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I joined Tiger Analytics with CTC of 9lpa. When I check in greythr IT statement, it shows 7.14lpa.
In the CTC payslip, it shows 75k per month as my salary. But this month I got 61k.
I understand they deduct tax, but I feel it is too much. IDK where I'm losing the money. Can someone tell if this is normal. I'm a fresher so, IDK much about it.
Also, what can I do to pay less taxes? Any help on that?
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Same boat but I have a paid off car.
I make $85k in DMV area and have been able to save $45k (not including 401k that has $20k) over the course of around 20 months
I see the biggest mistake people make is renting a nicer place just because they can afford it. I can afford to live on my own but choose to live with roommates because I’m able to save $2k+ a month by doing so.
My spending summary:
$4.4k take home pay
-$1k Rent/utilities
-$400 bills (cell, car insurance, fitness related)
- $500-1000 for other spending (electronics, eating out)
Save $2k-$2.5k a month
I still take small vacations (on average spend $150/day by splitting with GF), do things like ski, have nice electronics, go out drinking, bottomless brunch etc. I feel like I’m living life!
-Evaluate your rent, aim for 30% or less of your take home pay and you will save like crazy
-Limit your eating out such as twice a week spending on average $30 or less per meal
-never order delivery. Always pick it up yourself
I cut my rent in half by moving from Virginia Square to Falls Church. I have one more roommate (so four of us in a 4 bedroom house) but its not nearly as bad as I thought it would be. I'll be 100% debt free by August, which was my goal. Anything is survivable for a time -- you just have to want something bad enough to make sacrifices for it.
Have you spent any time really imagining what you could be doing if you saved more? Who you could help, the experiences you could enjoy, the ventures you could start, the peace of mind you could have? Once you know what matters most to you, it becomes clearer what is a waste of money.
@OP Did a little analysis for you here.
TC: 225k
401k : 19,500 (savings)
Balance: 205,500
HSA : 3500 (savings)
Balance: 202,000
After taxes (-33%): 135,340
(-)current Rent : 36000
Balance: 99,340
Reduce your rent by 500 and save $6000
(-)Food: 24000
Balance: 75,340
Seems a lot, don’t you get to expense food at work? You could easily save 12,000 by changing your lifestyle and cooking yourself or getting meal kits.
(-) clothes: 30000
Balance: 45,340
You already know this bit too much.
(-) vacations: 15,000
Balance: 30,340
(-) monthlies, entertainment and misc: 10,000
Balance: 20,340
Just a guesstimate but you prolly save:
Balance + 401k + HSA : $43,340 right now. Not bad, but you could easily double it.
Just for context: my wife and I make 400K and our annual savings are about 200k may be more this year due to covid-19
Our monthly burn rate is about $6k in NYC
Your monthly burn rate is about $9k, control this and you’ll save more. Which means prioritizing what you spend your money on.
Then again you can keep your burn rate same but try to earn more.
This is SDA1, title change in fish bowl blocked me from posting anything.
@consultant3 here is my personal breakdown.
@Deloitte 7, you can follow a similar template.
TC: 400k (me + spouse)
401k : 39,000 (max it)
HSA: 7,000 (max it, healthcare is expensive you’ll end up using it later in life)
Balance: 354,000
Balance after - 33% tax: 237,180
Target savings: 200,000k (includes 401k,HSA)
Max Annual Expenses Budget: 83,000 (rounded)
Rent + parking + utilities + insurance : 41,000
Groceries: 6000 (500 per month)
Entertainment : 6000 (500 per month)
Shopping: 6000
Vacation: 12,000 ~ 15000
Misc: 6,000 ~ 8,000
You lack discipline and need to be spanked 😂
I'm sure they'll hire someone for that and end up spending more 😅
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No worries OP, it wasn’t until I got to $400k that I really felt the impact of my savings
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For calibration, a consultants total comp runs 15-20% of full-year bill rate. The big gap covers benefits, taxes, overhead, utilization/down time, firm/partner profit, etc.
In terms of qualifications, much has been written on the interwebs. “Breaking in” to consulting is it’s own cottage industry.
I make half that, have a kid, and save ~30% of my income. What are you spending on? Perhaps take a look at your spending habits, automate savings, and create a budget
You should be able to save significantly with a $225K salary even in a Tier 1 city. Open a Mint account and see your largest spending areas and how it compares to peers.
I love Mint, but I also hate how it tells me the truth 😂
This post made me die a little inside.
Ok you’re all probs right. My rent is $3k a month. I probably spend $2k on food and quite a bit on clothes and alcohol as well. I’ll look into making a budget.
Why would you not shop at Nordstrom’s. Your standards are hurting you and people care less than you think.
I make slightly more than 1/3 of that and save 35% of my take home. You should watch the s4 ep4 of the office:
Rising Star
How do you make 225k at the Consultant level is the real question
Pro
I’m guessing BCG or Bain
Youneedabudget.com
Sounds like you need a SO to help you save... 👀
Get in line.
Buy some property. That will force you to “save”.
Kinda speechless...$4500 on food and clothes per month? Learn to cook for some meals and you can save thousands. Resell some of those pricey shoes and clothes when you get tired of them, which sounds frequent, and recoup $$$ Try Poshmark.
If I had to guess C1 - rent, drinking, and eating out. I make half of what you make in NYC and I tuck away $500 or so a month. My rent is too high as well.
Adopt a “How little can I spend and be comfortable” mindset, rather than a “How much can I spend without going broke” mindset.
I’m sorry, but what the hell is wrong with you?! 😳
Frankly much more than my spending habits
In the same boat; make the same - Except I do have debt..lots of it. So paying that off but not as quickly as I would like...
Damn, I thought I was reckless. How are you still spending all your money during shut down ? I usually spend a lot on drinking and eating out but with Covid I’ve spent nothing basically. And why are you still spending that much on clothes with nowhere to go ? Clothes shopping is usually triggered by upcoming events. Ain’t shit going on
NYC ? No bars, no restaurants has equaled a bunch of extra money to do nothing with. I’ve bought some random shit here and there but not exactly easy to spend right now.
Mo money, mo problems