Saving one third what you earn monthly is not that hard, isn't it ?

Betwrong

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Saving 1/3 of your monthly earnings can be challenging for some people and it is easier for other people. It depends on the income levels, expenses and financial goals of individuals. If you have a low income and high expenses, saving 1/3 of your earnings may be difficult. You may have to cut down on your expenses and cut off your expenses to achieve this goal. On the other hand, if you have a high income and low expenses. saving one third of your earnings may be easy and achievable. To save one third of your earnings you need to have proper budgeting plan. You should track your expenses and income and identify areas where you can cut down your expenses. You can also consider increasing your income by taking up side hustle or investing in assets that generate passive income. Moreover, you should set realistic financial goals and prioritize them. You can allocate a portion of your savings towards emergency funds, retirement funds or investments. It's also essential to have financial cushion that can cover unexpected expenses. Saving one third of your earnings is not that hard if you have a proper budgeting plan.

That's right. Maybe saving 1/10 is more realistic for some people. If people with low income tried to save 1/3 of their monthly income, it could be painful for their families. I think we shouldn't make the current life of our close ones harder only because we want to be prepared for possible hard times ahead. Cut your expenses, but not those on the needed things. Don't make your kids eat less food, rather, cut what you spend on yourself, and try to increase your income through additional jobs.

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Quote from: batang_bitcoin on June 18, 2023, 03:46:24 PM

Saving that percentage isn't hard. But what makes life hard if it's that easy to save that amount monthly? Well, easy, we don't have the same salaries. Those that are earning a lot from their salaries and businesses can do this much but the wise people wouldn't just save that amount for savings but they'll allocate it for savings. If you're living as a single, you'll easily determine how much percentage you want to save every cut off of your salary. There will be not that much obligations for you except rents and tax but if you don't rent that there's a lot of money on you where you can put into other things. While I see couples and families struggling saving even lower than that percentage it's because of many factors like high cost of goods.

For single people who have a job/income and don't have the burden of supporting their family, it will certainly be easy for them to manage their finances in the best way to allocate their funds, including saving/investing in a percentage that may be larger than that.
while people already have partners or are the backbone of the family, of course it is not easy to manage finances, except maybe the income is stable, but even though it is stable it will also be very difficult to meet the percentage that must be saved, because unexpected funds may always be there if you have people's which you have to meet their needs.

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Quote from: Marcellin9 on December 14, 2022, 07:05:31 AM

If you are in twenties or early thirties and remain single, earn $3,000 after tax per month, you will probably save $1,000 if you, let's say, spend $500 to $800 on rental, a guest bedroom in a shared house/apartment, $500 on food, $50 on utilities, $150 on phone/internet bills, $400 on commuting costs or gas/maintainance if you have a used car, $200 on occasional entertainment or others. This $1,000 savings will allow you to invest or place a house down payment when time is ripe. Is this possible based on where you live ?

What you have described is more suitable for the capital in the country where I live. Because $ 3,000 is a lot to earn even in a very high position. As well as spending 500 dollars on food is a lot. For the city where I live, the amounts of the are smaller than you described, about 2.5 or 3 times. Here, an income of $ 1,000 is very good, about $ 200 is spent on food. To rent an apartment is about $ 150. And this is good in principle, because we all earn almost the same on cryptocurrencies on the forum, and prices in a place where I live are cheap for life.

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Saving that percentage isn't hard. But what makes life hard if it's that easy to save that amount monthly? Well, easy, we don't have the same salaries. Those that are earning a lot from their salaries and businesses can do this much but the wise people wouldn't just save that amount for savings but they'll allocate it for savings. If you're living as a single, you'll easily determine how much percentage you want to save every cut off of your salary. There will be not that much obligations for you except rents and tax but if you don't rent that there's a lot of money on you where you can put into other things. While I see couples and families struggling saving even lower than that percentage it's because of many factors like high cost of goods.

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Quote from: coin-investor on June 18, 2023, 09:05:33 AM

Quote

Saving one third what you earn monthly is not that hard, isn't it ?

You can do it if you are dedicated to it and you live a simple life, you need to have a goal and a dedication to reach that goal, this is easy to do if you are single and have a good job, and raised by your parents living a simple life.

But if you have a family although it is possible it's hard to save one-third of your salary, your family comes first than savings, here in our country where the minimum wage cannot keep up with the cost of living, it's hard for a family man to save one-third of his salary unless both husband wives are working.

You said it right unless you have some other resources like doing side job that will add up to your monthly earnings, but moving back to that situation where you already have a family and only have a single source of income, saving that portions from your monthly salary is way harder than you can think of it, your obligation will always be your priority.

Though maybe you can still save some but the major part of it will be for your monthly expenses.

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Quote

Saving one third what you earn monthly is not that hard, isn't it ?

You can do it if you are dedicated to it and you live a simple life, you need to have a goal and a dedication to reach that goal, this is easy to do if you are single and have a good job, and raised by your parents living a simple life.

But if you have a family although it is possible it's hard to save one-third of your salary, your family comes first than savings, here in our country where the minimum wage cannot keep up with the cost of living, it's hard for a family man to save one-third of his salary unless both husband wives are working.

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Quote from: topbitcoin on June 11, 2023, 08:36:07 AM

Quote from: Betwrong on June 11, 2023, 06:02:26 AM

Quote from: DrBeer on June 06, 2023, 11:36:35 AM

Quote from: Betwrong on June 05, 2023, 03:13:31 AM

.....
I agree with everything you said except the last sentence. There is a saying in economics: "If there's no growth then there's no life in it." If we are not making things better then our life will not stay the way it is, it will be getting worse. So, basically, we have no choice but to grow. We should be improving our knowledge, our income should be getting bigger, and our living conditions must our living conditions must improve along with it. We must be moving forward, we can't afford to stand still.

I may not have conveyed my thought very accurately, but I meant exactly what you said - if you want improvement - change, become different, change your habits, improve your knowledge and skills. Without changing yourself, your life will not change.
~

As I was saying, it will be getting worse, not just staying the same. Some people might think, "I don't want any change, I like my life as it is." And my post was for those people. I know we, you and me, mean the same things, we just put it differently. I know that, mate.

What I noticed from the conversation is that the context of thinking is the same but has a different premise from the two statements.
"Making changes" and "liking my own life as it is" are contexts that can be taken, that making changes does not mean being someone else but being yourself as you like and being the best for your version, I think it can be concluded that the purpose of life for both of them is the same, but by having its own language.
Any decision about life in terms of finances or whatever, the goal is to be better it will have a positive outcome.
Everyone has their own formula in doing anything including saving and improving themselves to be better according to their version that is adapted to their respective situations, thoughts and goals.
I think you have different thought orientations but on goals that can be conical at the same point.

I think you are right about both of us and also some other posters in this thread. We all agree that saving is a good thing, but we disagree about the percentage because we live in different countries with very different salaries and for some of us saving one third of what you earn monthly is not only hard but impossible.

To you personally I want to say that I disagree that making changes does not mean being someone else. If you are accustomed to spending all your monthly income however big it is, you have to become someone else, someone who doesn't do as they are pleased all the time, but thinks about the future.

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Quote from: Betwrong on June 11, 2023, 06:02:26 AM

Quote from: DrBeer on June 06, 2023, 11:36:35 AM

Quote from: Betwrong on June 05, 2023, 03:13:31 AM

.....
I agree with everything you said except the last sentence. There is a saying in economics: "If there's no growth then there's no life in it." If we are not making things better then our life will not stay the way it is, it will be getting worse. So, basically, we have no choice but to grow. We should be improving our knowledge, our income should be getting bigger, and our living conditions must our living conditions must improve along with it. We must be moving forward, we can't afford to stand still.

I may not have conveyed my thought very accurately, but I meant exactly what you said - if you want improvement - change, become different, change your habits, improve your knowledge and skills. Without changing yourself, your life will not change.
~

As I was saying, it will be getting worse, not just staying the same. Some people might think, "I don't want any change, I like my life as it is." And my post was for those people. I know we, you and me, mean the same things, we just put it differently. I know that, mate.

What I noticed from the conversation is that the context of thinking is the same but has a different premise from the two statements.
"Making changes" and "liking my own life as it is" are contexts that can be taken, that making changes does not mean being someone else but being yourself as you like and being the best for your version, I think it can be concluded that the purpose of life for both of them is the same, but by having its own language.
Any decision about life in terms of finances or whatever, the goal is to be better it will have a positive outcome.
Everyone has their own formula in doing anything including saving and improving themselves to be better according to their version that is adapted to their respective situations, thoughts and goals.
I think you have different thought orientations but on goals that can be conical at the same point.

Betwrong

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Quote from: DrBeer on June 06, 2023, 11:36:35 AM

Quote from: Betwrong on June 05, 2023, 03:13:31 AM

.....
I agree with everything you said except the last sentence. There is a saying in economics: "If there's no growth then there's no life in it." If we are not making things better then our life will not stay the way it is, it will be getting worse. So, basically, we have no choice but to grow. We should be improving our knowledge, our income should be getting bigger, and our living conditions must our living conditions must improve along with it. We must be moving forward, we can't afford to stand still.

I may not have conveyed my thought very accurately, but I meant exactly what you said - if you want improvement - change, become different, change your habits, improve your knowledge and skills. Without changing yourself, your life will not change.
~

As I was saying, it will be getting worse, not just staying the same. Some people might think, "I don't want any change, I like my life as it is." And my post was for those people. I know we, you and me, mean the same things, we just put it differently. I know that, mate.

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Quote from: m2017 on June 11, 2023, 02:22:05 AM

....
There is a category of people who, being no longer young, still continue to lead a wasteful lifestyle and spend money on trash. But in that you are right that in young people it is more common. Of course, this is due to the lack of life experience and general financial literacy, which is rarely taught and young people have to learn from their mistakes.

Accumulation happens better if you do it systematically, at least in small amounts. Constancy is important and then, over the years, a good amount accumulates. And if you do this with the help of digital assets (better to say investment tool), like bitcoin, then this will also allow you to increase these savings. That is why, I am of the opinion that it is quite possible to set aside part of the salary and this can be taught if you approach the decision wisely, abandoning senseless and unnecessary spending on all sorts of useless stuff.

Another confirmation of the idea that the main cause of our problems is... WE ARE

By the way, the second problem is the search for problems on the side, the search for culprits, the search for "conspiracy theories", all this just to justify our susceptibility to addictions and weakness in the fight against these, not very useful addictions

In short, the question "How to start living well and having enough", you have to ask the question "what did you really do to achieve this? "

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Quote from: xSkylarx on June 11, 2023, 01:51:29 AM

Quote from: Dr.Osh on June 10, 2023, 11:42:17 PM

Quote from: ElmedoRator on June 08, 2023, 01:30:02 PM

Lifestyle choices and personal priorities play an important role in determining how much a person can save. Know how to distinguish between needs and wants and make informed decisions about spending. Assessing whether a purchase aligns with your long-term financial goals and delivers real value can help prioritize savings over immediate gratification. In addition to paying attention to your spending habits and focusing on prioritizing your savings, you can make more deliberate choices about how your income is distributed. This approach allows you to build a strong financial foundation and create a safety net for the future.

well, other than that, another important point is limited income. even outside of lifestyle and priorities, another important thing is how much a person earns each month. there are still very many people who have only enough monthly income to meet their daily needs, or even less. so, if you want to save, we should try to increase the income we have.
Apart from that, looking for additional work as well as investing is a very good thing to do. if someone is young, maybe focusing on saving and investing is the right choice. If there is more than $100 left to save from remaining expenses, then it would be better to choose $50 to invest and $50 to save. it aims to increase income, and can also be a future asset.

The problem when we are young and we don't have experience on things is that we usually spend it on nonsense. I mean, before my first job, I was earning minimum wage and also single, but still, I was broke because I always bought useless stuff and also alcohol and parties every day. I was kind of new to the world and wanted to explore things, and now that I've seen the true meaning of life, I now save even a small amount because it is for our future. It doesn't mean that if you save it should be big,, any amount will do as it will accumulate.

There is a category of people who, being no longer young, still continue to lead a wasteful lifestyle and spend money on trash. But in that you are right that in young people it is more common. Of course, this is due to the lack of life experience and general financial literacy, which is rarely taught and young people have to learn from their mistakes.

Accumulation happens better if you do it systematically, at least in small amounts. Constancy is important and then, over the years, a good amount accumulates. And if you do this with the help of digital assets (better to say investment tool), like bitcoin, then this will also allow you to increase these savings. That is why, I am of the opinion that it is quite possible to set aside part of the salary and this can be taught if you approach the decision wisely, abandoning senseless and unnecessary spending on all sorts of useless stuff.

EarnOnVictor

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Quote from: @forxample on June 07, 2023, 12:54:59 PM

Quote from: uswa56 on June 06, 2023, 06:50:48 AM

Quote from: woez on June 06, 2023, 01:40:33 AM

Saving a third of your monthly income can be a realistic goal, but it depends on factors such as where you live and your expenses. If you earn $3,000 per month and have moderate expenses such as rent, food, utilities, phone bills, travel, and occasional entertainment, it's possible to save $1,000.

However, it's important to consider the cost of living in your area and your personal financial obligations. It also requires budgeting and the discipline to save consistently to create a viable savings plan.

spending to meet basic needs is a very important thing to pay attention to and if it has been fulfilled then saving is something that must be done regardless of how much income you get per month and if expenses are higher or just barely with your income then you can't be silent, you have to get out of it and look for additional income to be able to save.
saving is very important for future life and if someone knows the benefits of saving then he will do anything to be able to fulfill it, the important thing is there is a desire to save then it won't be difficult.

Not hard to say but hard to do. Everyone's income is different as well as their needs are also different. It's hard to start saving, let alone saving from a third of my income every month. What happens is that sometimes my income for one month cannot meet my needs for the next month, so I have to borrow money to just survive.

maybe in the future I will try to manage my finances and set aside some of my income every month to start saving. And trying to find additional income to add to my savings. to answer future problems such as unexpected events (accidents) and to prepare for old age.

I was also concerned as some people believe that saving 1/3 of income is not hard, I believe this is personal as income varies. There are people that would not be able to spend up to 1/10 of their income in a month, while it will be difficult for some to save anything in a month. Just like you, there are times you borrow to survive, which is why I believe that the answer to this question will always vary in relation to an individual's income and responsibility.

I included responsibility because some people earn more than enough but their responsibility is too much for them. This might be a family person or someone that the extent family depends on him.

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Quote from: Dr.Osh on June 10, 2023, 11:42:17 PM

Quote from: ElmedoRator on June 08, 2023, 01:30:02 PM

Lifestyle choices and personal priorities play an important role in determining how much a person can save. Know how to distinguish between needs and wants and make informed decisions about spending. Assessing whether a purchase aligns with your long-term financial goals and delivers real value can help prioritize savings over immediate gratification. In addition to paying attention to your spending habits and focusing on prioritizing your savings, you can make more deliberate choices about how your income is distributed. This approach allows you to build a strong financial foundation and create a safety net for the future.

well, other than that, another important point is limited income. even outside of lifestyle and priorities, another important thing is how much a person earns each month. there are still very many people who have only enough monthly income to meet their daily needs, or even less. so, if you want to save, we should try to increase the income we have.
Apart from that, looking for additional work as well as investing is a very good thing to do. if someone is young, maybe focusing on saving and investing is the right choice. If there is more than $100 left to save from remaining expenses, then it would be better to choose $50 to invest and $50 to save. it aims to increase income, and can also be a future asset.

The problem when we are young and we don't have experience on things is that we usually spend it on nonsense. I mean, before my first job, I was earning minimum wage and also single, but still, I was broke because I always bought useless stuff and also alcohol and parties every day. I was kind of new to the world and wanted to explore things, and now that I've seen the true meaning of life, I now save even a small amount because it is for our future. It doesn't mean that if you save it should be big,, any amount will do as it will accumulate.

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Quote from: woez on June 06, 2023, 01:40:33 AM

Saving a third of your monthly income can be a realistic goal, but it depends on factors such as where you live and your expenses. If you earn $3,000 per month and have moderate expenses such as rent, food, utilities, phone bills, travel, and occasional entertainment, it's possible to save $1,000.

This is quite a large amount of income which is basically easier to save, especially if the point of saving is at $1000 which a person still has $2000 for all the necessities he needs to live. But this can't be imagined by those with small incomes because they still have to struggle for their daily needs first before struggling to make more decent savings in their lives even though by collecting little by little.

Quote from: og kush420 on June 10, 2023, 06:40:59 PM

that is not an easy task esp at this point of time! since we are not a CEO of a fancy firm or earning a lot. But we can try manainting some goals and saving some funds to either have a vacation or to charity

Obviously it is not an easy task to carry out even though many people often say it is easy, because people who have little income certainly need to set every goal before they can carry it out gradually in life. Especially if they want to make savings for charity and for vacations, it always takes a little longer to make that happen, because they need to accumulate money slowly.

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Quote from: Dr.Osh on June 10, 2023, 11:42:17 PM

Quote from: ElmedoRator on June 08, 2023, 01:30:02 PM

Lifestyle choices and personal priorities play an important role in determining how much a person can save. Know how to distinguish between needs and wants and make informed decisions about spending. Assessing whether a purchase aligns with your long-term financial goals and delivers real value can help prioritize savings over immediate gratification. In addition to paying attention to your spending habits and focusing on prioritizing your savings, you can make more deliberate choices about how your income is distributed. This approach allows you to build a strong financial foundation and create a safety net for the future.

well, other than that, another important point is limited income. even outside of lifestyle and priorities, another important thing is how much a person earns each month. there are still very many people who have only enough monthly income to meet their daily needs, or even less. so, if you want to save, we should try to increase the income we have.
Apart from that, looking for additional work as well as investing is a very good thing to do. if someone is young, maybe focusing on saving and investing is the right choice. If there is more than $100 left to save from remaining expenses, then it would be better to choose $50 to invest and $50 to save. it aims to increase income, and can also be a future asset.

Lifestyle is crucial, and indeed, everyone requires a lifestyle that enables them to position themselves within a more fitting environment. It is not merely about squandering money on frivolous needs; rather, it pertains to establishing positive connections with individuals who possess the potential to mutually support and advance one another's economic prospects.

There exist certain lifestyles that are also futile to pursue, such as the negative urban lifestyle that solely serves as a realm of consumerism and fleeting satisfaction. It is imperative to avoid such a lifestyle in order to allocate more towards savings and investments, thereby fostering greater financial security and growth.

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Quote from: ElmedoRator on June 08, 2023, 01:30:02 PM

Lifestyle choices and personal priorities play an important role in determining how much a person can save. Know how to distinguish between needs and wants and make informed decisions about spending. Assessing whether a purchase aligns with your long-term financial goals and delivers real value can help prioritize savings over immediate gratification. In addition to paying attention to your spending habits and focusing on prioritizing your savings, you can make more deliberate choices about how your income is distributed. This approach allows you to build a strong financial foundation and create a safety net for the future.

well, other than that, another important point is limited income. even outside of lifestyle and priorities, another important thing is how much a person earns each month. there are still very many people who have only enough monthly income to meet their daily needs, or even less. so, if you want to save, we should try to increase the income we have.
Apart from that, looking for additional work as well as investing is a very good thing to do. if someone is young, maybe focusing on saving and investing is the right choice. If there is more than $100 left to save from remaining expenses, then it would be better to choose $50 to invest and $50 to save. it aims to increase income, and can also be a future asset.

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Quote from: umbara ardian on June 05, 2023, 03:23:20 PM

Saving a third of your income can be a challenge for many people. After all, everyone's financial situation is different. Factors such as rent or mortgage payments, debt obligations, health care costs, child care costs, and supporting family members can significantly affect your ability to save a substantial portion of a person's income. So consider the full financial picture when setting a savings goal. Instead of focusing only on a specific percentage, each person should evaluate his or her income, expenses, and financial priorities to determine a viable savings amount that is appropriate for his or her own circumstances.

If you are lucky to have been getting the right advise from the right person and you do the right decision for the best of your financial health then surly the prospirity would folllow you!

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Quote from: woez on June 06, 2023, 01:40:33 AM

Saving a third of your monthly income can be a realistic goal, but it depends on factors such as where you live and your expenses. If you earn $3,000 per month and have moderate expenses such as rent, food, utilities, phone bills, travel, and occasional entertainment, it's possible to save $1,000.

However, it's important to consider the cost of living in your area and your personal financial obligations. It also requires budgeting and the discipline to save consistently to create a viable savings plan.

that is not an easy task esp at this point of time! since we are not a CEO of a fancy firm or earning a lot. But we can try manainting some goals and saving some funds to either have a vacation or to charity

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Lifestyle choices and personal priorities play an important role in determining how much a person can save. Know how to distinguish between needs and wants and make informed decisions about spending. Assessing whether a purchase aligns with your long-term financial goals and delivers real value can help prioritize savings over immediate gratification. In addition to paying attention to your spending habits and focusing on prioritizing your savings, you can make more deliberate choices about how your income is distributed. This approach allows you to build a strong financial foundation and create a safety net for the future.

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Quote from: BRINIRHA on June 07, 2023, 03:32:15 PM

Quote from: Negotiation on June 07, 2023, 03:38:17 AM

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Quote from: uswa56 on June 06, 2023, 06:50:48 AM

spending to meet basic needs is a very important thing to pay attention to and if it has been fulfilled then saving is something that must be done regardless of how much income you get per month and if expenses are higher or just barely with your income then you can't be silent, you have to get out of it and look for additional income to be able to save.
saving is very important for future life and if someone knows the benefits of saving then he will do anything to be able to fulfill it, the important thing is there is a desire to save then it won't be difficult.

We have to try to apply for new jobs to earn extra income when we are still productive for any job, we have to take advantage of our young age to work hard for savings needs because when we are old we are no longer able to work and have to rest a lot to maintain our health. Many people do not prepare themselves for old age so that financial management is not organized because they have to work hard at old age.

The prevailing pattern of society is that middle income people save more. And for exactly the opposite reason, low and high income people save relatively less. High income people have high consumption and investment rates, so savings are low, and low income people face a challenge in daily living. But you are right, no one can work in old age they need rest. That is why it is important to save something for the future at a young age which will provide security in old age.

Making preparations early from a young age is indeed a step that we must take if we want to get financial comfort in our old age. It's just that not all people can do it. such as low-income groups for example. usually the income they get is just enough to cover all basic needs. And to be able to save, they usually have to work extra to get additional income. And this can indeed be done if we have a young age and a healthy body.

So it is true that we should make the best use of our youth to work hard and try to increase our level of financial well-being. And prepare for old age by investing more in safe assets for the long term. have savings for a reserve fund and the rest i prefer to invest it. because with investment we can see our assets continue to grow by themselves. an example is in land property investment and the like.

Since we didn't have time to get financial literacy ourselves, it's worth not repeating the mistake and teaching it to our children.

Financial education should, in my opinion, be compulsory in elementary school, like arithmetic and English

Without it it would be difficult to live in the modern world... In fact, we are now seeing the result of the lack of financial literacy of the population - unbridled consumption, buying unnecessary goods and things, as well as the reckless use of credit ... So we teach our children, than we save from problems in the future!

Topic: Saving one third what you earn monthly is not that hard, isn't it ? (Read 3349 times)