TYPICAL HOUSEHOLD BUDGET PERCENTAGES TV

Though living on my own would have its own set of benefits, living with my folks makes so much more sense financially.” For the tradeoff of chores and keeping it down late at night, I am living rent-free and predominantly bill-free. “I live at home and doing so has been a great boon for me financially. Living at home with parents in Manhattan: Want to know more? Horace did a Two Cents post breaking down his NYC lifestyle. Overall, I’m hesitant about spending money growing up in an environment where money is scarce makes you hold on tight to the money you have… though NYC isn’t the best place to be young and financially prudent.” Also, I recently cut out dating and that helped bring down my expenses as well. “I tend to skimp on eating out and going out for drinks in order to save money, so I usually cook my own meals or take advantage of work funded happy hours. True costs do vary month-to-month and are entirely dependent on your specific situation. Note: These are snapshot views and are intended as a close approximation or average of monthly expenses. If you’re trying to approximate your own cost of living for an NYC move, factor in those costs on top of the expenses provided below. The following expenses are of living costs only they do not include insurance, taxes, retirement, loan payments, savings, or anything else that typically falls on a case-by-case basis. I asked four other wonderful people to contribute their budgets for this post.

You can get personalized budget assistance and help with more complicated things, like negotiating with your creditors or finding out which financial assistance programs you qualify for.After providing my personal budget breakdown, I wanted to create a more applicable resource for those who want a more realistic view of what it costs to live in NYC. Seek help: The National Foundation for Credit Counseling is a reputable nonprofit organization that offers financial planning help.

This doesn’t mean you deprive yourself of these things forever it just normalizes not spending as much money on them and finding cheaper alternatives.

Do a no-spend challenge: Try to eliminate spending for a month (or several) on a problem area in your budget, such as clothing or entertainment.

You can ask a lender for a modified payment plan or refinance your debt into more manageable payments.

Negotiate with creditors: If debt payments are pushing you into the red, reach out to your creditors.

But going through your bank statements to see what you really spend can help you find areas you can work on.

Review your spending: It’s easy to guesstimate your spending with the calculator above.

Find ways to boost your income: Whether it’s working a side hustle or a part-time job or asking for a raise at your current job, finding a way to boost the income side of the equation can have the biggest impact of all.

Other: This is for all other expenses that don’t quite fit in any of the categories above.

Savings and investments: Money that you regularly save for an emergency fund or vacation fund, as well as long-term goals like college, retirement, and a home.

It also includes medications, glasses or contacts, and the like.

Health care: This includes all the out-of-pocket costs for health insurance, dental insurance, and vision insurance, such as premiums (if they're not deducted from a paycheck), copays, coinsurance, and deductibles.

This category also includes debt payments (outside of mortgages and student loans) and vacation expenses.

TYPICAL HOUSEHOLD BUDGET PERCENTAGES TV

Personal and family: Cellphone bills, entertainment-including TV streaming services like Netflix and other subscriptions like Spotify-fitness, pet expenses, household supplies, personal care (haircuts, toiletries, etc.), and clothing.

Also include any student loan payments you have. for children in K-12 and adults going to college.

Education: Tuition, supplies, fees, etc.

Transportation: Public transportation like buses, but also car-related expenses, including your monthly loan payment, repairs, insurance, tolls, and fuel.

Food: What you spend on food from the grocery store, eating out at restaurants, getting takeout, or meal delivery services.

You can also account for other necessary housing-related expenses, like utility bills, homeowners or renters insurance, and maintenance bills.

Housing: Your rent or mortgage payment.

Income: Your total take-home income, including any money you earn from side hustles, alimony, child support, part-time jobs, etc.

Typical household budget percentages