Hey guys,
The old threads seemed pretty out of date, so can anyone give a reasonable break down of monthly expenses and or budget recommendations for a 1st year NYC IB analyst? Any guidance on particulars would be greatly appreciated. For example, I know groceries are practically irrelevant due to living in the office, but are there other hidden costs/savings to account for?
If anyone can speak to these that'd be awesome:
-Rent
-Savings
-Transport
-Dry Cleaning
-Entertainment
-Other essentials?
why are the costs of a first year analyst any different than literally any other "newly graduate person"? these are all completely dependent on the individual and their spending habits.
your entertainment budget might be like $50 a month because you could be a total lame. mine could be like $400 a weekend because i am terrible with money and like to eat and drink. the only "hidden cost" you might need to build into a budget is having your laundry done at the wash and fold, which is roughly $1/$1.25 per pound. If you don't have a washer and dryer in your apartment or building, you'll be spending a fair amount on that.
Bump on this
Bump on this
- Rent $2500/month with roommates
- Tarsnsport $128/month unlimited monthly metro card
I'm definitely no expert on the state of housing in NYC but does this seem a bit expensive to anyone else (especially now)? Have seen places go for ~1800 with roommates gross, obviously subject to how many roommates you have, location, etc.
There are pretty good deals out there right now. At one point my old building was $4100 for a 1br and I have seen them listed (smaller than my old one) for $3k and those could be reasonably partitoned to make it $1500/pp and it is a really nice bldg. You could keep rent <$2000 with roommates. Transportation would be $120/mo for metrocard and whatever you spend on Uber (gets pricey when you're going out often). Figure another $2k in CC bills.
On $150k you should be able to save $60k pretty easily post-tax IMO. With COVID going on that should easily be attainable.
I will only jump in to add that I think it's extremely misguided to spend $2500/rent, or anywhere near that, at the analyst level. That's 50% of your after tax monthly income.
Please, please don't do that. Just think about the fact that you'll be living at the office, not your apt. Plus your ubers will be paid for by the office.
Im not familiar with NY real estate, but 2500 def sounds high. Is 1500-2000 considered normal? Is it worth paying a bit more to be closer, especially within walking distance from the office?
$2500 for a nice 1br in NYC is very, very low. The only reason prices are like this is the obvious. Pre trainwreck you were looking at $3500 or more for a 1br. My last building was >$4000 for a 1br last year around this time.
1500-2000 is normal. My advice to you would be to split the difference and set a max of 1750. Think that is a good amount and still leaves some room to save year round + bonus.
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