Budgeting IB salary in high COL area
Hi everyone. Starting my first year as an IB analyst next week and wanted to know how some of the more experienced folks here budget their salaries. Living in a high COL area, and making below street ($100K/yr all in). Never been one to extravagantly spend so that’s definitely helpful in terms of saving. Also, planning on maxing out my 401K / retirement account contributions.
Additionally, the boutique I’m working at is starting remotely, so I’ll be saving money working from home for the first few months. Any tips/budgeting plans that have helped you all save would be greatly appreciated. Thanks!
You’re living in a high COL area with $0 rent? Not sure how you need help with budgeting - what is there to budget?
If you get your own place, it is best not to go over 40x monthly rent. So a $2,000 rent with $80K base would be the limit. Most people get roommates their first couple of years.
Yeah, guess I wasn't super clear on the first part. Living at home for approx 2-3 months, but then after that will be moving in with some friends where rent will be 1500-1700 range. Also, have to lease a car for the commute once I move out.
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