Budgeting Advice for Incoming 1st Year Analyst

Trying to figure out how much I can spend on rent and still live off my base of $110k, which I estimate comes out to ~$6k post-tax on a monthly basis. Here's my breakdown of additional expenses: 

  1. Contribute 6% to 401k to equal the company match - $550/month

  2. Food - $1,000/month. I plan on taking full advantage of the dinner stipends as well, so this includes weekend dinners where I might splurge more than usual. 

  3. misc/entertainment/night life - $1,000/month.  

Accounting for these expenses, I'm sitting at $3,450/month for rent and leftover savings. 

I'm not from the city, so please let me know if I'm underestimating my expenses and whether this is a reasonable budget for analysts. 

Comments (5)

May 10, 2022 - 7:10pm
uspsofficial, what's your opinion? Comment below:

Incoming first year as well who's also trying to figure out the whole budgeting thing lol. Interested to see what others have to say, but I'm planning on maxing my percentage towards rent (firm is hybrid and don't want to live in a slum), but then clawing back elsewhere (I eat out way too much it's a problem).

  • Intern in IB - Cov
May 10, 2022 - 7:43pm

Agreed, want to prioritize a nicer place with the amount of time spent WFH. Food shouldn't be too bad with the stipends, but really need to stay disciplined while going out on the weekends. 

  • Intern in IB-M&A
May 10, 2022 - 9:13pm

Eos optio commodi aut neque. Labore facere labore mollitia nostrum. Aut rerum quasi labore quo consectetur aspernatur. Soluta ullam et recusandae sed. Non aut dignissimos in enim. Ex nam sunt aut facilis id blanditiis.

Start Discussion

Career Advancement Opportunities

June 2022 Investment Banking

  • Jefferies & Company (▲03) 99.6%
  • Lincoln International (= =) 99.2%
  • RBC Capital Markets (▲07) 98.8%
  • Bank of America Merrill Lynch (▲01) 98.4%
  • Houlihan Lokey (▲06) 98.0%

Overall Employee Satisfaction

June 2022 Investment Banking

  • Jefferies & Company (▲12) 99.6%
  • Lincoln International (▲05) 99.2%
  • Greenhill (▲07) 98.8%
  • Rothschild (= =) 98.3%
  • Evercore (= =) 97.9%

Professional Growth Opportunities

June 2022 Investment Banking

  • Jefferies & Company (▲04) 99.6%
  • Lincoln International (▲04) 99.2%
  • RBC Capital Markets (▲09) 98.8%
  • Houlihan Lokey (▲07) 98.4%
  • Bank of America Merrill Lynch (▲04) 98.0%

Total Avg Compensation

June 2022 Investment Banking

  • Director/MD (9) $661
  • Vice President (37) $394
  • Associates (189) $246
  • 2nd Year Analyst (115) $162
  • 3rd+ Year Analyst (17) $156
  • 1st Year Analyst (367) $150
  • Intern/Summer Associate (77) $148
  • Intern/Summer Analyst (288) $91