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

What do you do with employees who keep finding excuses for being slow on their tasks? We hired someone a couple months ago. She is doing ok with her routine tasks, but when I assign her one off project, sheā€™s slow and would never report her progress unless I ask her. And when I ask (weeks later), half of the time she says ā€œI was planning on doing it this week.ā€ I tried to tell her deadlines, but itā€™s not working.

like

I have recently got an offer from sopra steria. They haven't mentioned about variable. Does it happened to anyone. Did they provide variable even when it is not mentioned in offer letter.

like

I saw a posting on the meta career site for a data solutions analyst. Is this a role similar to a data analyst or solution architect. The job description fits both data science, data engineer or solution architect. And what is the total comp for this position? I can't seem to find this role online or on sites like Glassdoor or levels. It's a remote position.

like

Which one to choose between Optum and Tiger Analytics for Data Scientist position? Where can I expect better data science domain expertise (In my previous companies I found very less understanding of Data Science practices as team)? Heared good things about both of these. Also hearing Tiger is expanding rapidly and getting some crap projects as well in the name of data science. Could someone put light on these things?
YOE: 4.5 Years
Tiger: 18L Fixed + 1L JB
Optum: 21L Fixed + 1.5L JB

like

Hi,
Can anyone help who has recently joined TCS.
By when we can get the onboarding link and other details.
I missed one of the documentation webex session.
Can someone share the experience of joining.
TIA

like

I (36F) am married to another woman (34F) and we have a baby (5moF). We split all childcare, cleaning, meal prep, errands etc fairly evenly and it works well. Maybe she cooks more than I do bc she likes it, and I clean more bc I need to have a clean house. My friend (35F) recently took a business trip and literally put a binder together with instructions for her husband re: daycare drop off and pick up, what to feed the kids, when to take out the trash and so on. (Cont in comments)

like

What do you wish you had known before becoming a manager?

like

Anyone on here working/worked at Moderna Norwood location? What are you experiences and do you recommend? Are there any ā€œbutsā€ or red flags?

like

Anyone here working in Legal at Coursera. I have an interview and wondering how the work environment/benefits/comp/etc is?

like

What are some methods you've used to keeping your business running throughout the pandemic?

like

For a GRC position, can someone explain what comprises of a written exercise? Would appreciate any feedback.

like

I started a job with a restaurant as part time they hired me at a higher wage but after working for one week the other manager came to me telling me that they canā€™t afford what the other manager and I agreed on so now i have to work at less or I could look for another work options, she meant I should leave otherwise. What should I do?

like

Hey people

I have recently received an offer letter from PwC and have signed and accepted the offer (via Workday portal).
Now when I check the tasks against the job on workday, I can see no tasks pending and under completed tasks: a green tick against 'review and sign offer letter (step complete)' (and I can see the offer)
I am told that I would receive onboarding emails from HR, but I haven't yet.
My DoJ is in the fourth week of July. When do we generally expect these communications?

like

Because of layoffs, I have a new boss for the 4th time in 4 years. My new boss prefers to write new lines as opposed to giving me feedback on what Iā€™ve written. Whatā€™s the best way to approach?

like

Hi I am a care coordinator for a big insurance company. I recently graduated with my MSN LM and want to transition into the business side, analytics most likely.. I have no specific job experience with analytics. Is this a deal breaker when applying to these jobs that ā€œrequire experience in analyticsā€

like

Would like your advices. Awhile back I applied and was video interview for a position at a competitor. I suspect I wouldnā€™t get it based on the vibes they gave off. Now randomly I get an email from one of their recruiter asking if I was interested to apply for a similar position. Should I even bother? It might be with the same people.

like

Anyone here buy a co-op in Queens, NY? I'm seeing a few options under 300k. Instead of paying rent, I was looking to buy since I have a decent down payment on hand.

like

Online date flaked out. Then friend changed mind about going out. Taking off pants, making an old fashioned and watching the home shopping network now.

like

I was verbally communicated my offer at Citi on Monday, 11th July, and hr said he will send the offer letter by the end of the week..when I enquired today he said approvals are taking time and heā€™s on it..how much time does it usually take at citi to release offer letter?

like

Additional Posts in Finance

Summer Fridays: do you have to donate money to charity to wear jeans on Friday? I like to wear casual but Iā€™m also cheap and donā€™t want to donate to a consensus charity that Iā€™m not involved

like

What company would you never want to work for and why? Company need not be in finance.

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

Any success or failure stories you can share about bankers who made the switch to start ups?

like

For those with significant others who are healthcare workers, how do they react when you are having / had a bad day? I feel like they think they have it 1000x worse (which could most certainly be true) but our job is also stressful/challenging just in a different way? Agree?

like

I think there's is something wrong with me. I'm dreaming about models and excel formulas.

like

Talking a shit is the only time I have to breathe. And coincidentally write this post.

like

Do you say something when you see a VP making out with an intern at happy hour? šŸ˜¬

likefunny

We've all made it this far, which is great, but I'm wondering, did anyone choose a non-target school over a target and do you have any regrets now that you've started your career?

like

Hey! I've always wanted to get into IB (prestige, money, you name it), however now that I'm in a more laid back environment (better WLB, "easier work") it doesn't seem as attractive as before and the pay is quite good for an analyst level (I think the pay is competitive even comparing with IB's pay in my country) . I wanted to know if anyone had the same experience and what were your thoughts (pursue an MBA and leave your comfort zone and "good pay" or just stick with it). TIA!

like

At what point do you elevate your peerā€™s mistakes to managers? It feels like my teammates elevate each other frequently but I donā€™t like to get involved because it seems like tattling. Do managers value knowing who on their team is messing up in small ways?

like

Anybody made a switch from funds to investment banking? What is your role and did you find anything challenging in doing so?

like

Failed series 63 because I took it very lightly. Cleared 79. Starting as an Associate soon. How bad is it?

like

Some days I just want to quit this job.

like

Do people write resignation letters anymore? Or is it all verbal these days?

like

What's the one word you can't stand? Doesn't have to be finance related. I personally can't stand the word ""moist".

like

Anyone know of a good resource to learn how to analyze CIMā€™s?

like

What raises are typical in total comp at Fortune 500s? Building a long term personal finance model and trying to get a rough estimate of my income over time if I leave Finance for an excutive role at a company.

like

Thoughts on CAIA? Difficulty, hours studied, study tips, overall experiences, etc.? Iā€™ll be sitting for Level 1 in September. Currently work in the fund of funds space - moving over to my firmā€™s hedge fund research team soon so CAIA seemed like a perfect way to get knowledge in the area beforehand. Iā€™m almost one year out of undergrad (econ background) so a lot of the CAIA content is new to me

like

Tips on analyzing the benefits and risks associated with long-term investments in the stock market? In normal times

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