When my rent shot up by $200 a month, I found 4 quick ways to cut my spending and afford the increase

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The creator, Jen Glantz.

  • Rents are rising throughout NYC so I knew my time was coming, however I did not count on a $200 increase.
  • I had to assume quick to discover the cash in my tight price range; I began by slashing restaurant spending.
  • I’m now sharing groceries with pals, doing zero-spend days, and going to largely free occasions.

Just a few months in the past, my husband and I acquired the information that we might been dreading all yr: Our landlord despatched us a discover that our rent can be growing by $200 a month if we determined to renew our lease. 

With New York City rents reaching an all-time high this yr, we knew our rent would most likely go up, however we weren’t ready for such a giant month-to-month spike.

Since we’re already working on a tight monthly budget to meet our monetary objectives, we had to be strategic about the place we might discover the additional $200 a month for rent.

I found 4 ways to swap up our spending to have the option to afford our New York City rent increase.

1. Cutting again on eating out 

One of my greatest recurring bills each month is how a lot I spend on eating at eating places or getting takeout. Last month, I spent over $100 a week consuming out to keep away from having to cook dinner. Since I know I cannot realistically cut again on eating at eating places fully, I determined to simply cut back on getting lunches delivered throughout the week. 

That alone will save me round $75 a month. In order to make this occur, I’ve began to brainstorm cheap and easy-to-make lunch choices that I can whip up in underneath 5 minutes (like home made hummus and veggie wraps or a basic peanut butter and jelly sandwich). 

2. Having two no-spending days a month 

During the pandemic, when I had to cease touring and going to occasions, I found myself working each single day at house. In order to take a break from being in my small condominium, I’d make an excuse at the least twice a day to get out and head to a espresso store, seize lunch, or browse a native boutique. That become a behavior the place I found myself spending cash each single day.

In an effort to cut again on senseless spending, I marked two days on my calendar, each month, which might be my zero-dollar days. I depart the home with out my bank cards or money in order that I’m not tempted to purchase a mid-day croissant or a shirt at a native retailer.

While this can solely save me round $30 a month, it helps me put that cash towards the larger price of rent. 

3. Sharing groceries with neighbors 

Just a few months in the past, when I began to discover how a lot inflation was impacting my grocery bills, I determined I wanted to discover a method to spend much less at the retailer, whereas nonetheless shopping for all of the objects that I want.

I reached out to a group of 10 pals in my neighborhood and, each week, we coordinate our grocery buying lists to see which objects we are able to cut up. Two of us will share a loaf of bread (since I by no means want a complete loaf), a rotisserie hen, and even a bag of flour. Last month, this saved me over $75 and I was ready to pocket that cash and put it towards my rent invoice. 

4. Finding free occasions 

One of the causes I take pleasure in residing in New York City is as a result of there’s all the time one thing thrilling occurring. I like to fill my calendar with occasions, reveals, and actions which might be becoming for every season. However, I can simply spend over $300 a month simply on tickets. 

I signed up for various newsletters that showcase free occasions in my metropolis, in addition to native Facebook teams, and determined that I’ll swap two paid occasions a month with two free ones as an alternative, saving wherever from $50 to $75. 

Last week, I went to a free comedy present, live performance in the park, and a model pop-up that supplied free meals and drinks. If I’d paid for these actions, I would have spent over $100 in only one week. 

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