If you want ways of saving money, an investment banker may not seem the best source of advice.
Believe it or not, however, bankers are changing their spending habits as their bonuses shrink and become allocated over several years.
Both bankers and their once free-spending [spouses] are suddenly becoming familiar with the art of thriftiness. For your benefit, we’ve spoken to a selection of current and ex-bankers and to their spouses about how they’re cutting their personal spending.
This is what they have imparted. We hope it is of use.
Click here to see how bankers budget >
More from eFinancial Careers:
How banking can ruin your body and mind
How to tell your wife – or husband – that you got a bad bonus
What really happens to bankers who lose their jobs
Why hedge fund wives don’t do Switzerland
Sell the second home
Anecdotally, this isn’t happening much yet – but it could start happening soon. “The second home in the country is where you rack up the most serious costs,” said the hedge fund manager.
“A lot of people I know are talking about ditching the country house. No one’s done it yet though.”
Stop skiing, or ski more cheaply
In the ideal world, financial services professionals in the City of London would take a Powder Byrne skiing holiday every year.
Unfortunately, this can be a little expensive. “I took the family skiing with Power Byrne last year and spent £13k,” one hedge fund manager told us. “It was great – they take the kids away from you in the morning and only return them in the late afternoon, but you pay for that kind of attention.”
There are cheaper alternatives. This year, the hedge fund manager told us he’s looking at cheaper deals with Iglu Ski or Inghams, both of which offer bargain last minute deals. “This is what everyone is doing,” he said. “Everyone’s going down market – even my mate who’s got more money than God.”
Get a Prius
Finally, one banker points out that you can save a lot of money if you own a car which is both fuel efficient and exempt from road tax.
In the UK, a Toyota Prius ticks both boxes. “I swapped a Volvo for a Prius years ago,” he said. “I’ve since saved a fortune in road tax, fuel and insurance.”
See the rest of the story at Business Insider
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