21 Tips On Financial Planning Living In An Expensive City

Living in an expensive city such can be a little bit challenging as you try to keep up with the hustle and bustle in the city. However, in the long run, it is necessary that you have the cash to take care of your needs, as well as sustain your life in the city.

If you live in an expensive city and want to attain financial buoyancy, we have rounded up 21 helpful financial planning tips on living in an expensive city. And if you keep up with these tips, you are sure to grow in an expensive city.

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1. Work On Your Mindset

If you are reading this, then you already have the right mindset. What goals have you set towards achieving financial freedom in an expensive city?

Are your goals specific, measurable and attainable? When you focus on your goal, you are sure to be fully in charge of your finances and reach success.

2. Network With People With The Same Goals

It has been said over and over again that birds of the same feather flock together. Locate people that share similar goals with you and network together. It will shock you the incredible growth you will record within a short period.

Expensive cities house a lot of networking events. You should find time to attend these events. Your next business or employee with better pay can come from someone you meet in a networking event.

3. Be Passionate In Your Workplace

To any employer, your worth is the amount of energy and enthusiasm you come with to the workplace. With such strengths, your employer is confident that you will only bring in innovations.

The passion you finally put to work will eventually see you rise the ladder. Do not forget that the promotion comes with a raise, therefore, more money in your account.

4. Do Major Trade-Offs

You cannot have all you want, but it is vital that you get all you need. Analyze your budget. Satisfy your needs first, and then, try to get some of the things you want. You cannot have it all.

5. Get Housemates And Roommates

Getting roommates or housemates to share the cost of housing with you will cut down your living expenses significantly.

6. Live In A Favorable Residential Area

When the location of your house is a bit far from the city, your rent reduces. Having financial freedom will mean that even when you love to live in the heart of the city, you may have to quickly reassess this love.

7. Search For A Rent-Controlled Apartment

Search for a rent-controlled apartment and when you finally get one, do not give it up. Rent controlled housing is a house in which the government controls the increase of rent. You are confident that your rent will not increase exponentially within the period you are there.

8. Transportation

One of the greatest devourers of your income is transportation. It takes about 17% of your average budget. You will also have to pay for insurance, parking and then there is also vehicle maintenance.

Public fares are cheaper. Get a bike or learn to enjoy walks, and you will see a tremendous drop in your expenses.

9. Reassess Your Entertainment Needs

Your focus remains on financial freedom. We are not saying you should starve yourself of fun. The question is; at what cost should you entertain yourself? Utilize public spaces, enjoy walking in the city, invite friends over to the house. This way, you will control your expenses.

10. Reduce Your Subscriptions

You do not need to subscribe to something because it is trending. Subscribe to not just your favorite apps and channels, but to the ones, you use and watch regularly.

11. Keep Shopping Around For Better Prices

Being expensive does not make it original. You must keep shopping around for the best prices. If you get higher rates with your service provider, then find a different service provider with better rates. Staying loyal to a brand can be expensive sometimes.

12. Cook Your Meal Rather Than Eat Out

You may not be a chef but imagine the money you will be saving if you cook more often. The money you would have spent on lunch and dinner will be channeled elsewhere. You can easily always learn new recipes online if you do not know how to cook.

13. Marry The Right Person

Hosting a wedding in a city like New York is quite expensive. Of course, filing for divorce will be a major financial-encapsulating experience.

14. Analyze Your Cash Flow

It is your responsibility to examine your spending habit and analyze your cash flow. There are so many online tools that will help you achieve cash flow analysis. When you find wasteful spending in your analysis, figure out ways to reduce it.

15. Automate Your Savings

You can talk to your employer to pull out a certain percentage of your monthly income into a different savings account and pay in the rest to your main account.

You can also use Acorn for automating savings. Every time you make a purchase, it saves pennies from your dollars, which adds up to something worthwhile over time.

16. Invest In A Home

While living in a rented apartment, save up for a home. While you live with that roommate, it’s a smart move to save for a home.

17. Define How You Live Your Life

Buying things in bulk is an economical way of purchasing items you need more often. It helps you to save pennies that accumulate into something noticeable over time.

18. Define How You Live Your Life

Take a good look at where you spend most of your money. If it does not add any value worthy of note to you, cut it down, and reinvest it where it makes sense.

19. Sell Off What You Do Not Need Or Use Anymore

Search through your stuff for items you no longer use; you can sell them out on eBay. It will not only give you cash but will clear up space for other things that are important.

20. Get A Legal Side Hustle

Find other alternatives on how to earn extra cash. If you have technical skills or you can write, take advantage of it.

21. Pick The Right City

Choose the city that suits your goals and objectives in life. Not every city is right for you. Reassess your goals and choose the right city.


Budgeting in an expensive city is never easy. With everything being so expensive and on top that all the attractions in the city that costs you loads of money can easily get you broke.  Financial planning living in an expensive city does not just require hard work, it also requires patient and discipline.

You don’t have to follow all these steps to get some results but if you incorporate some of these steps into your life. I guarantee you will see a major difference in your finance. – This article is brought to you by Car Title Loans California.

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