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OP - it’s really about commitment and self control. As an associate and early in your career it’s normal to want to spend a lot of money going out to eat/ordering in, living in the cool part of town, spending more than you should at bars.
The only way to save is to be proactive about it. Know what your expenses are and what you can cut down on. For example, do you buy a soda/juice for lunch? Try buying a water bottle and drinking water during lunch. Could you walk or bike instead of ubering or riding the metro? Try walking. The savings don’t usually come from the big ticket items, but the little choices we make on a daily basis that add up to half our pay check.
Also, even if you can’t save $100/mo doesn’t mean that you can’t save. Can you save 30? Do it. I personally didn’t have more than a couple thousands in savings within my first three years out of college. Had a ton of debt, lower income, and made bad choices. After sitting down and cleaning up my act, and some raises, I’ve been able to save up significantly and paid all of my debt.
I struggled until I made more money. I had all the discipline that everyone is preaching to you on the thread but frankly if you aren’t past a certain threshold it is really hard making it in the city as a professional. Stay strong 💪
Thanks for the support !
I understand your situation, OP. For some 80k is a lot and for others it isn’t. Everyone has their own story. Are you paying back a lot of debt at all? I would assume this is the case if you’re struggling, otherwise I would just guess you need some other financial management guidance.
There’s people who grew up on less than 20k in NYC. You’ll be fine
People are a little rude and condescending here. Let’s all remember everyone has their own definition of struggle so there’s no need to compare. Hope you figure out your finances op, you got this!
What’s you’re breakdown 80k say you put a 6% in a 401k and after tax is roughly 53k after tax which turns out to be roughly 4,400 a month. Assume rent is 1500, groceries are 100 a week, 100 for the gym 120 for your subway card and 100 for your phone, 80 for laundry/dry cleaning you’re now left with 2100. I’m sure I’m missing a few things so let’s go ahead and assume another 500. You are spending 1600 on food/going out and booze? Think you can put 500 away and be fine
That’s pretty low for rent in NYC
It's a challenge for sure. I worked for 6 years before making $80k here. That was about when I really started contributing to 401k and feeling like I had breathing room to travel, go to nice-ish dinners etc.
I went to cheap bars & house parties, brought in my lunch, shopped at H&M, stood in line at TKTS, and had $1 late night slices on the subway home. Most of my friends were in the same boat and we managed to have a pretty good time
Agree with P1. Saving money on less than 6 figure in NYC and having a fun life isn’t that easy. And even if you are successful at it, you aren’t stowing away life changing amounts. I max out my 401k and put what’s left in checking account after rent in a Wealthfront account at end of month, never more than $400.. sometimes $20.
I started at kpmg at 46k a year, many years ago.
You set up a automatic saving account and put 200 per pay cycle. And forget that you have that account. Do that again when you get a promotion or a salary jump, by the time I made manager, I almost had enough to put a down payment for a apartment
Hey OP, many who are older went through what you’re going through at your age. It wasn’t any easier for us so don’t feel it’s just you. It’s just part of your twenty-something struggles but you’ll emerge stronger. Just hang in there, talk to ppl who can find tips along the way but you can do it!
Where in nyc do you live? Do you have roommates? How often do you go out to eat/drink? Do you cook? Are you frugal? When you go out do you cab it or take the subway? There are a lot of factors that affect your ability to save when living in nyc
Adjusting your lifestyle helps
I lived at home for free. I made $65k starting. My net worth is now $500k at 28. This is also bc my salary increased rapidly year over year, Luckily I had no loans. When I did move out, I lived in someone’s basement in Astoria for $800/month everything included. I barely went out. I ate a lot when I was on the road and saved whatever per diem I could to feed myself on the weekends. You can do this too. But it is not fun.
C5 congrats! where do you work? how did you manage those lofty promotions every year
That was the offer I turned down and here I am.
Lmao I owe a million dollars in loans be grateful
I feel ya. Good luck!
Really not that bad. Lived in a 2k apartment on 85k for a year
How much did you save by the end of the year?
80? I’m at 70k in nyc.....
budget everything. stick to your budget. make easy trade offs and limit impulse buys.
Isn’t this the NYC bowl?