Getty Images
Between artisanal cocktails, rainbow bagels, and endless career opportunities, New York City is a younger person's dream - and can be a very expensive one. To make it a reality, millennials have to be financially savvy and make some sacrifices.
We talked to Christine Amorose, author of a successful blog about living in the city she's called home for the last four years, to get some firsthand ideas on thriving in New York City on a budget.
"The biggest thing for me was to let go of the movie dreams of living in New York City - the gorgeous West Village apartment, all-day brunches, and shopping on Fifth Avenue," she says.
If you're a millennial living (or hoping to live) in New York, Amorose suggests the following to help you navigate the city without breaking the bank.
Apartment hunting
Getty Images
Between the soaring rent prices, broker fees, and questionable listings, finding a place to live in New York can feel like a full-time gig.
According to a recent report by StreetEasy, the average rent for a studio or one bedroom in New York City is $2,500. However, the averages by borough vary: $2,800 in Manhattan, $2,150 in Brooklyn, $1,800 in Queens, $1,300 in the Bronx, and $1,238 in Staten Island.
Millennials can explore less popular neighborhoods in Manhattan as well as the outer boroughs and be willing to have at least one roommate; they may also need to adjust their expectations. Consider the trade offs: a larger apartment for a longer commute, more time researching to avoid a broker's fee, or a dishwasher over a washer and dryer. Doing the work to find a more affordable place will help your savings in the long run.
Getting around the city
Getty Images
Your MetroCard should be your ticket (literally) to getting around the city. The subway system is extensive, convenient, and far more affordable than other transportation options. A single ride is $2.75, and a monthly unlimited pass costs $116.50. If you prefer a healthier option, take advantage of a bike share program. You can rent by the hour, or opt in for an annual membership.
Many people get into the habit off taking a cab or an Uber out of convenience, and that adds up quickly. Consider this: Instead of spending $15 on a cab every day, you can invest the extra $105 per week into your 401(k).
Dining out and nightlife
Getty Images
If you're not eating well in New York City, you're not doing it right. But with the inflated costs, dining out every night isn't sustainable - and you shouldn't put more toward margaritas than retirement.
A prix fixe tasting menu at Gramercy Tavern is $125, plus $85 for a wine pairing. A cocktail at The Dead Rabbit will set you back $16.
But it's possible to eat (and drink) well without going overboard. A late night slice of cheese pizza at Joe's Pizza is only $2.75. Instead of doing a $30 bottomless brunch at Fonda or Poco, fill up on dim sum in Chinatown - Jing Fong and Golden Unicorn are some favorites.
Dive bars are also an easy way to save on food and beverages. Amorose recommends The Commodore in Williamsburg, Brooklyn for its $10 fried chicken sandwich.
For an outdoor experience, Amorose suggests the beer- or wine-only line at Shake Shack in Madison Square Park. "You can just eat and drink outside underneath the Flatiron building instead of paying extra to be in a courtyard bar," she adds.
Entertainment
Getty Images
New York has plenty of entertainment options, but many of the most popular attractions will cost you.
A visit to the newly-opened Whitney Museum costs $22. A ticket to "Hamilton" can cost as much as a paycheck. "Sleep No More" will set you back around $100.
However, it's possible to make the most of living in the city while still setting aside a chunk of every paycheck. Take advantage of the free parks and public spaces - like Central Park, Brooklyn Bridge Park, the High Line, and the Brooklyn Botanic Garden, which is free on Tuesdays and Saturday mornings.
The MoMA offers free admission every Friday evening, and the Metropolitan Museum of Art and American Museum of Natural History are donation-based. There are also free concerts year-round in the city. And if you really want to see "Hamilton," try the lottery.
Living in New York City can be a great experience, but you have to be diligent about where you spend and save. After all, the money saved on food and drinks, your apartment, and entertainment can be put toward your future - even long after you may have moved away.
This post is sponsored by Santander Bank.
Santander Bank does not recommend, endorse, or make any representation or warranty regarding any of the other businesses or individuals referenced in this article.
Find out more about Sponsor Content.