3 Tips for Living in DC on a Budget
Moving to DC and wondering how in the world you’ll be able to make it work on a budget? You’re not alone. However, while DC has one of the highest costs of living in the country, there are a number of things you can do to drastically reduce your average spend and live well in the nation’s capitol. To help you on your journey, we’ve put together a list of tips for living in DC on a budget. We hope you find it useful!
Ditch Your Car
As we all know, cars can cost a lot of money between monthly payments, maintenance, and gas. On top of that, traffic in DC can be pretty intense. To cut costs and reduce stress, many people opt to utilize DC’s Metrorail, which offers riders a convenient and cost-effective means of travel both within DC and across the DMV. Additionally, the Washington Metro Transit Authority, the company that owns and operates the Metrorail, offers riders the option of purchasing monthly passes as a way to reduce spending even more. If you’re not sold on the idea of riding the metro, biking is also a great option with DC being such a bikeable town!
While not everyone is able to live without a car, like those with kids, it’s a great way to make DC work on a budget if you’re in a position to do so.
Save on Rent – Buy a Home
While it may seem counterintuitive, buying a home rather than renting can actually save you money. In general, if you’re planning on staying in your home for at least 3 years, it’s a better move financially to go ahead and buy. What’s more is buying a home in a booming market like DC can prove to be a great opportunity to build wealth, especially if you purchase in an up-and-coming neighborhood.
And if you think buying isn’t an option for you due to outstanding student loans, think again! Many states have programs to assist those with student loans in purchasing a home. In the DC area specifically, programs like Maryland Smartbuy & DC’s Home Purchase Assistance Program can help you to purchase a house without compromising financial security.
Take Advantage of Free Activities
Another great way to cut costs is to take advantage of the plethora of free activities around DC! Some great options include the numerous Smithsonian Museums, the National Gallery of Art, and the Library of Congress, which is the largest library in the world. DC also has no shortage of parks to enjoy and happy hours to partake in. Plus, tons of free concerts and shows throughout the year.
Need Any Help?
Of course, there’s a lot more you can do to budget your expenses, but we wanted to at least help get you started! If you need any more advice or recommendations as you make your way to the DMV, don’t hesitate to reach out We’d be more than happy to assist you in your transition.
