Intern in NYC - Summer Expenses
This summer I will join the flock of rising seniors migrating to New York for a banking internship. As someone who has never really experienced living in a city I am clueless as to how much I will spend over the summer. The only figures set in stone right now are what I will make from my internship and my rent. I've heard New York prices are ridiculous, but to someone who hasn't spent much time in the city I'm not aware to what order of magnitude.
How much does a 10 week summer intern tend to spend in the city? I'm talking mostly day-to-day expenses. To clarify: I will probably get dinner covered by work 5-6 days/week. I need to take the subway to work. I intend to go to my fair share bars/clubs/whatever. I eat a good amount of food.
Any clarification would go towards helping me plan trips in my last year of college. Thanks.
At BB's, lunch isn't generally covered, so if you're eating out let's say $10-15 dollars a day for lunch and then another $10-15 for breakfast or late night meal. Weekend dinners probably average $20 (mix between take out, delivery, fancy restaurants, and cheap).
This is assuming you're eating out a lot. If you are very diligent and are buying groceries and preparing them to go to work, this cost will be a lot less. If you were like me, then this is not the case, so food I would say is about $900 a month.
Going to make a huge assumption, but going out two nights a week, you might spend $50-100 dollars on average per night (drinks / cover / drunk food / uber etc.). Going out will be ~$600 / month.
If you don't have the clothes already, you may spend anywhere from $500-2000 dollars to get work clothes for your wardrobe. Since you haven't done an internship in NYC banking before, I'll assume this is $1000.
I'd say not including rent, your food and going out expenses will be around $1500 a month, but more if you don't have a wardrobe for work or going out.
Food:
Breakfast: $5/day x 7 days per week x 10 weeks = $350 (Basically a bagel and coffee at most places)
Lunch: $15/day x 7 days per week x 10 weeks = $1050
Dinner: $30/day x 2 days per week x 10 weeks = $600 (Assuming you go out with friends to a decent restaurant on the 2 nights you don't have dinner covered)
Subway Pass: $100/month x 3 months = $300
Leisure: $75/night x 2 nights per week x 10 weeks = $1500
So expenses excluding clothes/rent for a 10-week summer internship is around: $3800 give or take.
I read the above poster's numbers after writing this...and mines match his very well.
Wow, thanks for the great answers guys. That's pretty much all I need to know.
/thread
I live in nyc, you can easily get lunch for like 6 or 7 dollars if you wanted to. NYC is not that expensive if you know what you're doing.
Yeah I would recommend bringing bagels or cereal from home to cut breakfast costs, spending 7-8 dollars for lunch, and going out once a week. Using Yolo's budget that would save you around $1,500. Doesn't seem like too much money, but if you start living like that for full time you can have a meaningful amount of savings at the end of the year.
paying NYC costs with unpaid intern (Originally Posted: 03/25/2011)
Hey,
currently unpaid IBD intern in NYC. Have one more month left before it ends but I don't have enough to pay for rent. There is no reason for the MD to pay since he has 4 other interns already and plenty of other hungry ones on the street willing to take my spot.
I've only had finance internships and have never done anything like waiting tables to put on my resume. What kind of part-time work can I get?
Thanks in advance for the input
dude i'm pretty sure you can get a job serving, or doing some random thing in new york if you have banking on your resume... just make sure you talk to the owner/manager in person and explain your situation... if you can convey that you are smart and personable, they should see that you are vastly overqualified and they'll take a day to train you... waiting is rocket surgery... "So you wanted the caesar salad, and you wanted the alfredo with penne pasta... you guys good on breadsticks?"
This unnecessary contextual background brought to you by Olive Garden, "when you're here, it's because you desperately need a serving job, and would rather be doing something else with your time"...
For what it's worth, banking is a lot like waiting / bartending: it's not exactly tough work, but there's a LOT of it and you have to keep track of a lot of shit while dealing with people.
PM'd you
I once worked at a bar as a bartender/waiter and it was significantly more challenging than investment banking on just about every level.
That said, there are plenty of low-wage jobs to be had in manhattan if you're intelligent and hard-working. Try bars, national restaurants, retail, etc.
What bank still takes unpaid IBD interns?? I know seniors in HS who somehow got internships in banking and even they got paid.
Why don't you take out a loan for like $2-3K? You shouldn't waste your time waiting tables or being a bartender at night.
Best thing to do is to ask pops for the rent.
Serving in restaurants in NYC is not like serving in hickville or wherever you're from, Rufio. No one gives 2 shits that you have banking exp on your resume, if you don't have experience, if dont know food/liquor, you add no value - plain and simple. You could try to bus tables but even those are difficult to come by.
The BIGGEST issue is that it looks like you could only work on the weekends. Most places in Manahattan only staff FT guys. But If you really want to, fix your self up/look presentable and head out to the village between 3-430 and go up and down every block. Walk into every restaurant/bar/cafe you come across, ask for a manager, tell him your situation. Bring resume cuz theyll ask for it to be nice You might get lucky and someone might be need a busboy/dishwasher on the weekends but its difficult.
Just start knocking on doors and be persistent. You're not the first young person to look for a part time job in NYC......
Couchy, I did an unpaid IB internship and worked on weekends waiting tables. My case was slightly different, as I had the waitering gig before and I had previous experience. To be honest, a loan from the rents or a friend might be the better way to go, if possible. Bartending/waitering jobs in NYC can be really tough to get....they usually want peeps with previous NYC experience(and full time), let alone experience elsewhere. That said, check craigslist and go door to door. Think about busboy, cashier, deli, barista, and barback positions as well.
Or you could always pimp yourself out as an escort.
live in times square, there are bathrooms everywhere and it rains so you can shower once a month
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