What does an investment bankers budget look like on a monthly basis. As I have looked into other forums on this topic I see that there isn't much left after each month and they didn't account any student loans into their budget. What would a budget for someone with 50k in student loans? Is it possible? Any response will help.
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Let me share my analysis.Hopefully this will get some more responses. BB IBD base is 85k, which is ~3,500$ on a semi monthly basis (pre-tax), approximately 2450$ post taxes (at ~30% tax rate). Which leaves us with 1225$ per week. 450 (rent) 30 (utilities) 30 (MTA Pass, but you'll probably get an employee discount)
70 (groceries) 200 (student loan-- could pay of 11,000$ a year) 15 (gym, unless you're a stickler for the Eucalyptus Oil scented towels at Equinox :P) 60 (lunch x6 days) 40 (misc. clothes,whey protein, toiletries etc.) 80 (eating out, partying etc.) Total weekly expenses - 925$ Weekly savings - 1225-975 =~150$ That's about 9,000$ a year. Conclusion: This is probably what we'd call a Bear Case scenario. You'd probably be able to pay off your loans in 6-7 years only with your base pay savings. Don't forge the year end bonus and the hefty pay check when we move to PE.
Anyone else wants to share their views ?
That seems pretty reasonable. You forgot bonus though, which OP could use to easily pay down any debt.
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