Money Smarts: How to save money while on NOC New York — Part 1
“Money Smarts” is a series of tips and tricks contributed by all of us from NCNY8 that look insignificant at first, but all culminate to saving you thousands (yes, thousands) of dollars while you’re on the NOC program.
One of the biggest concerns about choosing New York as a location to start your NOC journey is cost. New York is both incredibly fun, with lots of things to do, as well as insanely expensive. NOC New York’s current monthly stipend is a healthy $2100 a month. However, your costs can really add up:
- Apartment Rental: $700-$1000 a room
- Meals: $7–8 meals are considered cheap
- Phone Bills: ~$40 a month
- Utilities: ~$20 per pax a month
- Internet: ~$20 per pax a month
- Transport: $121 a month
Here are three great beginners tips to convince you that it’s not impossible to be a financial ninja while on NOC New York.
Sign-up Bonuses and Cashback with US Credit Cards
You’re probably most used to using a Debit Card because as students, you often don’t have many bills to pay. However unlike Debit Cards, Credit Cards here offer very attractive bonuses. The hot favorite starter credit card among us is the Discover IT credit card:
- Get 2% cashback on all purchases for your first year (basically your whole NOC life)
- Get $50 credit when you sign up with a referral code. (Refer each other!)
The reason why the Discover card is a starter card is because you need it to get a credit score. One of the main credit scoring systems is VantageScore, from which you can get a credit score within a month. After that, you can apply for other credit cards with attractive sign-up bonuses.
The American Express Blue Cash Everyday Credit Card gives a $200 sign up bonus for spending $1000 within the first 3 months, while the American Express Delta Skymiles Credit Card provides a sign-up bonus of $150 for spending $500 within the first 3 months.
Just be responsible and pay your bills on time, and you’re gonna get significant rewards that will make living here a lot cheaper.
Killin’ The Rent Game
Rent cost is going to be your biggest expense while you’re in New York, so it’s important to get it right from the start. It’s also one of the most stressful and time-consuming parts of beginning your NOC journey. A few important tips:
- Strongly consider finding a shared room. The cheapest reasonable apartments you can find here mostly range from about $700 to $1000 a room. Living in a shared room is going to cut that by 40%.
- You can take over a senior’s apartment from a previous batch, or you can find your own apartment here (which is tricky, but possible). The important thing is location. Don’t be too picky about location. If your budget is anything less than $750 for a shared room, give up the dream of living in Manhattan. Any safe area which is within a 45 minute commute to the city and your workplace is already great. Popular places that NOC alumni have stayed in include Queens, Southwest Brooklyn, Bushwick and New Jersey. You should be able to find apartments that are between $600-$800 a room in these areas.
Online Shopping & Referral Codes
You’re going to be shopping online here, there’s no doubt about that. Whether you’re interested in tech, fashion, or health, New York is the defining place for e-commerce.
- Always use Ebates or BeFrugal whenever you consider buying something online here. These are the US versions of ShopBack, and give free cashback as long as you purchase through their portal. Both websites also have two-sided referral rewards of about $10-$15, so hack the system with your friends and maximize the rewards
- Because it’s so competitive here, a huge number of major e-commerce sites here have a referral program. Always look for referral codes to find ways to get free stuff and discounts. It’s the easiest way to get free cash and discounts for things that you were already going to buy.
Still have doubts about financing yourself for the NOC program? Leave a comment with your questions and stay tuned for more saving tips in the future!
