Budgeting Analyst Salary (NYC)
Wanted to hear more experienced opinions on how to budget a first year IB analyst salary in NYC. I will be a first year soon with a base of 85k.
401k match at 5%: 4250
Pre Tax income: 80750
Post Tax Income: 56000 (31% tax?)
Roth IRA: 6000
HSA: 4000 (? not sure how this works)
Rent: 18000
All other costs: 10,000 (not sure how accurate this is)
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Total left to save: 18,000
What do I do with this residual. Maybe 5k in high yielding savings account as back up and the rest 13k in brokerage? I'll definitely save my bonus too
Thanks in advance
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Rent should be a bit higher I would think, more like 1750-2,000 per month. On the other expenses, I think I would lean towards higher. That’s only 800 dollars a month or 200 a week or 30 dollars a day. The weekends alone you’ll easily spend over 200. Would probably say 20,000 is the right number, although I didn’t really save that much of my analyst salary first year (banked bonus)
Realistically you're probably going to save $5-10k of your base (some analysts don't save any of their base due to spending habits)
Many are saving everything right now living at home
Curious as well
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