First Year Analyst Budget (HC at SF BB)
(This is a throwaway account for purposes of anonymity) I have been reading various posts about budgeting and savings as a first year analyst but most posts were dated (ie 70k base instead of 85) and did not go very in depth. As the title says, I will be starting as a first year analyst at a BB in SF this coming summer. (85k base, 10k signing). I did not intern in CA so I am unsure exactly what I will be able to expect for take home pay and savings. Most important thing is to be able to get my own place in a decent area. Other than rent I plan to be as conservative as possible. I have prepared a monthly budget and was hoping that some current or former west coast analysts could tell me where I might be incorrectly estimating certain items or leaving out charges. The tax rates are derived from a tax calculator online and I believe it assumed no deductions so I am hoping this will be a conservative scenario. For simplicity sake I have assumed a 50k bonus here. (I took the tax rates from a 145k salary) Thanks in advance! 85k/12=$7083.33 per month Assume: Effective tax rates - Federal 20.81%, State 7.45%, FICA 6.34% Leaves: $4629.67 -401k $425 -Insurance/Benefits $150 -Rent (Studio in a nice area) $2500 -Utilities $150 Leaves: $1404.67 for food/ent/trans -Lunch/Groceries $500 -Cellphone/NFLX/Spotify $81 -Transportation (Assuming walking to work) $100 -Going out with group (Don't drink so just food and water) $100 Leaves: $623.67 for saving/spending
Yearly: $7484.04 savings from base if no additional spending occurs (unlikely) $10200 savings from 401k w/ match $32700 for bonus (50k taxed at same rates) Total Possible Year 1 Savings: $50384.04
