Budgeting advice for 1st year IB analyst?
If I have a bit over 5k after tax per month and will be living in Seattle, does anyone have advice on how much should be spent on things like food? If rent is around 1800, would food be like 1k? And then can I assume I'm left with like 2.5k per month for discretionary expenses etc?
Bump please
$1k is a pretty good food budget if your firm will pay for most dinners. If you don't work late enough of the week or if WFH impacts how many dinners your firm will pay for, you need to include making/buying some of your own dinners. I'd budget between $1k-1.5k depending on how much you eat out/how expensive that is for you.
IMO take the higher number for the budget and check in a few months later to see what you actually spend, adjust down if needed. but with $1800 rent on an IB salary you should have plenty of discretionary income and still be able to save money.
Thanks for the reply. Is it standard practice that the firm pays for dinner (at least for the days you're at the office)? I didn't know that.
With just 5k a month though that'd leave maybe 1 for discretionary and perhaps 1 for savings? Again thanks for taking the time.
Very common for you to order food through Seamless or whatever portal they use for food delivery to the office. Usually you are given $25-$30 to spend all-in, so you can get a decent meal on the firm’s/client’s dime.
Typically if you stay past like 7-8pm, they'll pay for your dinners. If you interned there and that wasn't what happened, maybe not but that's industry standard. Ask a FT analyst if you know any.
How much are you anticipating on discretionary spending? You should have plenty of money to go out (within reason) or pursue any hobbies on the weekends. Unless you have student loans or something like that you'll be fine
That's really low rent. If that's the case, you'll be fine.
.
in general I meant
Nisi consequuntur rerum officia. Nemo esse eius dicta dolorem voluptas. A velit corporis reiciendis earum.
Pariatur iure enim et inventore non illo mollitia. Quae quis sit est autem. Voluptatem dolores tempora voluptatem ad consequatur blanditiis ut. Aut a iste porro.
Aliquid necessitatibus commodi possimus aut explicabo. Sed itaque eligendi sunt ea aspernatur qui quaerat. Culpa eos perferendis ex aut. Quae officiis quisquam voluptate deserunt qui numquam aliquid.
Omnis reiciendis assumenda commodi vel. Eaque optio perspiciatis ex aperiam. Voluptate rerum dolorem sed voluptas totam distinctio dolor molestiae. Et blanditiis dolore est eos et reprehenderit et ullam.
See All Comments - 100% Free
WSO depends on everyone being able to pitch in when they know something. Unlock with your email and get bonus: 6 financial modeling lessons free ($199 value)
or Unlock with your social account...