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The budget is just a target, so feel free to adjust as needed.
You’ll mostly be working, so I doubt you’ll be able to spend much on entertainment even if you wanted to.
The key here is keep from paying for expensive monthly subscriptions for services you don’t use.
Meanwhile, to kick things off, I’ve put together an example budget for a In this hypothetical, I’ve calculated the first year associate could save $68,785 a year. Hardcore savers could do even better, but I wanted to start with something that’s middle of the road because I’m much more afraid of the other end of the spectrum – lawyers making a $180K starting salary and yet only saving $20-$30K a year while thinking that they’re making good progress toward their financial goals.
Thanks to your late start, a savings rate of 10-15% just isn’t going to cut it.
Even if you only spend 3-5 years in Biglaw, you’ll be able to rack up over $300K in savings in a pretty short timeframe.
Many of you will notice that this doesn’t include any student loan payments.I have quite a few lawyers lined up that want to share their financial progress, but what I haven’t yet figured out is the best way to showcase what they’re doing.I’m thinking a written interview is probably the most interesting, but here’s where I could use your help and feedback.Stealth IRA) and using pre-tax dollars to pay for health insurance premiums and a monthly subway card.Anything else you can do to minimize taxes is going to be an effective use of your time and worth planning.On the shopping side, I’ve assumed a generous clothing allowance as this hypothetical lawyer will likely need work appropriate outfits and this will be a new expense.