25 Y/O Male in NYC - Planning budget/retirement

[mathman4884]

25 y/o male living in NYC making $76K at a fortune 500 company. There is good opportunity for a promotion in the 9-12 month range and great visibility in my role now. my post tax monthly take home is about $4800. I contribute to get the max company match on my 401(k), about $760/month, current balance $26.4K. I have $5.5K in a checking account and $15K in a HYSA. I have no debt besides credit cards of which i pay the full balance monthly.

I recently moved and my net rent after utilizes and WIFI is about $2100. Previously i have never budgeted properly and more or less guestimate my finances. My week consists of 90% grocery store food, and a gym membership. Mostly burn my Money out on the weekends. I am beginning to budget this month to really drill down where my money goes, but I want to understand better my financial position as it stands. Any suggestions on things I should consider, how much I may have overextended myself rent wise, general thoughts are appreciated.

 

[suriya]

@mathman4884 Your take home seems extremely high for that salary in nyc, are you sure you’re doing your taxes correctly?

 

[mracid]

@mathman4884 Yeah, paying 44% of your net income in rent is a lot, but not insurmountable. Presumably you’re not paying for a car in NYC so that helps.

Now that you’re budgeting and tracking expenses just pay attention to how much you’re spending on restaurants and bars. Adds up real quick in NYC.

As you get raises and promotions focus on increasing 401k contributions rather than moving into a nicer apartment.