Hi Monkeys,
As an A1 starting this summer in London I am trying to figure out the monthly budget. I came with the following split:
Housing: GBP 1,300
Food: GBP 300
Transport: GBP 150
Other: GBP 300
Based on your experience, does that sound realistic? I will be based in Canary Wharf and plan to live within the proximity of that area.
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Given work from home, expensed diners and the likes I spend 300-500 for all non housing expenses but your breakdown otherwise seems fair. 1300 for housing is high if you plan on sharing but you can affoord that.
What rent range would you aim for as an Analyst?
~£1,000 incl. bills if flat sharing. Property near Canary Wharf is also generally cheaper compared to near the City or Mayfair.
Sounds about right, probably a bit more in food with WFH.
Personally, I spend c. 1600 for housing but I value a good place alone. You could find something decent at 1100.
Assuming you want to save as much of your SA salary as possible, a revised budget could be:
Housing: £1,000
Food: £200
Transport: £50
Others: £300
Housing: Most places in the CW area are actually quite cheap depending on how far you want to be. Even something 15-20 minute walk away can be had for a reasonable price. Unless you're 100% sure you're getting a return offer, you will be going for short-term lets. This reduced the options and you are often left with single rooms in share accommodation that rarely go above £1,000 per month.
Food: Most of your meals will be in the office with company money. You may spend for lunches, but you have a number of cheap eateries in the area. Assuming you also buy some groceries (at least the staples), you will still come in well below your budget on a monthly basis.
Transport: If you live in the area you will walk everywhere and spend most of the time you have there even for social events during the week. Weekend are different, but going to and from central London on the tube costs ~£5. I don't think you'll spend that much.
Other: Really up to you how you spend your money, but £300 seems reasonable for random things like dinners, dates and fun nights out.
Agree, that was more / less my budget during my internship. As now I will be going for FT want to share flat max 1 person and have access to gym in the building, hence the GBP 1,300 for housing.
Great overview for interns tho!
Renting outside London.
Housing: GBP 700 (Studio)
Transportation: GBP 300 (Commute is very decent)
Food: GBP 300
Miscellaneous: GBP 500
Save rest.
Miscellaneous: 300*
How long is the commute in your mind?
£700 for a studio? And £300 travel? Assuming you travel just 20 days into the office, that’s £15 return.
Where on Earth are you living that’s close enough for a £15 return but cheap enough for a £700 studio?
How are you all spending £300 on food? Sounds crazy low to me.
You easily spend £10 per day you are in office (lunch + coffee) and if you want to live at least a little with some restaurant visits (Sunday brunch, Saturday night out), that's easily +£50 per weekend (maybe every 2nd if you want to keep it conservative).
what you use said literally comes to £300
£10 per day on lunch/coffee x ~20 weekdays per month = 200
£50 per weekend every other week (i.e. x 2) = 100
And no food for any other meal
So on weekends you eat once every two weeks? Even groceries cost something.
Yeah I agree this is just too low. IB is painful enough so at least spend a little more on food or whatever. You can always save the whole bonus.
Following
During Lockdown:
Housing: £800 (incl. Utilities)
Food: £300 (not incl dinner expensed through work)
Shopping: £300
Other: £200
Savings: £1,500
What area in London are you renting a place for GBP 800? Curious for my search.
Kensignton (I work in the City)
The rent is low as 1 of my flatmates has a SO who moved in and started paying rent.
Analyst II here, working at a BB in Canary Wharf as well
Housing £600 (bills included) - Shared apartment with 3 people near Stratford
Food £300
Leisure £50 - £80
Transportation £160
Miscellaneous - £140 - £180 (shirts, suites, electronic devices...)
Savings - £2150 + Bonus
How do you find decent places for GBP 600 all. incl. in London?
Btw. Amazing savings rate!
If you go to “Spareroom.com” there are plenty of good rooms within the £550 and £700 range. There is no rule saying that because you work in Banking you have to live in Kensington, Knightsbridge, Fulham or Belgravia.
Islington, Stratford, Dalston, East Ham or Canary Wharf are quite centric areas with plenty of good deals. Additionally, no one has ever died for sharing a kitchen and a bathroom, so by not renting an en-suited room, you can save up to £300 or £400.
Honestly, as we are slowly coming back to the office, where you’ll spend long hours, it has no sense to pay so much money on rental.
My first internship was at a small boutique that paid me £2,200 per month gross, so I had to learn to survive in London with that, and it is totally doable.
So you basically have no hobbies or social life in weekends ? You never go o with friends or colleagues ?
One of my hobbies is working out in the gym, now I am back to my banks’s gym, so the expense is automatically deducted from my salary (I don’t included in this breakdown).
I work most of Saturdays, so I can’t hang out a lot. Since most of my friends are pretty broke compared to me, I have to adjust to their budgets, so when we hang out we go for kebabs, McDonalds or tacos, instead of going for dinner at a nice place in the Soho, and we usually do drinks at someone’s place instead of spending £8 per pint in a pub.
Besides, you can do plenty of activities and have many hobbies in London without spending too much. As I mentioned in my breakdown, I usually spend on leisure less the £80 per month, and I have plenty of fun.
The richest man is not who has the most, but who needs the least.
How much does it typically cost per month to get suits dry-cleaned in London?
I used to Live in Canary Wharf. The budget is quite fair and apt.
I am surprised by how little some people spend in the City/CW. Even at Uni I am spending quite a bit more, might just be that University towns are a bit more expensive though.
If these budgets are in normal times outside of lockdowns, £50 to £300/ month on leisure, going out, having fun etc are totally unrealistic. If you are spending that when you’re on a decent salary then frankly you are missing out on the things London has to offer. Saving is great but to people like the guy who saves £2k while spending £80 on leisure, is it worth it at the expense of all the fun you could be having in your 20s (especially if you are also saving your bonus)? Truly hope this is a lockdown budget.
You can also get decent rooms in flatshares for anywhere from £650+. Wfh makes it more important to have a good sized flat but it’s a great way of making new friends. Only if you’re renting a one bed place does the price really start at £1300.
I’m quite amazed at how unrealistic this is.. £300 for food and £300 for Others...
Si basically if you buy a suit, go in a weekend abroad, buy AirPods, furniture, or something like that, the £300 is gone. Re: food, it seems like none of you like going to restaurants, and none of you go out to bars during weekends ?
and what about paying down student debt ?
i actually think spending less than £2,500 incl. student debt in normal times (non-lockdown) is pretty hard unless you have no social life.
also bear in mind you’ll have no time to cook, so you’ll just be buying takeaway food or ordering Deliveroo for lunch.
Your student loans get deducted automatically. I'm guessing OP asked about disposable income
Hmm ok. I didn’t get one in the U.K. wasn’t aware
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