Do you think it is possible to live in New York for just $100 a month?
A month ago, 27-year-old comedian Frankie Hoy had just $139 in savings. He did it in 31 days and says others can achieve similar budgeting success. “I was broke and had $139 in total savings. I made terrible financial decisions." The 27-year-old was working as a truck driver when he moved to New York to pursue stand-up comedy. He expected this challenge to only last a week, but after 7 days with $66,92 remaining, he decided to continue.
Many young Americans are struggling financially as a recession approaches. Many people take on credit card debt, live paycheck to paycheck, and struggle to save. That's because most economists expect a recession next year and inflation remains high. The high cost of living in many cities such as New York has forced some young professionals to relocate, including moving back in with their parents.
Before the experiment, Hoy avoided high rent in New York City by living in a van that parked for free in Queens. His vehicle insurance is $120 a month, but given that he doesn't drive much, he hasn't had to fill up his gas tank since October. Hoy says that within a month, cutting expenses and working in food service for 139 days helped him increase his savings from $800 to about $XNUMX.
On the first day, Hoy spent $7,60 on a Dunkin' Donuts coffee and $3,26 on a pitcher of water. For a month, he relied on $1 pizza slices, oatmeal, ramen, a Chinatown restaurant where he could get 10 dumplings for $3, free food on days he worked in food service.
A month later, he started day 31 with $4,33 remaining. He tipped the subway worker $1,58, and with $2,75 left, he had just enough left for one last train ride to complete the challenge.
“It's not as difficult as people think. I think after 14 days it became fun, but really, within 14 days anyone could do it - just by not buying unnecessary food, things, coffee and things you don't really need. You can last that long quite easily."
While his food service job remains his main source of income, Hoy says he sold $118 worth of merchandise related to the job. So in a sense, the $100 investment has already paid off.
Author Elina Linderman
