How much should I be saving as 1Y Analyst in NYC?
Curious how others are saving in NYC as Analysts. My base is 105k working for GS/MS/JPM.
My rent is close to ~2k btw
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I make 125 as an AN2 and my money disappears into thin air. I’m operating at a deficit.
This is concerning as I was banking on a salary increase next year to have some savings. You don’t save at all?
Comes out to like $1500 per week. Depending on rent, you're not left with much especially with how expensive everything is in New York.
Budgeting like the US government eh? My man
I’d aim to max your 401k, maybe save an additional $1-$2k a month on top of that as an emergency fund and spend the rest. You can bank most, if not all of your bonus at the end of the year. Once you get to Associate+ you can bank a larger portion of your base salary.
My end of the year last year was horrible, after taxes got 5k which is standard for first year analysts at a BB middle office role. I am moving to AWM this year and will get a 5k increase plus promotion to associate early July.
I have 7k in savings so far, not sure if that’s sufficient for A1
You should see how much you can save monthly after expense+food. If you dont go wild spending spree each month, you should be saving more than 7k in my exp. Your Rent is close to 2k which means it's less than 2k, which is consider a good deal in NYC. I know some analyst paying 2.3k living in an enclosed room.
How is your rent only 2k?
shoebox/roommate/ id imagine
Yeah roommate and tiny room in midtown
Flexing with roommates you can definitely get close to 2k rent in a luxury building in midtown. Flexing a large 1 bed with 2 people or a 2 bed with 3 people. If you're trying to live alone, then yeah 2k will get you a shit hole studio unless you to go to Harlem which nobody wants to do.
just curious how much are you making a month after 401k and taxes
Like 5600, which is truly not sufficient living in NYC now
Have some grit and come to Texas. Finance here is an infinite money glitch
Yeah but then you’re in Texas. Ugh.
Better than living paycheck to paycheck in nyc
It really depends on your family wealth in my opinion.
Are your folks losers and in debt? Then I would try to save as much as possible without taking too much of a hit to quality of life.
Are your folks successful and will likely be able to help you in a pinch and leave some type of inheritance? Then spend freely and enjoy some of the cooler places nyc has to offer and feel free to take dates to some expensive places.
Lol don’t really want help from my family, I could but they have paid for my college last apartment already
When I was a first year, my rent was $1.5k and salary was $85k. Roughly how the math worked was I used my first check of the month on rent / expenses. The second paycheck went to savings / investing. The math could work similar for you given your rent and salary, it just depends what your other expenses look like. That would basically be not going out much. Otherwise, just aim to save a quarter of your monthly take home, that’s like $1.3k. That plus your bonus would be solid
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