Spending and Saving in New York City: Part One
Editor’s Note: While CF normally focuses more on practical fashion advice, we love to switch it up. So when Noel suggested documenting her first year at college away from her parents, spending and saving in one of the US’ most expensive cities, I thought it would be an interesting topic to read about!
Every other week, Noel will be talking about her adventures navigating the NYC sample sale world, adjusting to life without total financial support from her parents, and learning where to spend and save to support her love of fashion while staying within budget! Keep reading to hear her story – it’s a unique perspective that I think we can all gain insight from.
The week before I moved into my dorm at Columbia University, my parents and I had a talk about expenses for college — a conversation I was determined to put off until the very last moment because I knew my mother and father would start bickering over the level of my financial responsibility. After all, when you’re an 18-year-old college student with a penchant for Chanel bags, Alexander McQueen frocks, and Kérastase hair products, you start to seriously consider sacrificing chai tea latte runs for a new pair of shoes.
My mother believes that I should have an extremely comfortable college lifestyle because she doesn’t want me to “go without” like she did for most of her life, while my father is convinced that I must start living on rations to prepare for my potential future low-paying job in magazine publishing. As they debated all night over my financial responsibilities as an adult and as a college student, I realized that no matter what, I have to budget. I have to save my receipts and make sure I’m saving more money than I’m spending.
After all, I’m going to college in New York City — the city of daily sample sales, novelty dessert bars, (yum, Momofuku!), and Broadway shows. Luckily, being a Columbia student grants me special privileges, such as free admission to the Museum of Modern Art, discount Broadway show tickets, and half-price movie ticket vouchers. Satisfaction is only spending $6.50 on a movie ticket at Lincoln Square to watch The September Issue.
I’ve also discovered the joys of finding free food on campus (I like challenges, after all). Sure, I have a fixed meal plan and plenty of dining dollars, but it is a quintessential college experience to mooch free food from club meetings (whether or not you’re interested in joining the club) and to pack chocolate chip muffins into Tupperware containers in the dining hall.
Typical college student mooching aside, I have written myself a series of rules that have aided me in budgeting as a freshman in college and in New York City. Some of these rules are:
- Rack up the points on your store rewards cards. CVS, Duane Reade, Sephora, Petco, and many eateries offer you discounts or freebies once you spend a certain amount of money. For example, I’ve already spent about $30 on cough drops from Duane Reade in these past two weeks because I’ve been deathly sick (no, not swine flu) — that’s 30 points on my card. Additionally, I always purchase my makeup from Sephora, and I’ve earned hundreds of points for free samples this way.
- Look for deals on manicures and pedicures. Even though plenty of people say you can do your own nails and cut out the expenses at nail salons, I’m terrible at doing my own nails and I am willing to invest a few more dollars for a quality polish. I use Lifebooker to look for deals on mani-pedis in New York City — sometimes for less than $10!
- Eat out once every two weeks. At home, my family eats out almost every other day, but I’ve had a relatively easy time adjusting to college dining hall food! You can’t go wrong with grilled chicken and salad. However, New York City is tempting with its vast array of places for fooding. While I am willing to snack out occasionally, I can save $100 every month by choosing to grab food on campus instead of at a restaurant.
- Shop at sample sales whenever you can. I love Opening Ceremony and Henri Bendel and I admit that I’ve made a few purchases from these stores here and there, but I’d rather take advantage of buying my clothes and accessories on sale these days. Sure, they’re still splurges, but I’ve attained $600 Bill Blass jackets for $100 and $500 Sonia Rykiel sandals for $200 by purchasing off-retail. New York Magazine’s The Cut blog and Fashionista post daily sample sales that are worth checking out for even deeper discounts.
- Look closely at campus bulletin boards to find deals on dorm appliances, furniture, and textbooks! My roommate bought a chemistry textbook for about $200 at the bookstore, only to discover that an upperclassman was selling the same book for half the price on her way back to the dorm. Columbia also hosts a “green sale” every year, where students can purchase used refrigerators and other knickknacks from other student for as little as $30.
- Be willing to travel a bit farther for cheaper groceries — it adds up. Even though my campus neighborhood is close to Whole Foods and a variety of gourmet grocery stores (and a delicious farmers market!), the university offers a free shuttle to Fairway Market, a much cheaper grocery store. I’m still lamenting over the fact that fresh fruit in New York City is much more expensive than fresh fruit in California.
So, while I’m hoping that Mint.com will stop sending me alerts about my dwindling bank account, I’m going to improve my spending habits before I reach the breaking point of Confessions of a Shopaholic.
I hope you enjoy figuring out the logistics of balancing work with play (and balancing my checking account) in the next few weeks with me!
What are some ways that you save money and budget in college?
Posted on on September 22, 2009 / Filed Under: College Life / Tags: Budget Fashion, Budgeting, Money, NYC, Sample Sales, Tips
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Nicki
Awesome Post! I also live in new york city. I would recommend that you try out the barneys warehouse sale. I’ve scored $500 Marc by Marc Jacobs Sandals for $32 and a rag & bone cardigan for $20!!!
Ella
This series is awesome! I’ve always wanted to go to New York and am applying to study for my Masters in a year so this great! Thanks so much, its nice to mix things up a bit :)
Melanie Silver
Woo! Columbia! I am a senior and nyc has totally transformed me into loving fashion!
Zephyr - CF Editor
Glad you guys like Noel’s column so far! This is one of the features I’m most excited about – I don’t know about you guys but I love hearing about how people survive in NYC. It really is one of the most expensive and tough to live in, but fashionable and FUN cities out there.
And Melanie, I can totally see how you’d say that! Just visiting NYC makes me want to step it up, fashion wise.
Cecilia
I live on a rural campus in Georgia (well, right now it’s like an underwater campus due to flooding). Most of this doesn’t really apply because city life is so different (and more expensive) than in small town GA. It will be interesting though to read and see what life is like in NYC!
That is another thing I noticed too. Fashion is so different in rural areas as opposed to urban. No one ever really dresses up here, unless they want to get gawked at.
Sarah
Ohhhh, this is such a good idea. This summer I lived in NYC while I did an internship, and I spent like crazy! It’s a shame I didn’t have this! Although these rules apply no matter where you’re at school, which is the best part. So even though I’m living the less glamorous life in Indiana I can still get some pointers.
Cecilia, I live on a rural campus too, and I dress up every day! I don’t mind the gawking or the compliments :) You should go for it and up the image of your campus.
Jessica
I can’t wait to hear more about your first year! This will be fun! And great tips in this post :)
CJ
I’ve been to NYC and would loveee to live there, but it’s Chicago for now so I guess that’s somewhat similar. Looking forward to the rest of these posts!
Jess
I like this post. Its good to know that I am not the only one trying to save as much money as possible.
Well ever since I started college I shop at a local Dollar Store to get the basics: napkins, trash bags, pens, other school supplies. It really helps because I can use the money I save for bills and for those cute shoes I have been dying to buy lol
I can’t wait to hear more.
wendy wong
I was born and raised in NYC so I don’t really comprehend why its expensive because I’ve been there all my life. I go to college now in nearby New Jersey but I go home constantly cuz I’m a city girl. But now that I have been attending school in NJ for last 4 yrs, I do realize its much cheaper than NYC. But seriously, no matter how much it cost, no place in the world can beat NYC. Studied abroad in England for a while and you will truly appreciate the prices in NYC. ITs not that bad in NYC. Go down to Chinatown for fruits and veggies, way cheaper. Eat out at those special places during lunch time. Always wait for the SAKS sale, the best. Barneys sale is always way too crazy for me. Samples sales of course esp the Intermix sample sale. LF has a huge sale twice a yr, go! DO not buy anything at full price unless you feel like you will die without it because in a week or so it will be on sale.
wendy wong
Another piece of advice: try ebay and all the vintage/goodwill places! Unless you are like my mom who hates that I buy other people’s old stuff.
Maxine
I like this post as well but it should be for everyone rather than those who go/live in NY. I lived in SF for college and my advice is:
1) use yelp.com to find cheap but awesome stores/restaurant – it gives viewers a chance to see if the store is expensive or not.
2) Buy 2nd hand at thrift shops or consignment stores. You can find a ton of awesome cardigans there.
3) Look online for coupons. Usually there’s a 20% or 40% off one item coupon you can use in-store.
4) look at online forums. Usually you can find weekly circulars for weeks in advance
Shanice
Great tips, and this sounds really interesting! I can’t wait to hear more about your life in NYC! :)
Vanessa
I loved this post! I definitely agree with cooking your own meals and signing up at Gilt Groupe and RueLaLa for amazing sales on designer labels.
Luinae
I can’t wait to hear more about your life in New York- I want to go to University in London, and that is a pretty expensive city too!
Blaire
This is nice to have. I spent a semester in NYC last year, and let’s just say the charge card bills were NOT pretty. With all of the shopping and the food, and everything else NYC has to offer, it’s hard not to spend spend spend. Since I’m starting law school in NYC next year, this is nice to know.
Cara
I attend college in Tulsa, and yet I am still a girl after your own heart…my bank account has been heading Becky-Bloomwood-ways ever since I arrived in a new city on my own with a debit card, so I will definitely be reading these posts, if only to remind myself that I am NOT the only one suffereing under a budget and that at least Tulsa has a very low cost-of-living, much lower than in Austin and Houston, where I grew up. Can’t wait to compare results in another couple of weeks!
Michelle
As a sophmore attending college in the small town of Staunton, Virginia, where the mall really only consists of a Dillards and a Wal-Mart, I do understand bugeting (all college students are strapped for money). I order cheaply when I eat out (usually only once a week), and always eat on-campus when I can (don’t want to waste that meal plan!). I set myself a limit of $40-$50 a month (small, I know), and only carry cash with me (I only take my checkbook and debit card if I need to stop at the drugstore to pick up a prescription for my inhaler, because even with insurance, it sets me back by about $36). I never use an ATM machine because all the fees add up, so I use the cash back option when purchasing something from my debit card. Granted, I have a job/internship, but at $8 an hour with 10 hours a week, it’s really not that much. Finally, and this is the important one, as soon as I use a debit card or check, I write down the amount and then back it up on Microsoft Money. Once a month, I check it against my bank account online. So far, it’s worked for me, so stay away from those vending machines! :)