If you’re considering living in a NYC studio apartment with your partner, it can be one of your best decisions. However, there are several things you need to know about living in the city before you make the big move. Read on to learn more

1. Save Your Finances by Escaping Broker Fee

You can finance and share a studio apartment with your partner to make life more affordable in a big city like New York. To lease a studio apartment, you often must pay a broker’s fee on the annual rent. One way to escape the broker’s fee is to start your search for a studio apartment in NY online. According to High Rock Studios, engaged audiences spend 76 more times on services and products advertised online.

2. Understand What’s Needed to Finance Your Lifestyle

Many New Yorkers share studio apartments because of the cost of living. New York has some of the highest taxes in the U.S., which include the federal income tax, the state income tax, and the city income tax. It’s not just the roof over your head. Nearly all your bills in NYC will be higher, including entertainment, groceries, and alcoholic beverages. When moving here, your expenditure will substantially increase, and you and your partner must plan beforehand to make it work.

3. Make Creative Use Of The Limited Space

You’ll typically want to find a studio apartment that would fit most, if not all, of your stuff, especially if one or both of you are hoarders. The issue is that New York Studio apartments are generally small and may feel even smaller if you or your partner are used to larger homes in the Midwest or South. The good news is that some studios feature expanding closet space with ceiling storage. Try to dramatically cut down on your belongings, especially those you don’t need, or work to finance a storage unit in your monthly budget.

4. Know The Area and The Subway Map

You can quickly get by without a car in New York, making it unique compared to other American cities. It’s the most walkable in the country, with taxis everywhere, and its transit system is efficient and vast. The highlight is the subway system. It would help to download the subway map to your smartphone.

If you own a bicycle or a motorbike, you can choose to ride as your primary means of transport. However, be extra careful. According to NHTSA, 857 bicyclists died in 2018 from bicycle accidents.

5. Research Owning a Pet in NYC

Previously, owning a pet in NYC often precluded getting an apartment, especially if the landlord didn’t allow animals. But now, landlords struggle to fill vacant apartments, so they’re more lenient. According to the American Pet Products Association, about 67% of households in the U.S. have a pet. So, if you plan to rent a studio apartment with your pet, get your paperwork in order. You won’t have to worry about where to get pet food or a veterinary doctor in NYC; there are plenty.

6. Compatibility and Things To Do in NYC

NYC offers excellent eateries, bars, gyms, shops, cinemas, and parks where you can use your money without regrets. For instance, you don’t need to trek to the Jersey Shore to build a sandcastle if you reside in NYC; you can take the subway to Coney Island and Rockaway Beach.

It might help to put the size of the Big Apple into perspective. NYC is the most fantastic city in the world, half the size of London. Formerly known as New Amsterdam, NYC is known for having some of the best food and entertainment. It takes time for some people to adjust, mainly if you’ve never visited or come from a smaller town or city. Remember that moving can cost you, and planning how to finance the process is a good idea.

MANAGE YOUR MONEY TOGETHER

Here are some simple guidelines for DINKS to build wealth:

1) Collaborate: Meet regularly to talk about money, set goals together, track and monitor them.

2) Understand and respect your partner. Take time to understand your partners values about money.

3) Watch the numbers. Get a budget, monitor your spending and track your net worth.

4) Max your retirement. Maximize contributions to your tax deferred retirement accounts.

5) Invest in stock. Stocks perform better than bonds or cash.

6) Avoid high interest debt. Credit cards and title loans are financial cancer.

7) Diversify. Don't put all your eggs in one basket.

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