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New York: How To Make the Most Of It On A Budget

New York: How To Make the Most Of It On A Budget

After just having returned from a month in New York, I am definitely in love with the city. The big problem is that the Big Apple is also certainly a place that will take a big bite out of your savings if you ever decide to go there.

I’m certainly no millionaire and I managed to not only love every minute of my time but to also leave without a mountain of debt to face now that I’m back home. Here are some easy-to-follow tips for you to be able to do the same thing.

New York Living

Depending on how long you are planning to stay in the city, accommodation will almost certainly be your biggest outgoing. The best solution, and the one I was incredibly lucky to benefit from on my first stay there, is to find a place through a friend. Getting somewhere for free is a real long-shot, as everybody in the city suffers to pay the rent to some extent, but it is not impossible. Utilize your social media channels to tell people where you going and when. You never know how happenstance and a great stroke of luck might help you live it up in a two bedroom new build in Williamsburg.

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If you can’t find a friend to give you a hand, check out Craigslist. Americans use this a lot more than the rest of the world and you can often find better deals on here than those that appear on Airbnb. If you don’t mind sharing, there are also quite a lot of decent hostel options, but for the cheapest prices, you need to understand that you will be sleeping with around 16 other people in a dorm every night!

Embrace Deli Culture

During my first week in New York, I was a little bit wary of the endless options of delis offering freshly made sandwiches. This was a big mistake on my part as I soon learned that delis are the best way to eat really well without burning a hole in your pocket.

Eating out in New York is incredibly expensive by European standards unless you are happy to eat fast food for the duration of your stay. This might see you saving a lot of money, but it certainly won’t do your health much good.

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With most supermarket products also being a lot more expensive than they are in all of the other places I’ve ever been in my life, a good deli is a perfect place to get yourself some freshly made food at a price that isn’t going to want you to start missing meals to save cash.

Walk

New York is enormous and the underground service whilst being extensive is almost pretty jam packed and quite pricey at $2.75 per trip. Bearing this in mind, the best thing to do is to first buy a weekly Metro card so that you can travel as much as you like for $30. The subway is essential because of the sheer size of the city, but nobody wants to spend half of their holiday underground.

For me one of the most enjoyable ways to truly experience the city was to simply walk for miles through its endless streets. In Manhattan, you can easily jump off the subway and then stroll around Central Park before wandering the highly exclusive uptown parts of Fifth, Park, and Madison Avenue before diving down into tourist territory around Times Square.

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Chelsea, Greenwich Village, Union Square, Chinatown, Little Italy. All of these places are so varied and interesting that to really make the most of your experience you should just allow yourself to wander and see where your feet take you. Not only will you begin to feel like a part of the city, you’ll also not be spending any money by doing so. Clocking up the miles on foot is also great for your health.

Culture Vulture Tips and Tricks

New York is arguably the most important city in the world. For this reason, it’s also home to some of the best art that can be found anywhere. Unlike London, where almost all museums are free, in New York, you have to pay your way. This is annoying if you’re on a budget, but it’s not completely true.

The majority of the major museums do have admission fees, but in brackets, you will see that the stated price is only the “suggested” one that you should pay. If you are not flush with money, there is absolutely no shame in paying the person on the ticket office exactly what you can genuinely afford to pay.

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Another huge advantage that culture vultures have in New York is that this is a city where the art world is also incredibly active in terms of buying and selling. This means that in Chelsea you will find gallery after gallery featuring works by some of the world’s greatest living and deceased artists in small exhibitions that are completely free of charge to enter. In one afternoon, I saw small exhibitions by Rothko, Nan Goldin, Ai Weiwei, and William Eggleston all without spending a dime.

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Published on January 8, 2021

How To Pay Off Credit Card Debt Fast: 7 Powerful Tips

How To Pay Off Credit Card Debt Fast: 7 Powerful Tips

Ever wondered whether your credit card debt is the reason you’re in a bad financial situation? You can’t enjoy any fun activities because a good chunk of your money goes toward debt payment. Heck, you’re even behind on some of your monthly bills.

The effects of clumsy debt management are too many to list here. This guide is going to help you discover how to pay off credit card debt fast and start chasing your financial goals.

Debt problems are the last thing anyone wants to encounter. But things can get out of hand when all the “little debts” you take accumulate in interests.

What if you knew some simple and proven ways to be debt-free quickly? Implementing them would mean better financial health for you. It becomes possible to free up cash for your “wants.” These include taking a trip or buying something you’ve always desired. All that while paying your bills on time!

Let’s not wait any longer. Here are 7 powerful tips for paying off credit card debt fast:

1. Pay More Than the Minimum Credit Card Payments

Many people only pay the monthly minimum on their credit cards. Truly, that’s the right amount for staying on good terms with your credit card company. But you need a different approach if you’re looking to achieve financial independence within a short time.[1]

Most of your payments go toward interest costs when you only pay the minimum amount. A substantial sum of your balance remains standing. As a result, it becomes more expensive to eliminate your debts.

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You don’t want to wait more than 10 years to get rid of debt while it’s possible to do it sooner. All you have to do is double that $100 minimum payment to $200 or go higher.

The good thing is that minimum credit card payments are affordable in most cases. By paying a higher amount, you reduce your interest costs, lessen your borrowing period, and boost your credit score.

2. Start With High-Interest Credit Card Debt

If you have more than one credit card debt, prioritize putting the extra money toward the ones with the highest interests. This debt pay-off strategy, known as the debt avalanche method, is essential for being debt-free quickly.[2]

First, you need to list down all the credit card debts you have in the order of their interest rates. Next, you choose the one with the highest interest and pay a significant amount toward it each month. It can be an amount twice or even thrice larger than the minimum payment.

At the same time, you make monthly minimum payments on the other debts. Their interest charges won’t be as costly as that of the first debt on your list. You only move on to the next high-interest debt after the first one is gone. Remember that your focus is on the interest rates and not the balances.

3. Revisit Your Budget

Budgeting is useful for tracking your financial moves. Once you create a budget, some tweaks along the way can make it work for you better. One situation that requires you to revisit your budget is when you’re struggling with debts. It might hurt a bit to slash some expenses. But you also don’t want to miss out on achieving financial freedom in the long run.

You can reduce some variable expenses to free up more cash for credit card debt payments. They’re the ones that change from time to time. Some examples are groceries, fuel, and clothing.

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Other opportunities for cutting down your spending lie in non-essential expenses. Instead of dining out all the time, you can cook at home more to save money. You can also share some subscriptions with friends and pay a fraction of the cost.

If you’re determined enough, you can eliminate all your unnecessary expenses and focus on paying off your credit card debt first.

4. Avoid Using Your Credit Cards

Do you want to know how to pay off credit card debt with a low income? One simple way is to stop using them. Having your credit cards everywhere you go means that you’ll be more tempted to buy unnecessary stuff. In this case, you spend money that you don’t really own and get deeper into debt.

The quickest fix to stop the debt build-up is spending with cash. You’ll be more aware of everything you can afford at any particular time. If you decide to keep one or two cards to ease the transition, always make wise choices. For instance, only use them when experiencing financial difficulties.

It’s best to categorize your fun activities under “discretionary spending” in your budget. This way, you won’t need more debt to kill your boredom. By halting your credit debt from accumulating, it’s easy to pay down what you already owe and be happy with the progress.

5. Start a Side Hustle to Boost Your Income

You’re probably turning away a lot of money by not monetizing your skills. Everyone has something that they’re good at doing. And you can use that to generate extra income for attacking your credit card debt.

If you look around your neighborhood, you can find several side hustle opportunities. It can be pet sitting, tutoring, or lawn mowing. You can start an online business by offering services such as digital marketing, content creation, and web development. Such skills go in high demand on freelance sites and job boards.

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Finding clients on social media is also a good strategy to utilize your skills and make more money. Facebook groups, Quora Spaces, and subreddits are some places to look for side jobs. You only have to join a niche-specific platform, share your services, and respond to any opportunities.

It’s possible to learn a skill, practice it, and earn from it. Use the free resources online or purchase some e-courses to get started.

6. Sell Your Used Items for Extra Cash

Starting a side hustle isn’t the only way to generate extra money. You can turn unwanted items into cash for paying off credit card debt. Whether it’s an old TV, book, or furniture, there is always someone itching to buy your used stuff.

A garage sale, as much as it’s old-fashioned, is perfect for getting your neighbors and passers-by to buy from you. You keep all the money because there are no business permits or taxes involved. While you may not make much cash, it’s better than leaving your stuff to go defunct in your storage.

Other than that, you can sell your used stuff on online marketplaces. Facebook groups are great places to start if you want quick approvals and hence sales. You only have to ensure that your listing follows Facebook’s commerce policies.

When selling any pre-owned items online, ensure they’re in good shape to avoid problems with your buyers.

7. Know When to Seek Help With Your Debt

Asking for help with your credit card debt can be challenging to do. But letting it drown you is a road you don’t want to take. While you may feel embarrassed at first, it’s the best way to get back on track when you run out of options.

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There are tons of non-profit credit counseling organizations that can offer you free guidance on how to escape the debt trap. An example is The National Foundation for Credit Counseling. They simply review your finances and help you determine the source of your financial problems. After that, they match you with an actionable debt management solution.[3]

In extreme cases, the debt solution can be:

  • Debt relief – where your debt is partially or wholly forgiven
  • Debt consolidation – taking out one loan to repay others
  • Debt settlement – the creditor forgives a significant portion of your debt
  • Bankruptcy – legal process for seeking relief from some or all your debts

It’s necessary to carefully weigh your options before deciding on the way to go. Find out how it might affect your credit score and any other risks.

Wrapping It Up

Debt is a major setback when you’re trying to prosper in life. Paying off credit card debt is essential if you want to reach your financial goals. That means having more free income, a good credit card score, and even a chance to retire early. You become more productive each day because of the peace in your mind.

So, you now have some tips on how to pay off credit fast. Go ahead and get rid of that good life progress killer!

More Tips on How to Pay Off Debt

Featured photo credit: rupixen.com via unsplash.com

Reference

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