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In a low COL city so luckily will be able to save a good chunk. Planning to put ~20% of each paycheck to max the Roth/build a rainy day fund. Then bank just about all of my bonus however much that may be. Not planning on having a ton of free time to spend much $ during the first year but we'll see.
Assuming you put some money in a 401(k)/ROTH, pretty much break even on first year salary in NY. Bank the whole bonus.
Work in a regional city outside of NY and my first 2 years I was able to save like 20%-25% of my base to savings and all of my bonus. That's with HSA/401(K) contribution, nice/big apartment, etc. No state taxes and low COL are nice. Didn't really have the time to spend on anything and not a type of person to buy really expensive stuff
I was in NY and saved about $1k/mo of my base (post-tax, not including 401k, match, etc). Doable if you don't get fleeced by your real estate agent & you have a roommate.
Save 100% of your bonus unless you have high interest credit card debt or something.
Hopefully next year as a first year analyst I'll be able to put a decent amount of my paycheck into an IRA or a 401k. But I know, especially for the first year, things will be expensive as I pay for things like moving expenses, furniture, etc as well as just general expenses like the gym, food, and especially drinks that are way more expensive in NY. And so I'd be pretty happy as long as I saved 100% of my bonus.
Some simple breakdown. Once again average estimates for rent and stuff, some of my analysts friends pay $2k others pay $1.5k whatever works for you. Below in monthly basis and $85k salary.
Take home: ~$4.5k (max out 401k company match/health insurance) Rent: $1750 Utilities: $100 Lunch: $250 (M-F around $12 a meal) Drinks/weekend hangout: $400 (this will highly very, could easily be more once again) Roth IRA: $500 (good practice to max out) Subway: $80 (includes weekend trip / take company car home)
Total: $3080
Leftover money: ~$1,300 Misc spending; $300 - 500 Leftover money: ~$800 - $1,000
Once again people who go out a lot/splurge could easily spend more. A lot of friends go to a gym/coffee thats easily another $100 a month.
Hope this helps
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