Received a FT HF offer starting after graduation next year, office in Mayfair. Base of £70k (just over £4k a month after tax). How much would you spend on rent and where in London? How much would you allocate to other spending and how much would you save?
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This largely depends on what kind of person you are...
West: Fancy, relatively quiet, high end, expensive rent, expensive clubs, central line gets you into Bond St which will get you to work ASAP.
South: Brixton, very gritty, much more going on with respect to nightlife, Victoria line straight to Green Park, cheaper rent. Would avoid Clapham as you have no quick way into work.
North: Islington/Angel/Finsbury Park, busy, good balance of pubs and clubs, more expensive than Brixton but less expensive that places out West - easy into work on Piccadilly Lines/Victoria Line.
I personally would spend about PS800-1200 depending on location, however you may have to bump that up. You're there for a few months and you'll be working so much (assuming IB type hours).
Spends:
Groceries: 300/month
Gym: 50/month
Travel (assuming zone 1/2): 150/month (not including Uber's of course)
Don't save anything, you're a SA (Disclaimer this may not be the best advice). Enjoy it but don't be a moron and spend it on bottles (or maybe do if you live West). Take advantage of the amazing food, drink and everything else on offer in London.
Thank you for the response, very helpful on the locations. Just wanted to clarify that it's full time, not SA. Would this change your advice in any way? Any advice on finding a place, other than SpareRoom?
Not sure where I got SA from!
Not really - just make sure you map your commute out door to door on CityMapper - once you lock into a year contract you need to have full confidence you can handle the commute.
Personally - SpareRoom is the way to go, it's such a good set-up in London that it would be crazy not to use it. The market is competitive and you can get decent quality as soon as you get out of that horrible PS500-800 range where all the non finance people are battling for rooms and bidding up rents (harsh but true).
I would only go with a agent if you have a group of friends to live with or you want to spend a fortune on a studio (which would be mad given the only time you will likely be there is when you sleep).
What sort of HF is this out of interest? More traditional strategy or quant or something else?
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