My top question in my DM’s and when I ask for questions for my #AskGabby segment is “how in the heck do you afford to live in NYC as a graduate student?” To be honest, I have no clue. No, just kidding. Truthfully, I am very lucky. I am in a field that compensates graduate students adequately for the work that they do. NYU, specifically, has also set me up with a very nice housing situation which allows me to live right in the heart of Manhattan. I’m not rich. I don’t have excess money to just throw around. There is an art to feeling financially stable while also prioritizing happiness. But, also one could argue that financial stability plays into happiness.
Sure, that’s part of it. But, I’m at a point in my life where I’m less concerned about my retirement and more concerned about investing in my own personal development and growth. Today, I’m walking you through my general tips on where to cut frivolous funds and start practicing some damn self-discipline with your money so that you can also not feel bad about brunch every Saturday, a latte when you want, and Instaworthy jet setting across the world every once and awhile.
1. Budget, budget, budget.
My {and literally every other actual financial advisor’s} number one tip is to make a realistic budget. I’ll also take that a step farther and say that it helps immensely to live track what your spending and categorize it. A true shock to your system of how you spent 5x your budget on unnecessary Uber rides will straighten you up. I promise. I do all my budgeting and tracking in Excel. The nice thing is you can also use Google Sheets. I’m throwing a template into the Resource Library for those of you who want to check it out. Basically, I have six different categories that I work into my budget: Bills, Food & Groceries, Transportation, Health & Beauty, Miscellaneous, and Savings. Each category then has subgroups like Weekend Brunch, Coffee Shops, Hair & Nails, and *Insert Travel Destination* Fund are all real subgroups on my spreadsheet.
I add up all my budgeted expenses with how much money I want to save for the month. Almost every single budget workshop I’ve been to recommends that you get the *total income* – *total expenses* equal to 0. I have to agree. The whole goal is to know where your money is going and if you don’t have the money going anywhere then you’ve defeated the main point. I mostly just throw the rest of it into savings for safe keeping.
2. Prioritize needs and wants.
Obviously, I have to pay my bills. That’s the first thing I budget out. Then, I have necessary expenses like NYC transportation costs, refilling toiletries and random cleaning supplies, and getting my eyebrows done every month {silly, but frankly, necessary}. And then, I budget for things that generally contribute to my well being: physically, mentally, and socially. As you probably know, I love brunch and it’s one of the activities that I use to connect with people. Nothing brings people together faster than sharing a divine plate of Nutella French Toast.
I work this into my budget so that I won’t feel bad about the cost of it after I’m done enjoying it. I also have finally kicked my horrendous Starbucks and Postmates habits and have saved a tremendous amount of money over the past few months. If you like to go out, you might have to decrease your brunch costs and increase your margarita costs. Although balance is good, and you can always split it down the middle. My point is that there is nothing wrong with spending money on things that you enjoy even if they aren’t needs. You just have to cut costs in other areas to make it work. Again, the things that you need to pay come first.
3. I’ve made “BO$$ Lady” my middle name.
Side hustles are all the rage right now. Influencer marketing is getting a huge boost from brands and people are paying so much attention to Instagram and creative endeavors. I sell presets, do a little bit of freelance photography, and of course, I run this blog. Most of that money is invested back into each of them covering new camera costs [the G7X ain’t cheap], web hosting, and new clothes for the ‘gram. All of my money from preset sells is going towards my traveling fund which is super nice. Most of the things that I would consider luxuries are supported mainly from funds that I make from my side hustles.
By no means does a side hustle have to be in the creative, digital, or blogging space. I have a lot of friends who tutor, teach fitness classes, and/or walk dogs. It’s totally normal in NYC to be juggling two to three jobs at a time. This can play into a toxic lifestyle. If you can maintain a balance, 10/10 would recommend.
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4. There is so much free stuff to do in the city.
First off, my student ID unlocks a ton of free admission into the best museums. I’ve been to the Museum of Modern Art and The Frick Collection for free in the past week. Check with your employer, school, and memberships [gym, tanning salon, etc.] to see if they offer any special discounts in your area. I’ve gotten so many random discounts just from flashing my purple ID places! It’s amazing.
Second off, there can be so many random free things to do out and about. This applies more so in the warmer months, but sometimes there can free screenings on college campuses or at independent theatres. I also like to check out food festivals and pop-ups. You can check out sites like Eventbrite or simply peruse Instagram to find fun new events. FOMOFeed is my favorite one for finding things around NYC.
5. Don’t be embarrassed about saving and spending less.
I’m in a season of life where some of my friends are working full-time jobs with a salary, some are racking up major debt to save lives, and others are barely making it by for another sheet of paper that will adorn them with some {v. impressive} letters behind their name. We are all in a different season. We all have different priorities and different missions. So, why wouldn’t our financial stability or journeys to find it look a little different? Don’t be shy in communicating your mission to save or spend less with the people in your life.
It will help. They might make you feel crappy about even suggesting a late-night pizza delivery or taking a quick peek at the Zara new arrivals, but you’ll be thankful when you’re sipping Mai Tais in Cabo for vacation. Am I right or am I right? Communicating your goals can also help motivate someone else and that’s really amazing, too.
Coat | Turtleneck (similar) | Booties (similar) | Skirt (similar) | Sunglasses (similar)
Those are my tips for gaining some financial stability in one of the most expensive cities in the country as a graduate student on a {moderately generous} stipend. I cut what I can, but ultimately spend what I need to, and save more than I would honestly like. I cried when I sorted my purchases in November 2018 and tabulated how much money I spent on food because it was quite frankly atrocious. But, it put me on a mission to get my finances together and budget more responsibly. This is what adulting is all about right?
Keep on keepin’ on,
photos by Michelle Dufflocq
