I've lived in a small (~600 sq ft) condo the past decade in a VHCOL city in the US, and while it may not originally seem like a good setup for a frugal lifestyle given how expensive everything is, I've realized it's actually made it really easy to live frugally.
The biggest thing is just not having a ton of space. That means:
- I'm less motivated to buy things just given that I don't have anywhere to put them. Or if I want space for something, I have to discard/sell/give away something else.
- It's easier to keep track of everything I own, and limited space means I have to stay organized. I don't buy an extra can of beans, bottle of moisturizer, or pack of underwear because I know exactly what I have and where it's stored. I have a smaller fridge, so I can't pack it with a ton of food that will eventually go bad.
- The space-to-price trade off means I consider my purchases a lot more than if things were cheaper and I had places to store them. I buy clothes very sparingly and opt for secondhand when I can. I automatically wait a few days before buying any non-essentials because I know I can want to buy things impulsively.
A couple of extra frugal benefits I've noticed:
- Transportation costs are low because I can rely on public transit and walking to get around. I haven't driven a car for over a decade and have never owned one; my condo comes with a parking space in a gated lot, which I've leased out each year for side income. My company also offers a commuter benefit where I can set aside pre-tax dollars into a transit FSA to spend on public transit.
- A great library system(s). Because I live and work in two different parts of the city, I have access to multiple public libraries, can borrow books/media across them, and can attend (free) events and programs!
- Buy Nothing Groups / Stoop Finds are great here. There's a ton of people offering items to neighbors and a lot of my neighbors will leave items on their stoop/front steps for others to pick up.
- A lot of free/low-cost events, museums, shows, etc. are offered here and I've met a lot of people through things like book clubs, walking clubs, gardening groups, etc.
Being frugal in a small condo in a VHCOL city
byu/kokoromelody inFrugal
Posted by kokoromelody
5 Comments
I am not frugal when it comes to how much money I spend on housing, but I am a homebody so it is worth it to me to exceed the recommended ratio and live in a 1-br in the downtown area of my city. I can similarly get away with not having a car, live within walking distance of a library, and easily take advantage of free museum days, free outdoor yoga classes during the summer, etc.
being up close and personal with all the things I own on a daily basis in a 750 sq ft apartment (with my spouse and our 2 kids)…means its really hard to justify new things!
Glad if it works for you!
I have occasionally spoken to large groups of colleagues about a broad swath of personal finance topics. While it is mostly about investing (how, where, and what to invest your saved money in), I always emphasize how important keeping expenses low is, as that fuels extra funds for investing. While there are lots of ways to save money, keeping recurring costs low is the biggest way. And of all recurring expenses, housing is the biggest one by far.
All of which is to awkwardly say, great on you, for keeping your housing costs low in a VHCOL city. And double bonus that it has led to so many other frugal wins (avoiding excess consumerism, side cash from renting parking out, library use, etc.)
Noticed much the same. It is incredibly efficient to live in a city and get access to so many free low cost resources and eventz