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The author, Jen Glantz.
Courtesy Jen Glantz
Rents are rising all over NYC so I knew my time was coming, but I didn’t expect a $200 increase.
I had to think fast to find the money in my tight budget; I started by slashing restaurant spending.
I’m now sharing groceries with friends, doing zero-spend days, and going to mostly free events.
A few months ago, my husband and I got the news that we’d been dreading all year: Our landlord sent us a notice that our rent would be increasing by $200 a month if we decided to renew our lease.
With New York City rents reaching an all-time high this year, we knew our rent would probably go up, but we weren’t prepared for such a large monthly spike.
Since we’re already operating on a tight monthly budget to meet our financial goals, we had to be strategic about where we’d find the extra $200 a month for rent.
I found four ways to switch up our spending to be able to afford our New York City rent increase.
1. Cutting back on dining out
One of my biggest recurring expenses every month is how much I spend on dining at restaurants or getting takeout. Last month, I spent over $100 a week eating out to avoid having to cook. Since I know I can’t realistically cut back on dining at restaurants entirely, I decided to just cut back on getting lunches delivered during the week.
That alone will save me around $75 a month. In order to make this happen, I’ve started to brainstorm inexpensive and easy-to-make lunch options that I can whip up in under five minutes (like homemade hummus and veggie wraps or a classic peanut butter and jelly sandwich).
2. Having two no-spending days a month
During the pandemic, when I had to stop traveling and going to events, I found myself working every single day at home. In order to take a break from being in my small apartment, I’d make an excuse at least twice a day to get out and head to a coffee shop, grab lunch, or browse a local boutique. That turned into a habit where I found myself spending money every single day.
In an effort to cut back on mindless spending, I marked two days on my calendar, every month, that are my zero-dollar days. I leave the house without my credit cards or cash so that I’m not tempted to buy a mid-day croissant or a blouse at a local store.
While this will only save me around $30 a month, it helps me put that money toward the higher cost of rent.
3. Sharing groceries with neighbors
A few months ago, when I started to notice how much inflation was impacting my grocery bills, I decided I needed to find a way to spend less at the store, while still buying all of the items that I need.
I reached out to a group of 10 friends in my neighborhood and, every week, we coordinate our grocery shopping lists to see which items we can split. Two of us will share a loaf of bread (since I never need an entire loaf), a rotisserie chicken, or even a bag of flour. Last month, this saved me over $75 and I was able to pocket that money and put it toward my rent bill.
4. Finding free events
One of the reasons I enjoy living in New York City is because there’s always something exciting going on. I like to fill my calendar with events, shows, and activities that are fitting for each season. However, I can easily spend over $300 a month just on tickets.
I signed up for different newsletters that showcase free events in my city, as well as local Facebook groups, and decided that I’ll swap two paid events a month with two free ones instead, saving anywhere from $50 to $75.
Last week, I went to a free comedy show, concert in the park, and a brand pop-up that provided free food and drinks. If I’d paid for these activities, I would have spent over $100 in just one week.