To NYC, or NOT to NYC...that is my question...

[CapnHook]

Posted: 10/24/09 at 2:03pm

For those of you who have moved to NYC in the past, perhaps you can offer some advice.

There is a chance that I may land some unpaid internships in NYC beginning as early as this Spring. I am a college grad with +$80k in student loans and $3k in credit card debt.

If I do end up moving to New York, I don't plan on making money right away. I just want to break even. I want to be able to afford rent/utilities/living expenses. At least until my internship is up.

Does anyone have any realistic advice on making this work? Or once I move in will I not survive the first week?

[Gothampc]

Posted: 10/24/09 at 2:56pm

Do you have a plan for paying all your expenses? Are you going to find a job or rely on savings/parents?

It is a difficult time in NYC right now. Unemployment is very high and jobs are not that easy to find. You need to solve the question of where is the money coming from?

Updated On: 10/24/09 at 02:56 PM

[Gothampc]

Posted: 10/24/09 at 2:57pm

Double post.

Updated On: 10/24/09 at 02:57 PM

[colleen_lee]

Posted: 10/24/09 at 3:04pm

I agree with Goth. As I am sure you well know, NYC is not cheap, and "just getting by" is so much harder here than it is any almost any other city in the US. I make pretty good money (twice as much as I was making when I lived in Florida last year) in a great job and I still barely cover my bills every month. I live in a tiny studio apartment in Harlem.

So you're going to need to nail down exactly where your money is coming from and an estimate of how much you're going to have.

Expect that you're going to need to live with roommates. Maybe even several roommates, and don't set your heart on living in the trendiest neighborhoods. Living in Manhattan at all may be out of reach until you start your career.

That being said, it is all totally worth it. I wouldn't change my life for anything right now.

[Jane2]

Posted: 10/24/09 at 4:03pm

Actually this is a good time to be looking for an apartment, assuming you're going to be able to pay all your bills.

The kids I work with are always moving around, and I hear about their experiences. If you're going to live with roommates, you could luck out.

One guy (with 2 rommates) just scored a huge 3 bedroom apt. on the upper east side right across from a park. $2500 for the apt. Amazing!

Lots of rents are lowered because of the economy. You've got to have an income, obviously, to even think of moving here.

[StarStruckGB]

Posted: 10/25/09 at 1:15am

Living in NYC is the dream. But everybody's right, you really have to have some sort of realistic budget plan, and having a roomate or two would definetly make finances easier. 4 friends of mine got a pretty sweet deal once they moved their sights from Manhatten to Brooklyn, so you never know where you might end up. Be flexible, and be smart.

You seem to be thinking pretty logically though Capn, and if you have drive and you're willing to hunt for the best deals out there, I would do what you think is best.
We're here for you!

[Phyllis Rogers Stone]

Posted: 10/25/09 at 11:03am

Two things that need to be addressed -

1. Are you going there with any savings, or just with the 80+ grand in debt?

2. Are you going to do any work besides the unpaid internship?

[nmartin]

Posted: 10/25/09 at 11:15am

I think you answered your own question in your original post.

[AC126748]

Posted: 10/25/09 at 11:20am

Other questions to ask yourself:

--Are you planning on making this a permanent move and eventually setting up a career and home in NYC, or would this just be a temporary situation?

--Do you have the discipline to live frugally/within your means? I've known many people who moved to New York and claimed that they would be able to conserve money, who ended up blowing their savings/paychecks on eating out, partying, theatre/concerts, etc. Within a few months they got kicked out of their apartments and were back home with mom and dad.

[nygrl232]

Posted: 10/25/09 at 11:33am

It's not hard to live frugally in the city. Plenty of shopping options with reasonably priced clothing outlets and a few food stores (although the food here is more expensive than it is anywhere else). Narrow down monthly expenses as much as you can--keep one phone line, no cable unless it's for your computer, get a monthly deal at a gym if you want to do that.

Living here is very much worth it. Getting a job is difficult, but internships can only help you down the line.

The biggest money suckers are restaurant dining, cabs, and grab-and-go food like Starbucks and delis. Brown bag it, get a travel cup and save a couple hundred bucks a month.

[Jordan Catalano]

Posted: 10/25/09 at 11:46am

After a certain actress gave up her apartment upstairs we went to look at it and assumed it had to be at least 4000 a month, so I called my broker and was shocked as all hell to find out that the apartment that was three times the size of ours was only $1800. (And this is in Midtown). So check it out and you might just get lucky!

[AC126748]

Posted: 10/25/09 at 11:50am

In theory, frugality is easy. But in practice, I've seen a lot of people burn themselves. Sometimes it's easier to grab a $4 latte at Starbucks than to brew a pot of coffee at home. Or grab takeout for dinner instead of cooking. Or pay $7 for a beer at a bar when you can buy a six-pack for $10. These things add up. You have to have the discipline to treat yourself occasionally, not habitually.

[Phyllis Rogers Stone]

Posted: 10/25/09 at 12:04pm

Did you pay off all those overdraft fees at your old bank?

[AC126748]

Posted: 10/25/09 at 12:17pm

Ha! Luckily, that has never been a problem for me--I've managed to live within my means, save money regularly and still have enough left over to treat myself from time to time. Most of NY Girl's suggestions have worked for me--basic cable only (why pay for something you can watch online for free?), join a low-cost gym, don't take a cab if you can walk instead. I've been in NYC for nearly four years and have never had to worry if my rent would get paid on time (knock wood). Sadly, I've known a lot of people who aren't as shrewd--a close friend blew through ten grand in a matter of months and was virtually homeless before moving back in with her parents.

NYC living takes discipline, especially if you're in an unpaid internship/student situation like the original poster. You have to be able to pass on many of the expensive temptations that the city has to offer.

[Eris0303]

Posted: 10/25/09 at 6:49pm

Also, would you consider living in New Jersey? My brother lives in Weehawken and works in NUC

[givesmevoice]

Posted: 10/25/09 at 8:09pm

I would also recommend looking to live in New Jersey. Depending on where you choose to live, your traveling expenses might be a little higher than living in New York, but the cities and towns in Hudson County and some of Bergen County are actually closer to Manhattan than some of the outer boroughs.

[ShazzMatazz]

Posted: 10/26/09 at 9:40am

Unless you have someone to help you with expenses, you'll may find yourself in a compromising position. But go for it! You never know what can come of it.
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