For those that have spent a summer as an intern in NYC, how much did you budget for expenses (not including rent/utilities)? I've lived in the Midwest my entire life, and the only time I've ever been in NYC has been for a couple superdays, so I'm rather unfamiliar with the daily cost of living in the city. Does $500 a month seem appropriate? $1000 a month? 1,500? More? I'm generally pretty frugal, but am interested to know how much former interns have spent during an average month.
Thanks for the input.
What is your lifestyle, do you drink/like to go out? You'd be surprised how fast money goes. Not including rent I spent around $5,500 last summer living in a lower tier 1 city. It was mostly on food/booze and then things like uber and bus tickets.
A lot of interns stay at NYU dorms, which will cost you around $1000 a month at the minimum. Rooms in apartments will start at around that price too, and you won't be getting much. Chuck on $200 for food/other expenses and I'd say that you're looking at $1200 if you're being VERY frugal.
Yeah, $200 will get you by for dinner + drinks + club ... for one night
Hence why I said “if you’re being VERY frugal”.
What club are you going to that $200 will suffice... let alone dinner and drinks?
If you're lucky (NYU dorms), $1,000 on rent. But expect something between $1,500/$2,000 per month. For everything else including food, drinks, ubers, subway etc. you can look at another $2,000 easily.
Depends on the life you want to live. A reasonable minimum, I’d say:
Rent: realistically $1,600 - $1,850 (LES, Midtown East, UES (by river), or FiDi / Hell’s Kitchen (terrible, but cheap)
Food: you’ll get free dinners ($20-30); leftovers for lunch?; dinner out costs ~$50/pp+
Drinking: drinks cost $20+ a piece, so going to a friend’s to pregame is key
Transport: Not sure what subway costs are, but Uber is affordable here, and you'll get car service from office to home
Good news is you won’t have time for many other expenses as an intern
NYC is $$$, but you get what you pay for here; it’s the centre of the finance/social world. You should be able to breakeven on an IB SA salary (i.e., spend you salary, bank your bonus).
Above all, have fun when you’re young; money will come eventually.
Very best of luck
Thanks, this is helpful. To get rent at $1600 - $1850 in those locations, are you talking about a studio, renting a single room in an apartment, or sharing rent with friends in a multi-bedroom place?
That's for a bedroom in a multi-bedroom apartment. Studios are 2k+ (2.8k minimum for luxury buildings), and 1 bedrooms are 3k+. I would check Harlem too. Good transportation, and definitely not as sketchy as people think it is.
Subway is 120$ per month in NYC, and Uber is definitely not affordable. The other day, it was somehow 40$ to go 20 blocks up. A ride is usually 10$ minimum. You can EASILY spend 600$ to a grand a month on ubers without even noticing.
The key is to pregame really hard when you go out and to expense as many dinners at the office as possible.
I probably spent a lot more than I should have during my internship but it was one of the most fun summers I've ever had. No regrets. Enjoy it man, you'll be full time eventually and won't be able to go out nearly as much.
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