By Joel Chouinard, ChFC®
September 11th, 2025
Let’s be honest—nobody likes to budget, let alone track every penny you spend. Personally, I don’t either… and I’m a financial planner!
But here’s the truth: not knowing where your money is going is dangerous, even with a multiple six-figure Big Law salary. That kind of income can disappear faster than you think if lifestyle creep takes over. Before you know it, you feel trapped in your job.
The good news? You don’t need spreadsheets and credit card statements to stay in control.
Instead, you can use the Conscious Spending Plan framework to cover savings and bills first—so you can spend the rest guilt-free!
This article breaks down what a Big Law budget should look like and how attorneys can use the Conscious Spending Plan to balance saving and spending.
What Is a Conscious Spending Plan?
Have you ever seen someone retired and living their best life—traveling often, golfing, never stressing about money?
They didn’t get there by spending every dollar when they were younger. They were likely diligent savers.
But here’s the challenge: how do you save for the future without feeling like you’re sacrificing today?
That’s where the Conscious Spending Plan comes in.
The Framework: 3 Steps to a Big Law Budget
- Set your savings target and automate as much as possible.
- Identify your fixed monthly expenses—rent, utilities, student loans, etc.
- Spend the rest guilt-free!
Think about it: if savings and bills are covered, there’s no harm in enjoying the money left over.
That’s the beauty of this plan—it helps you build your future and still enjoy your life today.
You can download a copy of my Conscious Spending Plan template here.
Step 1. Determine Your Savings Rate
If you’re making a multiple six-figure Big Law salary, your income can be a gateway to early financial independence… but also a trap if you don’t save enough.
So, how Much Should You Save? Is maxing out your 401(k) going to cut it?
Truth is, there’s no perfect number—it depends on:
- Investment returns
- Inflation
- Health
- Retirement lifestyle
If you work with a financial planner, they can run a retirement projection and tell you exactly how much to save each year. But if you want a simple rule of thumb: save 20% of your income each year*.
Now, keep in mind that savings doesn’t just mean saving for retirement. It could mean saving for an emergency fund, a down payment on a house, or even paying down debt faster than scheduled, such as making extra principal payments toward your student loans.
Example: Fourth-Year Big Law Associate
If you make $400K with bonuses, that means you need to save around $80K per year (20% of $400K).
Here’s what that could look like:
- $24K → 401(k)
- $7K → Backdoor Roth IRA (more on this here)
- $4K → HSA
- $20K → Extra principal student loan payments
- Remaining → Taxable brokerage account
Why Automation Matters
Let’s be honest: if you wait until the end of the month to transfer money to savings, more often than not, there won’t be anything left. That’s why automating your savings is key.
In other words, pay yourself first, so that you can spend the rest!
- 401(k)s and HSAs are easy to automate since they come straight out of payroll.
- You can also set automatic contributions to your investment accounts, like a brokerage or 529 plan. If you work with an advisor, they can do this for you. If you do it yourself, most brokerage platforms have auto-invest features.
- For other goals—like a house down payment or bulking up your emergency fund—ask your employers if you can split your paycheck into multiple accounts. Send the required amount to your savings and the rest to your checking.
This way, the money is out of sight, out of mind.
Step 2. Identify Your Fixed Monthly Expenses
Most people assume their budget gets wrecked by eating out or impulse shopping.
But in reality? Fixed expenses are the real budget buster—things like:
- High rent or mortgage
- Luxury car payments
- Costly memberships
When those eat up too much of your paycheck, it only takes a little extra spending on travel or shopping to push you into credit card debt.
Why Fixed Expenses Matter for Big Law Attorneys
These big commitments are hard to cut back on. If you stretch too far, you may feel stuck in Big Law and unable to move to a lower-paying, less stressful role.
How to Calculate Fixed Expenses
- Use a budgeting app to pull all your spending into one place. Monarch Money, Rocket Money, and YNAB are popular options.
- Review your spending by category and characterize your transactions.
- Average the past 3 months’ spending for each category, then plug that number into your Conscious Spending Plan.
👉 Example: If grocery spending totaled $3,000 over the past 3 months, your monthly average is $1,000.
Once you know your true fixed expenses—and your savings are set—the rest is yours to enjoy.
Step 3: Spend the Rest Guilt-Free
Imagine this:
- You’re on track to retire at 60.
- You’re saving for your kids’ college tuition.
- Credit cards are paid in full each month.
- And you still have money left over.
At that point, would it really hurt to splurge on first-class seats or a new pair of shoes? My guess is it wouldn’t.
That’s the power of the Conscious Spending Plan.
When savings and bills are handled, the rest is yours to enjoy—completely guilt-free.
It’s the best way to enjoy life now without compromising your future.
Putting It All Together
Here’s the most important thing to remember about the Conscious Spending Plan:
It only works if you spend less than you earn.
Otherwise, you may feel like you’re saving, but at the same time you’re racking up credit card debt that can trap you—even with a Big Law salary.
That’s why it’s critical to:
- Set your savings target
- Add up your fixed expenses
- Enjoy the rest guilt-free
Need Help Making a Plan?
And if you want help building your own Conscious Spending Plan, I’d love to walk you through it.
👉 Schedule your free introductory call today, and let’s build your Big Law budget before lifestyle creep sets in.
👉 Learn more about our services & pricing
* The 20% comes from the book “All Your Worth: The Ultimate Money Plan” by Elizabeth Warren. Although she did not share her methodology in the book, she likely arrived at the 20% savings rate based on a “traditional” retirement and a safe withdrawal rate of 3-5%.
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