I have lived in some of the more expensive cities in the world, like San Francisco and Milan, but moving to New York came as a particular shock to the wallet. I have a friend in New York who likes to say, “If you leave the house, it’ll cost you $100.” It can be difficult to stick to a budget and live your best bougie life. This article to walks through the basics of budgeting and some ideas to maintain a bougie lifestyle while sticking to a budget.
Budgeting Basics
Listed below are some major considerations in creating a budget.
• Be realistic: If you try to tighten the belt buckle too much, your budget will be impossible to stick to. Understand what you are spending per month and build a budget around that.
• Understand your net income per month: Your gross income (pre-taxes, pre-deductions) is not the number you take home. I run into a lot of people who can tell me their gross annual income but have no idea what hits their bank account every month. Build your budget after looking at your paycheck and what comes out after your taxes, insurance, HSA/FSA, and 401(k) contributions.
• Build in some savings: I run into a lot of high-income people who fall into living “paycheck to paycheck” because every time their income increases, their spending matches it. Building in a buffer for monthly savings or investment can protect from this risk. You should have about 3-6 of expenses months in emergency reserves. If that monthly spending turns out to be $10,000, one should have $30,000-$60,000 saved.
• Understand your future goals: Whether you’re hoping to buy a house someday, start a business, retire, pay for someone’s education, pay for a wedding, go on a nice vacation, or anything in between, it’s important to understand what those future goals are and plan to incrementally save for it. This needs to be factored into the budget.
• Separate expenses into non-discretionary and discretionary: Non-discretionary expenses are the expenses that must come out to meet your most basic needs. Discretionary expenses can vary month to month and are not essential to keep you alive. For bougie people, the discretionary expenses can be a significant chunk of their total budget and that is perfectly okay, if you are sticking to these other points.
Considering these ideas might lead to your budget looking something like this hypothetical example:
Being Bougie On A Budget
Now that we’ve gone through some of the budgeting basics, I want to go through some ideas for the discretionary side and how to stay bougie in New York on a budget.
Theater
I probably go to three Broadway or off-Broadway shows per month and rarely pay over $50 for a ticket. Here’s how:
· Broadway Lotteries: You can enter a lottery to pay $30-45 for tickets that are usually orchestra seats.
· TodayTix: You can get tickets on heavy discount along with same-day rush tickets.
· Club Freetime: You can get frequent off-Broadway and some Broadway tickets for a reservation fee of $5.
· Theater Development Fund: You can get heavily discounted tickets to opera, dance, off-Broadway, and Broadway.
Art Galleries
New York regularly holds gallery events and free art walks, especially in Chelsea. Dress up, drink wine, and be your best bougie self at a gallery event. Just be warned that if you do want to make a purchase, consult that budget!
Museums And Gardens
Many museums and botanical gardens (such as the Met, the Museum of Natural History, and the New York Botanical Garden) offer free days to the general public and Pay-As-You-Wish to New York residents.
Concerts
Through organizations like Club Freetime and DoMore NYC, you can get free concert tickets.
Work-Out Classes
Usually, there are no shortage of free workout classes in New York over summer. Hudson River Park and Bryant Park both regularly put on free yoga and HIIT classes.
Wining And Dining
The more time that goes by, the more I want to be able to have delicious food, a nice cocktail, and be in bed at a reasonable hour. This is well-suited for happy hours and pre-fixe lunch menus. There are dozens of lists out there of great happy hours and pre-fixe menus from groups like Secret NYC, TimeOut, and Infatuation. Pulsd also offers heavily discounted food, drinks, and events on their website.
Conclusion
I hope I’ve given you some considerations for both creating and sticking to a budget as a bougie New Yorker. It is possible to make and stick to a budget, save for your future goals, and enjoy the finer things in life with a little extra thought.
This informational and educational article does not offer or constitute, and should not be relied upon, as financial advice.
Cicely Jones (CA Insurance Lic. #:0K81625) offers securities through Equitable Advisors, LLC (NY, NY 212-314-4600), member FINRA, SIPC (Equitable Financial Advisors in MI & TN) and offers annuity and insurance products through Equitable Network, LLC, which conducts business in California as Equitable Network Insurance Agency of California, LLC). Financial Professionals may transact business and/or respond to inquiries only in state(s) in which they are properly qualified. Any compensation that Ms. Jones may receive for the publication of this article is earned separate from, and entirely outside of her capacities with, Equitable Advisors, LLC and Equitable Network, LLC (Equitable Network Insurance Agency of California, LLC). AGE-5727621.1(06/23)(exp.06/25)
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