Incoming IB SA 25 in NYC: I was wondering how much y'all spend during ur internship stint? Want to have a rough estimate so I can save up some cash as a buffer for rent and other expenses before I get the paychecks. Also any credit card recs?
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Would recommend saving $4k to $6k for housing as housing stipend will be paid out two weeks after your start date
Throughout the summer, co-interns and I averaged around $1.8k to $3k for expenses including transportation, shopping, dining out, etc.
Speaking for NYC as well
2023 SA Gross Pay = $19,423 + $2k bonus = $21,423. Net of Taxes = $14,977.
Normal paychecks taxes at ~29%, 2k bonus taxed at ~42%.
Expenses:
Housing: $5,364 (~2.3k/month)
Food: $1,829 (~$700/month)
Transportation: $708 ($279/month)
Misc & Shopping: $3,020 ($1.2k/month)
Leftover or Saved: $3.5k
Since I am a Texas resident I got a nice 2023 tax return, $1.8k federal & $600 NY state return.
edit: monthly figures were calculated by dividing my total costs by 10 to get weekly, then multiplying by 52, then dividing by 12 to get month.
Isn't the taxes back related to them taxing you as if you made $100k+ throughout the year, rather than the $20k you actually made? If you are a TX resident working for 10 weeks in NY, you still owe NY state tax (just at a way lower rate). Most people should get a nice tax return because of that
Great breakdown though.
Yes on taxes, that was just the rate coming out of each paycheck so I wouldn't budget for a lower tax rate since it'd be awhile to get refund. But yes you are correct.
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