{ "media_type": "text", "post_content": "First year living in NYC...only managed to save $10k (have high medical expenses). Anyone else in the same boat? Feeling pretty down on myself reading about some of my peers on here squirreling away 3x that much", "post_id": "5f403fe16ac25a001ad399d8", "reply_count": 42, "vote_count": 6, "bowl_id": "552d1d24dc1c586b09d2d051", "bowl_name": "Consulting" }

First year living in NYC...only managed to save $10k (have high medical expenses). Anyone else in the same boat? Feeling pretty down on myself reading about some of my peers on here squirreling away 3x that much

likefunny
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I am literally 10 years older than you, and I lived in New York for 8 years - I legitimately don’t think I saved a thing during that time. Reading people’s net worth on this app ALWAYS makes me feel terrible. You just have to be as deliberate as humanly possible, max out your 401K, get exposure to equities through something like Acorn or Betterment, and open a high yield savings account like Ally. You are doing just fine. Comparison is the thief of joy - unless you compare yourself to me, then you might feel pretty smug. Good luck 🙏🏻

likehelpful

Thank you - I really appreciate that

I am 50 and was barely able to save when I started at Anderson consulting for 28k a year (we did get OT on those days. So more like 50k). Two pieces of advice. 1) Max out the 401k no excuses. 2) Don’t save to the point where it costs you experiences. My bank account is now full and I have all the things you think you are working for; multiple houses, full college funds for my kids and no debt. That being said, I don’t regret one experience I did even when it cost money but I regret most of the ones I didn’t do in the name of o saving for the future.. I’d kill to go back and just take a little more in, have been a little more reckless with generosity and shared more with those I love along the way. Enjoy the ride but I’d take coach with friends over first class by yourself any day.

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This is valuable perspective

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You’d be surprised. I think you’re doing just fine.

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You're doing fine. Most others who save more likely lived at home/had parent support/had less friends than you did lmao

likesmart

NYC is for the experience, not for saving. Try to maximize your pre-tax savings. Set goals every month

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You’re choosing to live in one of the highest cost of living cities, so I wouldn’t feel too bad about saving so little

likesmart

You would be surprised. Many are paycheck to paycheck. Likely some of the people on here that claim to have a lot..

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Congrats on managing to save money - every day I’m astounded by how expensive stuff is 😔 from groceries to cocktails to copays!

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Do you have an HSA option? If so, start building that up since you have medical expenses anyway.

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This. Assuming the health health expenses are a one-time occurence a HDHP with HSA would help in the savings arena

I saved approximately $0 my first year. My salary was abysmal, plus deposit on apt, furniture, etc... I might have had a few hundred in emergency funds. And I was in consulting ... y'all starting at 65k+ don't know how good you have it!

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Yeah I started at 75k in Texas so pay is getting better!

Everyone you see with new clothes, new car, going out every night is probably in soul-crushing debt. NYC is an illusion.

likefunny

Well done! Most of my friends are one paycheck away from being completely fucked. I'm 35. Keep it up!

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Whew, okay - this is making me feel better. Thanks for the reassurance. This is inclusive of retirement, btw

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Was this including retirement accounts? Saving $10k while maxing our your 401k is a lot different than saving $10k in the 401k and nothing else. Seeking more clarification.

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Hopefully next year, haha

Imagine a post covid world where you can actually spend

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Where else are you spending your cash? What’s your rent? I saved a fair amount by living with a friend in a UES duplex - no elevators and generally barebones place, but was $1200/mo

Rent is $1850 - live with three roommates in a duplex in midtown east. It’s a little on the high side but my living environment is high priority for me + I’m actually thankful I opted for a bit nicer of an apartment given that I was unable to go home during covid (apartment has a ton of outdoor space)

Let’s chill

Saved 15K on 70K salary my first year in NYC, for context rent was about 2.1K a month utilities included

70K after tax is about 52K minus living costs leaves me with about 2.2K a month to play with. I spend a little less than 250 a week on groceries, transportation, and others and save the rest. I use a budgeting app to make this happen. Note that I have no student debt, live minimalistic, not a big drinker, cook simple meals, and eat out once or twice a week with friends. I guess it depends on your lifestyle and spending habits

Saved zero for first ~6-8 years post college bc I lived in nyc, worked in healthcare (not consulting), and had student loans. You are doing JUST fine! Did my mba and now save a lot more with my 2.5-3x higher salary. It’s NYC, not Idaho. Saving money here and being able to afford rent, loans, whatever else, is hard if you don’t have family money!

I had similar rent in a high COL city and did end up socking away a little more (health plan has a max out of pocket per year). Didn’t take vacations abroad or buy many new clothes but went out a good amount. Once you have some liquidity in your checking account, see what happens if you save more out of your paycheck- you may be able to live on less than you think!

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