My girlfriend and I went to Central Park over the weekend and had an awesome time. After we got back home, bellies full from vegetable tikki masala and authentic New York pizza, we wondered what it would cost to live in New York for a while. Not permanently, mind you. Remember, I want to see the world. This would just be a cool start to a journey.
Here’s the thing: New York is expensive. Rent can get as high as nearly three times the national average. That’ll put a damper on a freelance writer/blogger’s wallet pretty quickly. But some people are doing it. Can I do it?
Well… I can, but I need to up my game when it comes to income.
With my previous income, I could easily afford a $3000 apartment. Now? I want to go for something more around $1200-1600. But I can’t do this haphazardly. I need to make sure I have a budget in place – one that still leaves wiggle room for disposable income. One tactic that I was using a few months ago, but have moved away from more recently is tracking how much money I need to make per day in order to hit my financial goals. This is a practice that worked for me exceedingly well when I first began freelancing. Otherwise, I’m fairly horrendous when it comes to budgeting.
The next thing I need to do is have a list of my monthly necessities/bills (Some of these are over-estimated):
- Rent ($1600)
- School Loans ($1000… sigh)
- Internet ($80)
- Cell Phone ($50)
- Metrocard ($112 30-day unlimited)
- Groceries ($200)
- Laundry ($50)
- Utilities ($100)
So this brings me to a total of $3192. I also want to save $500 a month and have $500 a month for random expenses (not just for going out but also pursuing other business ideas. That brings my final total to $4692. Let’s just round that up to $4200.
This means I have to earn about $157 a day (including weekends). That number doesn’t seem nearly as bad as I thought it would be. I’m going to do more research and return with a tighter estimate, but this seems doable until I feel like moving somewhere else.
Going forward, these posts will be super-focused on getting to that number (we’ll just say $160). Earning that per day as a freelancer will be a challenge for me at first, but I’ll be showing my progress and will be pushing to make this happen as soon as I can.
Stay tuned for more.
Peace out, party people.
Previously: Redefining Wealth