How to live in NYC on just $100 a month, from a 27-year-old comedian who went viral on TikTok documenting his journey

• Frankie Hoy, 27, had only $139 in savings a month ago.
• The comedian decided to see how long he could get by on just $100 in New York City.
• He made it 31 days and says he thinks others can have similar success budgeting.

A month ago, New York City comedian Frankie Hoy was in a tough spot.

"I was broke," he told Insider. "I had $139 in total savings. I was making terrible financial decisions."

The 27-year-old worked as a truck driver until late last year, when he moved to New York City to pursue stand-up comedy. He frequents open mic nights in the city, but says his only source of income right now is a "very unstable" catering job.

He knew he had to find a way to save some money, and on November 3, an idea came to mind: How long could he get by on just $100?

He expected the challenge to last only a week, but after making it seven days with $66.92 remaining, he decided to keep going. 

It didn't hurt that he'd received a huge response on TikTok as he documented his journey. Hoy says he had about 50 followers when he began the challenge and now has over 126,000. His most popular video has over eight million views. 

"After the third day it just took off," he said. "It caught me by surprise."

Hoy is among the young Americans struggling financially as a recession looms. Many are taking on credit card debt, living paycheck to paycheck and struggling to stash away savings. It comes as most economists expect a recession next year and inflation remains elevated. The high cost of living in many cities, like New York, has forced some young professionals to move, including moving back in with their parents.

Even before beginning his $100 challenge, Hoy avoided New York City's high rents by living in a van he parks for free in Queens. His vehicle insurance is $120 per month, but given he doesn't drive much, he says he hasn't had to refill the gas tank since October. 

Not counting his vehicle insurance, here's how Hoy got by day-to-day for a month on just $100.

"It's been fun just watching myself not spend money"

Over the course of the month, Hoy says cutting back his spending and working ten days at his catering job helped him increase his savings from $139 to roughly $800. 

"I'm saving up," he said. "It's been fun just watching myself not spend money."

On day one, Hoy spent $7.60 — $4.34 on a Dunkin' Donuts coffee and $3.26 on a jug of water. 

A month later, he started day 31 with $4.33 left. He tipped a subway performer $1.58, and with $2.75 remaining, he had just enough left for one last train ride to conclude the challenge.

Cutting food and beverage expenses was Hoy's biggest obstacle.

Over the course of the month, he says he relied on dollar pizza slices, oatmeal, ramen, a restaurant in Chinatown where he says he can get 10 dumplings for $3, a free meal on the days he worked his catering job, and Too Good To Go — an app that helps restaurants get rid of excess food at a discounted price. 

Hoy also says he stopped buying alcohol and plans to give it up completely moving forward. For coffee, he began relying on a Folgers instant coffee machine he says he bought for $9 earlier this year. 

"If you drink coffee every day, think about how much money that's saving you," he said. 

He says he didn't suffer from a lack of a social life.

"I spend most of my days at comedy shows and open mics. So that would be my entertainment right there." 

While everyone's situation is different, Hoy says he thinks other people could have success budgeting in a similar manner. 

"It's not as hard as people think," he said. "I think after 14 days it became entertainment, but realistically, I think for 14 days anyone could do it — with just not buying unnecessary food and stuff and coffee and things you don't really need. You can go that long pretty easily."

Going forward, Hoy plans to continue budgeting, though not in quite as extreme a fashion. Next November, his girlfriend of four years will be moving to the city, which he says is motivating him to improve his finances. 

"I'm going to try to be stable for that, for when she gets here," he said, adding that they plan on getting an apartment.

While the catering job remains his primary source of income, Hoy says he's sold $118 worth of merchandise tied to the challenge. So in a sense, the $100 investment has already paid off.