatically reduces the costs of your trip. Plus — you get to share the experience and have loads of adventures and laughs together.
But you have to travel with someone who has similar interests. Tina and I both love museums, Central Park, cooking and thrifting.
But we have to compromise too. I love books so she knows she’ll end up in a few bookstores while I ooh and ahh over vintage classics. She loves fabric so I know I’ll spend a few hours in a fancy fabric store while she gazes dreamily at bolts of fabric.
Some things may be too difficult to compromise on. Someone who hates to walk is going to hate New York. So make sure you both don’t mind pounding some pavement.
You love to cook but they want to eat out every night? You’re headed for trouble. I once went to Paris with someone who had weird issues about food. It ruined the trip for me. So sit down and figure out where you need to compromise ahead of time so there won’t be any surprises.
2. Know What Your Priorities Are
Before you save you need to know what you want to do most while you’re in New York. Do you want to attend a Broadway play each night? Well — you need to figure out the cost of that.
Are you a foodie who wants to hit a million fancy restaurants for dinner? You’ll need to save about $250+ per meal for 2 people. I kid you not.
Are museums your thing? You’re in luck — the museums are affordable to visit and they are internationally renowned. The Metropolitan Museum of Art is my favourite and we’ve discovered some secrets you’ll want to explore there. More on that in a minute.
3. Create a Budget and Stick to it
Once you know your priorities and you’ve researched the cost, you need to create a budget for your NYC trip.
For example — I spend about $3,500 CDN (approx. $2700 US) for seven days. That includes the works — airfare, apartment, transportation, food, and entertainment.
Airfare and accommodation are hard costs. You have wiggle room with everything else. Maybe you want to save money and stay at a monastery instead of an apartment. Perhaps you don’t mind eating cheaply because you want to do tons of shopping.
Try to mix it up. Have some days where you spend less because you know other days you’re at a Broadway show and eating dinner afterward. Take the subway to Times Square instead of a cab or Uber.
At the end of each day — track what you’ve spent. Are you over budget? Tomorrow, head to Central Park with a sandwich and walk, read and people watch. Under budget? Maybe you want to have oysters at the end of the day at the Grand Central Station Oyster Bar. It’s all up to you.
4. Start Saving a Year Ahead
Give yourself a year to save money and everything becomes possible.
Open a high-interest savings account where you deposit online and give your account a fun name. When I first went to Paris — I used Kim in Paris. Now it’s Kim and Tina in New York!
What do you need to save per month? I spend about $3500 CDN for seven days in New York. ($3500 divided by 12=$291.66 per month. $291.66 divided by 4 weeks=$72.91 per week.)
So I transfer a minimum of $73 per week to my high-interest savings account. I usually have one no-spend day per week and what I save covers that amount nicely.
5. Stay in an Apartment Instead of a Hotel
Tina and I like living in Manhattan on the Upper East Side. Our building has a friendly doorman, we’re in a safe and relatively quiet neighbourhood and we’re close to the subway and central to many NYC attractions. You can easily find an apartment on VRBO, Airbnb and other apartment rental sites.
Our apartment has a small galley kitchen and so we always get a few groceries the first day we’re there. We eat breakfast at the apartment daily and cook a few nights a week too. It’s far more comfortable than a hotel and we can eat according to our schedule and not a restaurant.
Seven days of eating breakfast at the apartment saves about $60 a day for the two of us for a total of $420 and at least $600 for not eating out every night. Saving $1,000 adds up pretty quickly.
You will usually meet some New Yorkers who live in your building and neighbourhood and they are often willing to share the best places to visit and eat. Plus — our hosts invited us to their gorgeous apartment for wine and cheese. You won’t find that in your Lonely Planet travel book.
6. Wait for the Best Airfare and Time it Right
Airfare is the cheapest part of your trip. Use points or your companion fare, but make sure to buy well ahead of time (we book about 5 months ahead) and don’t book the airfare until you’ve found the right apartment. Then wait for a seat sale.
Book your trip so you arrive by early afternoon, so you can beat rush hour, find your apartment and still have time to go get some groceries and have dinner at a small local restaurant closeby.
We land at JFK airport as it is cleaner and newer than Newark. It will take about an hour to get to your apartment and everything is a flat rate cab ride which is about $75–100 depending on which area you’re staying in.
7. December is the Most Expensive Time, Summer is the Hottest
We usually travel to New York in late September or early October as the intense, muggy heat of summer has passed and there aren’t as many tourists. June-August or early September it is cheaper to go to New York but you will pay in buckets of sweat. Don’t do it.
Christmas time is the most expensive time to visit New York. So avoid visiting in late November and December unless you’re willing to save extra for your dream to skate in front of the huge tree in Rockefeller Center.
8. Don’t Spend All Your Money on Food
Nothing will blow your budget faster than food in NYC.
We eat breakfast in our apartment and cook or bring home take-out dinners 3x during the week. The local grocery stores all have amazing and affordable take out food from many different cultures. Ask some locals for their recommendations.
Shop at the local grocery store for the food at your apartment. Don’t go overboard but get some eggs, bread, coffee, tea, milk, cereal, yogurt and fruit to get you started. Have some midnight snacks and wine for when you get home from Broadway and want to chat about how wonderful it was.
Have a picnic in Central Park from Monday-Friday (too many people on weekends) if the weather is good. Grab something delicious from Zabar’s deli (OMG try the cinnamon rugelach) and grab the bus to Central Park. It is so beautiful and the trees, birds, and squirrels will give you a welcome nature break.
Go out for lunches vs fancy dinners. Our Golden Rule is that we always have a nice dinner out the day we arrive and the day before we leave.
Eat lunch at the museums as they usually have wonderful food. The chocolate Black Out Cake at the MET is mind-blowing!
9. Get Off the Beaten Path
There are so many creative ways to have a wonderful and affordable week in New York. Yes — go see the sights you want but remember New York has much more to offer for those who are willing to dig a little deeper.
Most people head to Top Of The Rock or The Empire State Building for a skyline view of New York. But here’s a secret. Go to the Metropolitan Museum of Art for $25 and then after you’ve toured the museum for a few hours, take the elevator to the roof bar of the MET and have a glass of champagne and see the best views of New York. Photographers from all over the world know this secret. There are only about 20–30 people up there. How did I find out about it? I read a photography book.
Tina and I have gone to a Harlem apartment jazz concert, taken cooking classes from an elderly Greek lady in Queens, went to the small museum that owns the famous Woman in Gold painting by Klimt, rode the subway to Harlem to an architectural salvage warehouse and bought 200-year-old stained glass windows that we took home in our suitcases.
The majestic and historic 5th Avenue New York Public Library is free to visit and you can take your picture with the two famous lions — Fortitude and Patience. Wonder always awaits off the beaten path.
10. Take Public Transportation — or Walk
Remember when I said you have to walk to love New York? It’s true. You will see so many incredible things simply because you were strolling by.
But you don’t have to just walk. Mix it up. We use the subway every day and it is safe, convenient and user-friendly.
Save money and get a 7-day pass in any Metro station and you can use it for the subway and buses too. The subway is easy to use and there’s no need to be afraid of it. It is one of the best in the world and there’s always someone who will help you. But watch your wallet or purse or someone else will watch it for you.
11. Use Your Credit Card But Know Your Limits
OK — this is a strange tip. You don’t want to carry much cash with you when you travel, New York included.
So put all of your expenses on your credit card and pay for them in full within 48 hours of coming home. This money comes from your high-interest savings account.
Or — if you don’t trust yourself to pay it right away — prepay the amount you think you’ll need onto your credit card the day before you fly to NYC. But you’ll still need to track what you spend while you’re there. Check your balance daily and to ensure you stay on track.
Trust me — there is a strange kind of happiness when you overcome impulsiveness and stick to your budget.
Tina and I have decided we’re going all in and doing Christmas In New York in a few years. We want to see the Christmas decorations in the stores, go see the famous Rockettes Christmas show and damn it — I will skate in front of the Christmas tree at Rockefeller Center even if I fall on my ass.
And the best part? When I come home — I won’t owe a cent on my credit card. The lovely Big Apple won’t have taken a bite out of me.
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