Is there a scenario where it’s possible to effectively save money during analyst years? I’m coming from a middle class background into banking and the thought of living 2 entire years without accumulating effective savings scares me a little. Curious to hear if any of you have been able to do so, and how, or if I don’t have a choice but to put it off until later.
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Spend your base, bank the bonus
If you don't have student loans, you definitely can save money as an analyst. Save your bonus (maybe spend a bit to keep yourself sane but can save vast majority), max out 401K, and then can definitely save on top of that. Would not be challenging to save about $10-15k / year of your base while still living life regularly without thinking about saving money all the time. But it comes down to personal preferences and whether you have things you want to spend on now vs. later
Don’t save use all of your money! Then do live TikTok NPC
Yes. Which city are you in? Some tips depend on the city. Here are a few:
1. Keep your student card - use heavily discounted public transportation eg. the metro etc. instead of a car for the first few years. This will save you a ton of $$.
2. Do not buy a gym membership because you won't have time to use it. Use the gym in your building or the company gym (** this depends so be careful).
3. Buy food that doesn't expire easily like cereal, pasta, sports/energy drinks from Costco and take it from home.
I’ll be starting in new york, but considering a potential switch to a lower COL city like charlotte after the analyst years to build wealth more effectively. New York scares me because of how high taxes + fixed expenses are, as well as how lifestyle creep is inevitable if I decide to settle down and raise a family there
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