Summer Analyst savings?
Is it normal for summer analysts (particularly in NYC/SF) to be able to save some of their salary? And if so how much is realistically possible?
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yeah for sure, last summer I made around $15.5K and took home $10-11K. my parents helped out with rent so I only payed ~$1000 of what I made for rent. this summer rent prob won’t be a factor if your internship is online allowing you to save even more than normally! but yeah it should be enough money to use throughout the year to spend
15.5 before or after tax?
before tax, that’s why I said I took home 10 or 11
100%. save/invest, don't spend. i do recommend to buy nice clothes that fit.
Yes definitely -- I worked at a bank that paid 85k base + overtime + 3k stipend for rent, but also honestly was pretty irresponsible with my money that summer so assuming those two balance out. I was able to save a decent amount of money, ~5-6k, but more is definitely doable.
lol why is there shit on this answer. I am going to be a summer analyst this summer and you bet I'm gonna ball out a bit lmao
If it is a bank that pays on a per-hour basis, how much can you save?
Lets say that the pay rate is 40/hour plus over time, in NY.
You can save, not a lot but in the range of 1-2 k pre covid.
is it just me but it seems like the marginal benefit of spending most of your SA money senior year is way higher than saving a couple grand extra. my philosophy is saving this summer for next year as this is the last year of college and in my mind 2-3k in savings is not worth living senior year frugally, especially if you have FT lined up.
100% agree. obviously don’t buy a bunch of expensive “stuff” for no reason but this is the perfect time to spend money on fun experiences without having to stress too much about being frugal. I spent pretty much all of my SA earnings by the time I started full time and regret none of it
Curious as to what type of things you were blowing your money on? I could see stuff as a spring break and summer trip, some electronics, things you can continue to use for years to come, etc... being fine but not sure what dumb stuff one could blow their whole savings on?
Like 5-6k all on food, partying?
definitely agree with saving your SA money only to ball out your entire senior year especially if you have an offer
save it, i was an idiot and spent most of it on crap I didn’t need lol, but at least it paid for my senior spring break
Curious as to what type of things you were blowing your money on? I could see stuff as a spring break and summer trip, some electronics, things you can continue to use for years to come, etc... being fine?
I spent literally all 8ishK that I had after the summer throughout first semester last year lol. I was living in manhattan going out for drinks 3-4 nights a week and out to dinner most nights, plus a couple weekend trips to visit friends.. drained the whole thing. super excited to start getting paid in the next couple weeks
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