How do you guys keep from living paycheck to paycheck? I feel so broke.

like
Posting as :
works at
You are currently posting as works at

How do you have the time to spend so much? šŸ˜‚

likefunny

Live paycheck to paycheck and save the bonus

likefunny

Personal finances are just that, personal. We would need a little more insight on how you are spending your income to give the best advice. As well as your geographical area and debt situation.

Personally, I shared a flat with many of my coworkers in midtown for a long time before moving on. I used my meal stipends wisely and barely had to pay for groceries those years. Set a limited budget for drinks and eating out as well as vacation. Invested as much as I could. Didnā€™t spend money on useless designer items, nobody cares if you just wear a pair of Cole Hanns in good condition.

Not saying that you fall into the young IB stereotype but the idea of bottles and models is really only feasible on a VP/MD salary.

like

Yeah I think I'm spending too much money keeping up with my fellow analysts who may be subsidized by wealthy parents. I have this weird imposter syndrome where my parents think I'm rich but I feel poor compared to other analysts

like

Keep track of your monthly income and spending. Truebill is a great app that will automatically do this for you by connecting to your banks and cards. It also breaks down spending and shows the % that goes toward food, entertainment, etc.

like

Set a monthly budget for clothes and food (- (which you can do on the app) and stick to it.

likesmart

My first job out of college was $28.5k, even with a student loan, I wasnā€™t living paycheck to paycheck. I spent within my means, didnā€™t buy much designer stuff or go out to eat all the time. As an IB analyst, you should be making at least a $100k, there should be no reason why you canā€™t save and have to live paycheck to paycheck.

like

Lolā€¦I am old, but not that old, late 90s.

As a fellow analyst who also spent a lot on eating out and shopping, I think I did it to get it out of my system. From a developing country to Wall St., it was a huge difference and I wanted to enjoy the fruits of my grind (not a lot, but a lot compared to what I had growing up).

The true driver of the change in my mindset, which helped me stop overspending, is learning about and adopting the FI/RE (financial independence/retiring early) movement. I used to think Iā€™ll have a fruitful high power career in finance until 50-60s. Now I want to stop working for other people as soon as possible (ideally by 40-45), and start making something for myself. I think we finance people have the means to do that, but only if we invest early and properly. My desire for financial freedom far exceeds my desire for new clothes now. The important thing is to have that ambitious goal to work towards.

like

Couldnā€™t agree more

What COO 1 said. When I first moved to the NY area, I rented a brownstone in Jersey City with 4 to 6 housemates, that I met through an ad I answered. Paid almost nothing in rent and stayed five years. During that time I paid down student loans and maxed my 401K, still had money leftover for beach and ski houses. I did all this on an income of about $90K. I still wear Cole Haan, Uniqlo, etc.

likesmart

Learn to cook. Track your expenses. Open a separate savings account and set up your paychecks to deposit a small amount each month into that savings. It will force you to start saving.

like

Iā€™ve never lived paycheck to paycheck. Just donā€™t spend all of your salary on rent on takeout. Might lose a few pounds and make some friends in the process.

like

The biggest thing is using automatic transfers to transfer money from your direct deposit or bank account to an investments account. That way you don't have to manually do it and your life starts to naturally adjusts to your new "income" and you still live paycheck to paycheck while money accumulates in an investment account

likesmart

Start investing or monthly deductions from every paycheque that goes directly in your investments. Even though its a small sum, it will eventually grow. I was at the same spot as you, but a little financial planning helped me a lot.

like

Make an other checking account and split the paycheck. Have like 20 percent go to other account and never touch it. Adjust your living standards to the 80 percent. Save 85 percent of bonus. Rinse and repeat.

I worked at a LMM IB shop and analysts didnā€™t break 6 figures back then. I was able to live by myself in Manhattan and repay my student loans in 2 years without any family support. Yes, I went out and treated myself on occasion, but it wasnā€™t an every day or even every week kind of thing. I maintained friends outside of banking that kept me grounded. I didnā€™t wear fancy clothes because the only people that impresses are your peers, not your bosses.

Those who subscribe to the models and bottles lifestyle are going to run out of something very quickly, and thatā€™s either money or mental capacity and stamina.

Half or more of your analyst class are probably my going to leave finance in the next few years anyways, so no point in keeping up with them.

I personally go through ā€œwavesā€ thereā€™s some stretches of 6 months or so where I tighten down the budget and some where I spend freely (maybe irresponsibly?). Usually the tighter months are from September to the holidays then spend in December then tighten back up until the summer. The summer months tend to be more social months and therefore tend to be more expensive months.

Listen to Dave Ramsey's podcast or read his book. Don't listen to anyone else's advice and you will be debt free

Related Posts

Thoughts on JETS puts with the pop from the stim bill?

like

Which job would pay more in the future? Business Intelligence or Proposal Writing? I am a government contractor so you know what sector in.

like

Hey everyone. Working for the USDA FSIS. Any feedback regarding getting a master in public health vs master in food science to advance in career to EIAO

like

Saddle Creek Logisticsā€¦..thoughts?

like

I want to transfer from Audit to economic valuation. I know the latter is under the tax/advisory umbrella. So would this move be possible?

like

Anyone else ever dealt with a severe ā€žwriters blockā€œ? Like not being able to produce a single slide? Full on anxiety and not sure how to push through this.

like

Anybody from PWC workforce transformation willing to talk to me? Want to learn more about the firm and practice. Thanks!

like

Hey Fishes

I am confused as which career should I choose. Data Engineering or Software Engineering.

I've 4+ years of experience in Backend Development using Python/Django, SQL.

Please help should I move into Data Engineering or into Full Stack Software Engineering?

like

How far or how long would you commute for a job that can launch your career? I have a good opportunity but they want a hybrid setup with 3 days in the office. Commute is 28 miles and would take 35-50 minutes each way. Trying to see if itā€™s worth it.

like

I have about 8 years of accounting experience and have been at Morgan Stanley for the past 5 years. I currently do AML Enhanced Due Diligence work on their GFC Advisory team. I love the what I do, I just want to get some experience at another company.
I also care deeply about D&I and am leader on the Black Employee Network Steering Committee at Morgan. Is anybody hiring either AML or Internal Audit Profesionals?

like

It was great meeting all of you!!! šŸ™Œ

Post Photo
like

How long did it take you to hit 100k net worth (no inheritance)? Just a personal goal of mine, but feels like I have such a long way to go! Would love to hear from folks in canada that have already hit the milestone and can speak about their journey

like
like

What is the barclays joining process is it like offline or online ? And what all will be there in joining kit@

like

Struggling to book Schengen appointment with any of the embassies in London. Any tips fish fam?

like

The mornings are when Iā€™m most productive and it never fails.. my one friend/coworker comes over to talk to me about meaningless BS every time i start getting momentum. Nice guy.. but leave me alone.

like

Hi All,
Any idea on what will be the thrid round for the strategy and transformation team at Deloitte???
Requesting your support and guidance please

Do Big4 use UAN number for background verification in India?

like

I want to find ways to build up team morale without resorting to clichƩs like a pizza party. What are some of your favorite ways to give back to employees?

like

Need some help with a Facebook leadgen always on campaign. I generate +- 7000 leads pm but the quality of leads arent great. What are your tried and tested methods to up lead quality?

Additional Posts in Finance

hiit training or crossfit?

like

How hard is 700+ GMAT? My SAT was 2200, wondering how long I'd have to study before comfortably breaking 700.

like

How much work, if any, do you take home with you?

I eat an Everything bagel w/butter every single morning. Am I being really unhealthy? I guess it could be worse?! What do you eat for breakfast?

like

Hey all! So I got a job offer for 95k for a Sr. Regulatory Relations Specialist. Is this the average salary or a lowball offer? Personally, I am having a hard time finding the average role salary posted anywhere.

like

Bose QC35 or Bowers and Wilkins P7 Wireless? I got a gift card this year and trying to buy solid headphones for train, traveling, etc. I really like them both.

like

Comparable PC alternative to a MacBook Air? Looking for an ultra-light laptop that's fast, etc... Really not into Macs though.

like

Interview tips for a fund management company- entry level role? (Other than researching about the company)

like

Switching over to Lyft. Peace Uber.

like

Which industry groups are y'all in? Are you happy with it? I'm hating life in healthcare atm.

like

Iā€™m 25, been working in boutique financial planning/wealth management shops since college graduation (ba Econ & finance). I hold my CFP and CIMA- no graduate degrees. Is it realistic to be able to make a move to PE or IB space?

like

Hello Fishes,

I am currently working in healthcare as a coordinator and pursuing mba full time in Canada - Iā€™ll be graduating in September.. I wish to get into finance, specifically investment banking or asset management or fintech. I already hold ~4 years of experience from India.
I would appreciate any leads or referrals in such industries.

like

Uber driver awkwardly asks if he can ask me a question. I say, "Sure." He says, "What do you think is the most important thing in life?"

like

Why does the street, and people in general, care so much about the technicality & formal announcement of a recession (2quarters of negative GDP)? Q1 was heavily negative GDP and now FED Atlanta revised Q2 Fcst to 0.0% growth. Let's be honest with ourselves, we are in one now. Why does nobody think this narrowly and wait till data release day and then finally screech "wE aRe iN a RecEsSioN"

like
like

The hangover is real today.

like

How long does it take 'till you feel like you're good at the job?

Heard on the street: Anyone from Nomura get screwed out of their bonus last night?

like

Trying to get back in the job market and I'm finding it difficult to update my resume for the first time since b-school. My experience is all over the place... does anyone else struggle with this?

like

New to Fishbowl?

Download the Fishbowl app to
unlock all discussions on Fishbowl.
That was just a previewā€¦
Sign Up to see all discussions
  • Discover what itā€™s like to work at companies from real professionals
  • Get candid advice from people in your field in a safe space
  • Chat and network with other professionals in your field
Sign up in seconds to unlock all discussions on Fishbowl.

Already a user?
Login here

Share

Embed this post

Copy and paste embed code on your site

Preview

Download the
Fishbowl app

See whatā€™s happening in your industry
from the palm of your hand.

A phone with Fishbowl app

Send download link to your phone

OR

Scan your QR code to download
Fishbowl app on your mobile

By continuing you agree to Terms of Use and Privacy Policy.

Messaging rates may apply

Download app

Sign up for free to view this conversation on Fishbowl

By continuing you agree to Terms of Use and Privacy Policy

Already have an account? Log in

Sign up for free to continue using Fishbowl

By continuing you agree to Terms of Use(New) and Privacy Policy(New)
Messaging rates may apply

Already have an account? Log in

For account settings, visit Fishbowl on Desktop Browser or

General

Legal