To Those Out on Their Own: What's Your Budget Like?

Rank: Almost Human | 7,543

We're young, single [well, not anymore unfortunately], and get paid pretty well for our ages. We have very few legitimate needs, rarely pay for our own food, and spend 90% of our lives in the office anyway... so what the hell do we spend that money on anyway? I'd be interested to see what the breakdowns are for you guys (best-guess estimates obviously) in terms of how you spend your budget.

I'll give a template as an example so we can keep it organized but I haven't seen a topic like this so it'd probably be helpful to see what the typical expenses are for the typical Wall Streeter fresh outta college. Anyway, here's mine. I'll give my estimates pre-engagement, because I think they're about to change in the most depressing way possible.

Job/Experience: 3rd Year HF Analyst
Rent: 15%
Clothes: 5%
Food/Restaurants: 10%
Drinks/Social: 10%
Hobbies: 5%
Savings: 55%

So I'm kinda simple...

Comments (114)

 
Jun 30,2012

You forgot to put your wedding: 2325%

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Jun 30,2012
Boreed:

You forgot to put your wedding: 2325%

How bout the divorce? 50%. Of everything.

I hate victims who respect their executioners

 
Jun 30,2012

"Simplicity is the ultimate sophistication."
-Leonardo da Vinci

Looks like you're pretty sophisticated.

 
Jun 30,2012

I am looking at:

Savings: 40%
Food/Going Out/Drinks: 15%
Rent & Utilities: 20%
Transportation & Misc. Expenses: 10%
Clothes and durable goods: 10%
Hobbies: 5%

Pretty happy with it. Saving is almost a hobby in itself. I love investing, so a little more in my account gives me more to play with.

 
Jun 30,2012

Louboutins: 100%

In seriousness:
Rent: 33%
Restaurants/Going Out/Drinks: 5%
Groceries (I cook for myself): 10%
Clothes/Make-Up/Shoes/Hair/Massages/Facials, etc.: 25%
Utilities, Transportation: 5%
Leisure activities: 3%

The other 19% goes to savings or more "splurge" items like the aforementioned Louboutin's. I also keep a little cushion since my firm is slow with reimbursements for cabs, meals, etc. Also should note that I'm a "spend your salary, save your bonus" type of person, so the savings part isn't as high of a %.

 
Jun 30,2012
anaismalcolm:

Louboutins: 100%

In seriousness:
Rent: 33%
Restaurants/Going Out/Drinks: 5%
Groceries (I cook for myself): 10%
Clothes/Make-Up/Shoes/Hair/Massages/Facials, etc.: 25%
Utilities, Transportation: 5%
Leisure activities: 3%

The other 19% goes to savings or more "splurge" items like the aforementioned Louboutin's. I also keep a little cushion since my firm is slow with reimbursements for cabs, meals, etc. Also should note that I'm a "spend your salary, save your bonus" type of person, so the savings part isn't as high of a %.

Am I in love?

I hate victims who respect their executioners

 
Jun 30,2012
BlackHat:

Maybe I'm just on edge today because I'm effectively stuck doing wedding planning bullshit for the rest of the weekend and want to tear my eyeballs out.

BlackHat:

I'll give my estimates pre-engagement, because I think they're about to change in the most depressing way possible.

BlackHat:

We're young, single [well, not anymore unfortunately].

BlackHat:

How bout the divorce? 50%. Of everything.

BlackHat:

Am I in love?

Damn. Contemplating divorce even before marriage, huh?

 
Jun 30,2012
Connor:
BlackHat:

Maybe I'm just on edge today because I'm effectively stuck doing wedding planning bullshit for the rest of the weekend and want to tear my eyeballs out.

BlackHat:

I'll give my estimates pre-engagement, because I think they're about to change in the most depressing way possible.

BlackHat:

We're young, single [well, not anymore unfortunately].

BlackHat:

How bout the divorce? 50%. Of everything.

BlackHat:

Am I in love?

Damn. Contemplating divorce even before marriage, huh?

You know me, just planning ahead.

I hate victims who respect their executioners

 
Jun 30,2012
anaismalcolm:

Louboutins: 100%

In seriousness:
Rent: 33%
Restaurants/Going Out/Drinks: 5%
Groceries (I cook for myself): 10%
Clothes/Make-Up/Shoes/Hair/Massages/Facials, etc.: 25%
Utilities, Transportation: 5%
Leisure activities: 3%

The other 19% goes to savings or more "splurge" items like the aforementioned Louboutin's. I also keep a little cushion since my firm is slow with reimbursements for cabs, meals, etc. Also should note that I'm a "spend your salary, save your bonus" type of person, so the savings part isn't as high of a %.

I consider fashion items (such as Louboutins) an investment :)

 
Jun 30,2012
anaismalcolm:

Louboutins: 100%

In seriousness:
Rent: 33%
Restaurants/Going Out/Drinks: 5%
Groceries (I cook for myself): 10%
Clothes/Make-Up/Shoes/Hair/Massages/Facials, etc.: 25%
Utilities, Transportation: 5%
Leisure activities: 3%

The other 19% goes to savings or more "splurge" items like the aforementioned Louboutin's. I also keep a little cushion since my firm is slow with reimbursements for cabs, meals, etc. Also should note that I'm a "spend your salary, save your bonus" type of person, so the savings part isn't as high of a %.

Another female on here?!?!? Or is this SwagOn being confused with his sexual orientation again?

Eventus stultorum magister.

 
Jun 30,2012

After taxes I'm averaging:

Rent & Utilities: 16%
Food/Groceries: 8%
Transportation/ Misc.: 10%
Durables: 6%
"Recreation": 10%
Travel Fund: 10%
Savings: 40%

Making money is art and working is art and good business is the best art - Andy Warhol

 
Jun 30,2012

I'm assuming these are all after-tax numbers.

 
Jun 30,2012

Glad to see I'm not the only one saving... I don't feel as weird now. And ya all numbers are after-tax, which sadly I just divided by all-in comp by two and went with that. My most recent paychecks have been netting less than 50% which is very depressing to see on a pay stub.

I hate victims who respect their executioners

 
Jun 30,2012

How much are you guys paying for rent? @ BlackHat and Dwight, if you guys don't mind me asking.

 
Jun 30,2012
Lotin:

How much are you guys paying for rent? @ BlackHat and Dwight, if you guys don't mind me asking.

I overpay for my apartment to a very irrational extent. If your guess was even 1/2 of the actual, I'd be impressed.

I hate victims who respect their executioners

 
Jun 30,2012
BlackHat:
Lotin:

How much are you guys paying for rent? @ BlackHat and Dwight, if you guys don't mind me asking.

I overpay for my apartment to a very irrational extent. If your guess was even 1/2 of the actual, I'd be impressed.

My guess - 5,500/month if you overpay based on my 1500 - 3000/month original assumption. You don't have to disclose the number to me. Don't care just bored.

 
Jun 30,2012
BlackHat:
Lotin:

How much are you guys paying for rent? @ BlackHat and Dwight, if you guys don't mind me asking.

I overpay for my apartment to a very irrational extent. If your guess was even 1/2 of the actual, I'd be impressed.

P.S. Congratulations on your marriage (or soon to be marriage). Good luck managing your work life at a HF with an even more connected wife and possibly family.

 
Jun 30,2012
Lotin:

How much are you guys paying for rent? @ BlackHat and Dwight, if you guys don't mind me asking.

I don't know their living arrangements but I assume safe zone is between 1500 - 3000 depending on if they have roommates and how the bill is split. I am assuming a Manhattan apartment unless these guys travel to and fro the outer boroughs or worse Connecticut/New Jersey.

Obviously it could be much higher or dare I say it lower.

 
Jun 30,2012

Blackhat you're making me feel really poor if you're overpaying at ~15%.

Lotin I'm not NYC based and I more or less live in the ghetto.

Making money is art and working is art and good business is the best art - Andy Warhol

 
Jun 30,2012

It can't be more than $5,000-6,000/month can it? Unless you're clearing over half-a-mil/year.

 
Jun 30,2012
Connor:

It can't be more than $5,000-6,000/month can it? Unless you're clearing over half-a-mil/year.

According to his 15% number on rent, it would be more like $150k before taxes if his rent was $5k.

 
Jun 30,2012
BVMadden:
Connor:

It can't be more than $5,000-6,000/month can it? Unless you're clearing over half-a-mil/year.

According to his 15% number on rent, it would be more like $150k before taxes if his rent was $5k.

Sorry, I'm retarded. $900k before taxes... forgot rent is monthly

 
Jun 30,2012

Ya know what, I believe it's 400k after taxes, but since it's late and I clearly am not able to function, I'm going to leave it up for debate...

 
Jun 30,2012
BVMadden:

Ya know what, I believe it's 400k after taxes, but since it's late and I clearly am not able to function, I'm going to leave it up for debate...

Jesus bro... I hope you weren't a math major in undergrad. :)

 
Jun 30,2012
Connor:
BVMadden:

Ya know what, I believe it's 400k after taxes, but since it's late and I clearly am not able to function, I'm going to leave it up for debate...

Jesus bro... I hope you weren't a math major in undergrad. :)

Fortunately not, but in defense of my honor, I was very tired and had no business trying to do any sort of math... even something as easy as what 500012(100/15) equals...

 
Jan 31,2017

I'll be your part time math advisor for 1% a year.

 
Jun 30,2012

@BlackHat Good luck with the wedding. I've always said it's best to get your starter marriage behind you as early in life as possible. I was in and out of mine by 25.

 
 
Jun 30,2012
Edmundo Braverman:

@BlackHat Good luck with the wedding. I've always said it's best to get your starter marriage behind you as early in life as possible. I was in and out of mine by 25.

Ahh, now I get why people in US marry so young!!
For me it just doesn't make sense. What kind of market research could you have done before that?

 
Jun 30,2012
KeepCalm:
Edmundo Braverman:

@BlackHat Good luck with the wedding. I've always said it's best to get your starter marriage behind you as early in life as possible. I was in and out of mine by 25.

Ahh, now I get why people in US marry so young!!
For me it just doesn't make sense. What kind of market research could you have done before that?

My grandfather told me that if he could do it all again, he wouldn't have gotten married until he was 50 years old at least.

 
Jun 30,2012
Boreed:
KeepCalm:
Edmundo Braverman:

@BlackHat Good luck with the wedding. I've always said it's best to get your starter marriage behind you as early in life as possible. I was in and out of mine by 25.

Ahh, now I get why people in US marry so young!!
For me it just doesn't make sense. What kind of market research could you have done before that?

My grandfather told me that if he could do it all again, he wouldn't have gotten married until he was 50 years old at least.

I hope he was joking.

 
Jan 31,2017

i remember reading last week that some SA's at what i think was UBS saying that premium pay they or a friend was getting = 1/2 of hourly salary over 40hrs. seach prem pay to see if anything comes up

 
Jan 31,2017

it's 1/2 hourly over 40hrs @ UBS.

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Jun 30,2012

Based on Gross Income, here is what my budget dictates. Back when I had a girlfriend, rent used to be about 6%, savings were a bit less, and food / clothing / gifts were significantly higher.

Taxes: 34%
Savings: 28%
401(k): 7%
Rent/Utilities/Parking/Insurance: 17%
Travel: 5%
Food / Alcohol: 4%
Other: 5%

CompBanker

 
 
Jun 30,2012
CompBanker:

Based on Gross Income, here is what my budget dictates. Back when I had a girlfriend, rent used to be about 6%, savings were a bit less, and food / clothing / gifts were significantly higher.

Taxes: 34%
Savings: 28%
401(k): 7%
Rent/Utilities/Parking/Insurance: 17%
Travel: 5%
Food / Alcohol: 4%
Other: 5%

Am I the only one paying 51% in taxes on my bonus?

I hate victims who respect their executioners

 
Jun 30,2012
BlackHat:
CompBanker:

Based on Gross Income, here is what my budget dictates. Back when I had a girlfriend, rent used to be about 6%, savings were a bit less, and food / clothing / gifts were significantly higher.

Taxes: 34%
Savings: 28%
401(k): 7%
Rent/Utilities/Parking/Insurance: 17%
Travel: 5%
Food / Alcohol: 4%
Other: 5%

Am I the only one paying 51% in taxes on my bonus?

My tax rate is based on annual taxes as a percentage of my gross base + bonus. Obviously my 401(k) contributions are pre-tax, which lowers my taxes as a percentage of gross base + bonus. I also don't have to pay NYC taxes and my state tax rate is lower than New York's, which helps as well. I'd imagine I'd be getting nailed equally hard if I were in NYC.

CompBanker

 
Jun 30,2012
CompBanker:

My tax rate is based on annual taxes as a percentage of my gross base + bonus. Obviously my 401(k) contributions are pre-tax, which lowers my taxes as a percentage of gross base + bonus. I also don't have to pay NYC taxes and my state tax rate is lower than New York's, which helps as well. I'd imagine I'd be getting nailed equally hard if I were in NYC.

I'll never forget getting that first paycheck and calling my dad and just being like "Ok. I get it now. You win."

I hate victims who respect their executioners

 
Jan 31,2017

Call HR and see what the company offers for a food stipend. My bank offers all of its non-hq analysts $200/week for food during training. Otherwise, you should be good for 3 weeks with that amount unless you feel the need to live beyond your means.

 
Jan 31,2017

You're a banker, just ball out.

 
Jan 31,2017
SnappleApple:

You're a banker, just ball out.

I'm just trying to make sure I can eat, but there's a bread in every beer, right? ha. Thanks for the input fellas!

 
Jan 31,2017

wait one gets paid for training, right?

 
Jan 31,2017

Yes, I believe I do. However, I get paid on the 15th and 30th of each month and will not reach the first pay date until training is nearly over.

 
Jan 31,2017

credit card. chase freedom is 0% apr for your first 15 months.

 
Jun 30,2012

Kind of a thread jack but what do you all typically do with your bonus? Save it, new car, hookers&cocaine binge?
I've been considering saving most of my salary and getting a few 12-month no interest credit cards for bills, levering up, then paying that off with my bonus. Kind of risky but I'd have adequate cash if needed.

Making money is art and working is art and good business is the best art - Andy Warhol

 
 
Jun 30,2012
dwight schrute:

Kind of a thread jack but what do you all typically do with your bonus? Save it, new car, hookers&cocaine binge?
I've been considering saving most of my salary and getting a few 12-month no interest credit cards for bills, levering up, then paying that off with my bonus. Kind of risky but I'd have adequate cash if needed.

Like I said I'm really boring so I tend to save the whole thing and use my actual salary for expenses. I'm not too materialistic so I don't own a car, have a live-in hooker to save on cost, and took on a large inventory of cocaine when prices were low to keep my free cash flow available for shareholder value-add activities

I hate victims who respect their executioners

 
Jun 30,2012
BlackHat:

I'm not too materialistic so I don't own a car, have a live-in hooker to save on cost, and took on a large inventory of cocaine when prices were low to keep my free cash flow available for shareholder value-add activities

Straight BALLER.

 
Jan 31,2017

I have one of those too. We got married a few years ago after college.

 
Jan 31,2017

If I get flagged at work for liking this, I would have no problem receiving a warning. +1 for the laugh

...

 
Jan 31,2017

Buy whatever stuff you can (non-perishables etc) outside the city if you're looking to say some $$

 
Jan 31,2017

in addition. If you haven't learned already either meet a girl/guy that can cook or learn how to do it yourself. If you try to teach yourself you do risk burning down your apartment, but at the same time, you'll create a valuable life lesson. P.S. most girls love cooks.

 
Jun 30,2012

rent & utilities 25%
golf 10%
food 15%
booze 40%
Savings 10% (but this almost always ends up being sports betting budget, up a good amt on the year)

No commute costs is very nice
Don't buy clothes here, too expensive

I eat success for breakfast...with skim milk

 
 
Jan 31,2017

I'm only a few months into school, but I imagine that I'll spend about 20% (or $35K) over the recommended budget. This figure comes from me living fairly comfortable and doing a bit of traveling.

Also, I budgeted for 24 months, while my school's recommended budget is for only 18 months (it doesn't include living expenses for the summer between Y1 & Y2)

 
Jan 31,2017

I wonder if that is how they are getting the number lower, if they don't include the summer that would make a pretty big swing in cost. 20% over is quite a lot but if that includes travel I could see that pretty easily. My hope is to live as cheaply as possible. I'm not big on living on debt, especially since I'm switching careers so my future income isn't quite as certain as those who already are coming from consulting or finance.

I also haven't factored in the income from a summer internship into my budget either. Hopefully that should net me another $15k pre-taxes and expenses.

 
Jan 31,2017

So only 1 person actually in school?

 
Jun 30,2012

Rent 25%
Food 10%
Assorted life expenses, 10-15% (sports, meals out with friends, etc.)
half of the rest i save for a rainy day, the rest I save for a bigger capital project (current one is the Paris Dakar rally or a motorcycle lessons + bike).
Also put around 5% away for a holiday each month. I get one summer holiday a year that I pay for, and a winter holiday that someone else pays for (I give ski lessons for free in exchange for not having to pay for it).

Dunno why w'ere bothering though, I'm waiting for IP to join this one and show us how to live off common land for the price of a smile and some manual labour.

 
 
Jan 31,2017

Interested as well although most people are gonna say use the search function

I Got a dollar and a dream...

 
Jan 31,2017

Specifically if anyone created any kind of excel document for their budget, that would be great to take a look at.

 
Jan 31,2017

I'm very interested in this as well, thanks in advance for any helpful responses.

 
Jan 31,2017

I remember someone posted an excel file a while back, but I can't find it on search.

 
Jan 31,2017

Hi. Resident crazy saver here.

Here are my suggestions for a $70K salary. Mind you, they are only suggestions and they come from a crazy thrifty guy, so take them with a grain of salt:

Monthly take-home pay: ~$3900 after federal, state, city, FICA, and $100/month for health insurance.
15% of salary recommended savings: $585 after tax. (But first use this to get a 401k match if your bank offers one)
Rent, utilities, cable, and internet: not to exceed $1600. (Split a two bedroom with a roommate, live in Hoboken, or ideally do both if you do not work in IBD and plan on getting out of work before 10PM)
Gym membership: $150/month

Monthly variable spending: $1550.

Weekly variable spending: ~$360

At the end of the year, you'll have $7K in retirement savings before bonus. In reality, it will probably look something more like $4K in bank savings, $4K in a 401K, and a $4K employer match.

 
Jan 31,2017

^ much love to my stingy brethren. my situation is a bit diff but back out whatever you think.

monthly take home: ~$4,400

sf rent: 1200
student loans: 500
send money home to mom: 1000
savings: 1000
food: ~250
fun: ~450

basically it comes out to 700 bucks to do whatever i want and theres a good chance i dont use a good portion of it since so busy. food is pretty much only lunch since everything else the company pays for.

 
Jan 31,2017

And IlliniProgrammer passes his title of "Thriftiest guy on the forums" to Thatch.

 
Jan 31,2017

A free podcast of the Suze Orman show on your iphone/ipod.

 
Jan 31,2017

she stole my ideas lol.

 
Jan 31,2017

bump any other useful experiences or posts would be greatly appreciated

 
Jan 31,2017

Megafund: take home: 180k aftertax

100k on lambo
40k on rent
20k on WINNING!!!
20K insider trading buying stock in companies we about to LBO

U JELLY?!?!

 
Jan 31,2017

$40K on rent? Enjoy your commute from Queens.

 
Jan 31,2017

40k a year on rent is 3333.33 a month. Maybe if you mean I fly in on a personal helicopter from queens.

 
Jan 31,2017

$3300 doesn't make sense in Manhattan for an apartment if you're also buying a car. It buys you some dump in a pre-war walkup. Hence you must live in Queens because you're not stupid. :-)

BTW, the nasty votes on your post weren't me. Your troll posts are pretty funny when you make it painfully honest for the newbies. :-)

 
Jun 30,2012

Savings: 10%
Investments: 75%
Dating: 5%
Housing: -5% (bought a house at an absurdly low price, renting it out to tenants for monthly cash flow, and can re-sell the house today for 140% of what i got it for considering the nature of how I acquired it)
Food: 5% (I spent $8 on food last week total, mwahahah)

I don't spend money on clothes; my mom finds ways to get me 40 cent ties and $2 shirts at Kohl's. I have no idea how.

 
 
Jun 30,2012
 
Jan 31,2017

When I was an analyst I lived in NYC on a $55k base and was cash flow positive basically every month for a few reasons.

1) I had a roomate so my rent was around $1200/month.
2) Work basically paid for everything else including cell phone, dinner, etc...Rothschild even had a free cafeteria back then(not sure if they still do) so you could have a free lunch if you werent sick of the food

Basically you should be able to break even or have a bit of debt (aka less than $10k not including student loans) if you are an analyst in NYC...if you're working 80-100hrs a week sometimes you can be slightly CF positive but it really depends on your spending habits and rent.

 
Jan 31,2017

I had some money saved up from working while in college that helped keep me out of credit card debt before my first bonus, but otherwise I was cash flow negative. I would say even though my hours were on the longer side, I still managed to blow through my monthly paycheck because my rent was about 500 dollars higher than yours (even with a roommate), had a girlfriend the entire time, and my friends and I partook in alot of extracurriculars after work and on the weekends.

 
Jan 31,2017

When I was an analyst, I was cash flow positive. Now that I am an associate, that is still the case. Reasons why this was easy:

  1. Had/Have a roomie (1,200/month then 2k/month now)
  2. Have a significant other whom I share going out expenses with
  3. I like beer and dive bars, so I don't spend that much (my favorite bar only charged me about 20 bucks a night of drinking for 10-15 guinness)
  4. I take advantage of every perk from cars, to cellphone, free food during the week, getting lunch with my dinner orders

However, I do love expensive restaurants so I was cashflow positive in the vicinity of a hundred or two hundred bucks a month back then.

--There are stupid questions, so think first.

 
Jan 31,2017

1) have a roommate - my rent is slightly less than 1/3 net income which is the recommendation for budgeting

2) live walking distance from office so basically 0 transport cost (unless I'm lazy/running late)

3) don't go out to eat too much - when I have free time I prefer to cook

4) I've also realized I prefer to spend the weekend catching up with friends at parties or bars rather than doing the expensive clubbing scene (which I lived for when I was in college)

I have both savings and a little bit of credit card debt - the savings more than cover the debt.

Just be good about money - for me I don't plan to say in banking for more than a few years so I need to be prudent and save rather than living in some hot penthouse and ending up living on credit cards for the last week of each month before payday.

 
Jan 31,2017

I'm fairly embarassed to say that I'm cash flow negative as an associate in PE now (making 35%+ more base). Seems like every month I have a crazy "one time" expense...

 
Jan 31,2017

ditto on the "one time" expenses.

I think thats a sign I'm not good at managing my personal finances. I always seem to be in the scenario of "I would been ok, but I had to spend XYZ on ABC necessity." So you assume there won't be an ABC next time, and you'll be able to save/pay more on loans or CC etc... but there is always some big expense or another.

baby steps.

 
Jan 31,2017

I'm with you guys on the one time expenses, every month there is some flight, technology, need a new suit, concert or whatever. I budget in substantial "savings" each month, and that always gets eaten up.

Still manage to keep it cash flow positive, partially through the wonders of paying attention to when credit card cycles are. Just put off buying that flight for one day and suddenly you are cash flow positive for the month.

--There are stupid questions, so think first.

 
Jan 31,2017

Gotta love that 50 day float (buy item on day 1 of credit card cycle, pay 50 days later).

 
Jan 31,2017

I have the Citi Professional Cash card, since I have never not paid in full each month the rewards work out to about a -2% interest rate (1% back on everything and 3% on restaurants and a few other things).

So, I get paid about 2 percent monthly on my average balance.

--There are stupid questions, so think first.

 
Jun 30,2012

Personal expenses as a % of monthly income after taxes:

17.4% Rent Expense
1.7% Transport
3.0% Food
2.5% Entertainment
3.0% Clothing
3.7% Travel
4.1% Other
35.4% Total Expense

64.6% Monthly Savings

 
Jun 30,2012

How do you guys have such low rent expenses? I'm guessing you aren't 1st years? If after tax income on typical base is ~4.5/month, how are you finding rent that is only 20% of your budget? (For those bad at math, this would be $900/month)

 
Jun 30,2012
anaismalcolm:

How do you guys have such low rent expenses?

Get out of my head.

"So who lost the hundy?"

 
Jun 30,2012
cheme-ib:
anaismalcolm:

How do you guys have such low rent expenses?

Get out of my head.

because we're smart and live within our means

I eat success for breakfast...with skim milk

 
Jun 30,2012
TonyPerkis:
cheme-ib:
anaismalcolm:

How do you guys have such low rent expenses?

Get out of my head.

because we're smart and live within our means

Hey you're preaching to the choir here. At my internship, I'm dropping about 30% net income on rent. If people are spending almost half that, then they are either not first years or doing something special. Just want to know which one it is.

"So who lost the hundy?"

 
Jun 30,2012
cheme-ib:
TonyPerkis:
cheme-ib:
anaismalcolm:

How do you guys have such low rent expenses?

Get out of my head.

because we're smart and live within our means

Hey you're preaching to the choir here. At my internship, I'm dropping about 30% net income on rent. If people are spending almost half that, then they are either not first years or doing something special. Just want to know which one it is.

Maybe they share a two bedroom with 3-4 other analysts? Assume an average rent of $1,500 per month and depending on deductions (401K & Health Insurance) you are looking at 35-40% of net going to rent

"One should recognize reality even when one doesn't like it, indeed, especially when one doesn't like it." - Charlie Munger

 
Jun 30,2012
cplpayne:
cheme-ib:

Hey you're preaching to the choir here. At my internship, I'm dropping about 30% net income on rent. If people are spending almost half that, then they are either not first years or doing something special. Just want to know which one it is.

Maybe they share a two bedroom with 3-4 other analysts? Assume an average rent of $1,500 per month and depending on deductions (401K & Health Insurance) you are looking at 35-40% of net going to rent

Thanks cpl. Yeah that seems reasonable - in line with what I'm currently paying anyway. I was just wondering about the people spending 15-25%, because no matter how IP you try to be, it's hard to spend less than 30% on rent in your first year. Maybe they're just not first years.

"So who lost the hundy?"

 
Jun 30,2012
cheme-ib:
cplpayne:
cheme-ib:

Hey you're preaching to the choir here. At my internship, I'm dropping about 30% net income on rent. If people are spending almost half that, then they are either not first years or doing something special. Just want to know which one it is.

Maybe they share a two bedroom with 3-4 other analysts? Assume an average rent of $1,500 per month and depending on deductions (401K & Health Insurance) you are looking at 35-40% of net going to rent

Thanks cpl. Yeah that seems reasonable - in line with what I'm currently paying anyway. I was just wondering about the people spending 15-25%, because no matter how IP you try to be, it's hard to spend less than 30% on rent in your first year. Maybe they're just not first years.

Curious about this as well. Even with roommates it's hard to have a reasonable apartment for $1,500 a month per person if you want to live in a decent neighborhood in NYC. Maybe everyone lives in Brooklyn?

Hi, Eric Stratton, rush chairman, damn glad to meet you.

 
Jun 30,2012
cheme-ib:
cplpayne:
cheme-ib:

Hey you're preaching to the choir here. At my internship, I'm dropping about 30% net income on rent. If people are spending almost half that, then they are either not first years or doing something special. Just want to know which one it is.

Maybe they share a two bedroom with 3-4 other analysts? Assume an average rent of $1,500 per month and depending on deductions (401K & Health Insurance) you are looking at 35-40% of net going to rent

Thanks cpl. Yeah that seems reasonable - in line with what I'm currently paying anyway. I was just wondering about the people spending 15-25%, because no matter how IP you try to be, it's hard to spend less than 30% on rent in your first year. Maybe they're just not first years.

Or they aren't in NYC.....that would easily explain it

"One should recognize reality even when one doesn't like it, indeed, especially when one doesn't like it." - Charlie Munger

 
Jun 30,2012

I need a higher paying job...I am not saving a thing right now

 
Jun 30,2012

on post-tax income
18% rent
23% spending (half clothes, half going out)
59% savings

 
Jun 30,2012

Agreed with the rent being tough, after taxes. Im a 2nd year analyst here in San Francisco. I recently just moved up here and found it very difficult to find a studio that is not a shit hole. I dont know how the search for an apartment is on the east coast, but finding a "normal" roomate was a bit tough, especially when working and being able to couch surf for so long.

Rent 38%
Taxes 31%
Food Entertainment 15%
Clothing/Gym 5%
Student Loan 5%
Other 5%

 
Jun 30,2012

working at a boutique means my pay is a lot more volatile so I pretty much use my salaries on all the expenses* and pretty much save none of it, sometimes even cutting into savings. I save everything that I get from bonuses after tax is taken into consideration.

*working at a state where I need to have a car, where it has 1.5 more years of payment left. also includes gas, maintenance and insurance.

using last year's figure + post tax

rent: 16.5% - room in a house instead of own apartment
clothes: 2.4%
food/restaurants: 15% - fatty loves to eat + girlfriend
groceries: 5% - fatty needs to eat some fruit
entertainment: 2.4% - mostly going to the movies
car: 17.4% - once car is paid off (I can pay off today if i want to but it's only 2% apr)
savings: 43%

 
Jun 30,2012

My rent is high, my income is higher. That's kinda how that works out :)
But ya, it'll happen to you too once you've been out of school for almost 6 years.

I hate victims who respect their executioners

 
Jun 30,2012
BlackHat:

My rent is high, my income is higher. That's kinda how that works out :)
But ya, it'll happen to you too once you've been out of school for almost 6 years.

Looking at your background from a prior post...I wouldn't be surprised by somebody with your position making close to $400 - 500K hence the high rent being 15%

"One should recognize reality even when one doesn't like it, indeed, especially when one doesn't like it." - Charlie Munger

 
Jun 30,2012
cplpayne:
BlackHat:

My rent is high, my income is higher. That's kinda how that works out :)
But ya, it'll happen to you too once you've been out of school for almost 6 years.

Looking at your background from a prior post...I wouldn't be surprised by somebody with your position making close to $400 - 500K hence the high rent being 15%

@BH u mad bro?

 
Jul 31,2012
WhiteHat:
cplpayne:
BlackHat:

My rent is high, my income is higher. That's kinda how that works out :)
But ya, it'll happen to you too once you've been out of school for almost 6 years.

Looking at your background from a prior post...I wouldn't be surprised by somebody with your position making close to $400 - 500K hence the high rent being 15%

@BH u mad bro?

not sure how I missed this... lol

I hate victims who respect their executioners

 
Jun 30,2012

Just ran it quick, all numbers are after tax ..assumed the low end of my bonus range. Rent is super high because of below average 1st year comp (boutique) and paying for a decent apt in the city. Unaccounted for (~10%) is "savings" which usually gets blown on something retarded.

rent 35.00%
transpo 16.88% (car pmt 1%apr PLUS mta monthly..dumb i know)
food 17.50%
alc 16.25%
clothes 5.00%

 
Jun 30,2012

I am just starting out in banking and am working on determining my budget. For those who have been through the IB stints before, how large of a percentage do federal/state/local taxes in NYC take up?

 
Jun 30,2012

Post retirement acct contributions/taxes:
Savings: ~60%
Rent: 12%
Rest (don't know how it's distributed): ~28%

 
Jun 30,2012

First year analyst (base salary only; percentages are pre-tax):

Taxes: 20%
401(k) contribution: 20%
Rent (w/ fee): 18.5%
Savings: 16.5%
Food and drink: 14.5%
Spending: 7.5%
Utilities: 2.0%
Healthcare: 1.0%

When one man, for whatever reason, has an opportunity to lead an extraordinary life, he has no right to keep it to himself.

 
Jun 30,2012

all numbers are percentage of after tax, after 401k and after medical insurance. So basically cash I actually get:

Car lease: 19% (yes I like my car)
Car insurance: 3%
Gas: 5%
Food: 4%
Random crap: 10%
Cash Savings: 60%

Live rent free as parents own an apartment in City in which i work.

 
Jun 30,2012
 
Jun 30,2012

"One should recognize reality even when one doesn't like it, indeed, especially when one doesn't like it." - Charlie Munger