Hello! I'm FI after working for 9 yrs in NYC, so it IS possible, but you really need to cut your spending drastically and here are some ways to do it:
1) i commend you for cohabitting in a studio apartment-my husband and i share a studio, and it's not for everyone but if you can cohabit in a one-room apartment, you can cohabit anywhere! Plus, living in a small place means you have to really think before you buy anything-do you have room to store it!? location wise, Murray hill is not the greatest, so if you definitely want to be in manhattan, a move uptown to the high upper east/Harlem would be good because you could get cheaper rent, and if you're close enough to walk to the 125th st station, you could commute just by metro north which would cut out the need for a monthly metro card-and just do pay per ride for metro cards (or nyc bikeshare!) if you do most of your around NYC exploring on the weekends. It would also free up time for you to cook more. If you haven't seen it already, check out
www.apartmenttherapy.com for great living in a teeny place inspiration.
2) to cut down on grocery costs:
A. consider getting a CSA. I pay $612 for 23 weeks of fresh veggies from a biodynamic farm, and $70 for 20 weeks of fruit. I blanch and freeze the veggies we can't get through every week (some weeks we get 15lbs of produce and even eating vegan we can't get thru it) and throw them into soups and stews throughout the winter.
B. buy your staples in bulk if you can. It's hard to find room to store stuff in a studio, but who said you can't store canned goods or bags of rice under your bed!? I find Fairway & Trader Joe's to be the cheapest sources of high quality groceries in the city.
C. Batch cook. Make a giant pot of a different kind of soup every week. Freeze individual portions of it in containers that you buy at thrift stores, label everything, and you'll have an assortment of meals for those nights when you don't feel like cooking.
3) to cut down on eating out:
A. Totally understand wanting to be generous with friends, but if it's impacting your long term savings goals, it's not worth it. Instead of treating them to fancy meals, maybe make a date to check out a food truck together, and you can pay for their meal then if you so desire. Or, find a BYOB restaurant (yep there are lots) and you bring the beer but split the bill. Or, since it's summer meet up with friends and take advantage of some of the awesome FREE things you can do in the city:there are free concerts, outdoor movie nights, festivals, exercise classes, etc all summer long-take advantage of them!
B. there are still a ton of hole-in-the wall places where you can get a great meal for well under $20/person. Here are some of my favorites: Theater District: Pam Real Thai, Meske Ethiopian Restaurant. Upper west side: Terakawa Ramen, peacefood cafe, pizza by la grolla, Saravana Bhavan, taqueria y la fonda. NYU area: Mamoun's falafel, Thelewala. East Village: Little Meunster, Pala Pizza. Williamsburg: Vinnie's Pizza, Urban Rustic. Jackson Heights: Himalayan Yak.
C. There's no shame in using Groupons or living social deals! Just make sure you actually use them before they expire!
D. It's great to have the intention to cook but sometimes all you want is some easy food that tastes good. That's where convenience foods at Trader Joe's-like their frozen meals and noodle bowls-come in handy. It's obviously cheaper to cook from scratch, so that's what you should aim for most of the time, but a $3 frozen meal beats a $10 takeout meal every time.
4: To cut down on alcohol/going out expenses:
A. Pre game at home.
B. find bars that cater to college kids, because they have the best deals. Our favorite bar is Bourbon St on the upper west side which has $1 mugs of draft bud light on Thursday nights. This company's bars have some amazing drink specials too:
http://www.nycbestbar.com/C. Take advantage of all of the amazing free entertainment mentioned above.
5. To reduce clothing expenses: as mentioned by others, clothing swaps can be fun, especially if your friends have similar tastes. Shop at Housing Works, an NYC thrift store chain whose proceeds go to support people living with HIV & AIDS. I got my Vintage Kitchenaid mixer and AMAZING enameled cast iron cookware, as well as two chairs, a plant stand, and frankly most of my wardrobe at the one on Columbus. Beacon's Closet, Buffalo Exchange, Crossroads Trading Company, and Second Time Around all have good selections. My husband gets all of his button down work shirts at Beacon's. I got my wedding dress (a sundress) for $20 at Second Time Around! The Salvation Army on W 46th street is great too-you have to pick through the racks more so than at the other places, but the prices are a lot cheaper. My nightstand and a bookshelf came from there.
NYC can be an expensive place to live, but it doesn't have to be as pricey as everyone thinks. You can live here quite cheaply if you are willing to put effort into always taking public transit, seeking out deals, and thinking ahead (make your own coffee, bring your lunch to work, always have a reusable water bottle, carry snacks with you, don't impulse buy). Good luck!