Saving one third what you earn monthly is not that hard, isn't it ? - page 11.

Theones

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Quote from: capedbaldy on January 06, 2023, 06:49:56 PM

Quote from: Oasisman on January 06, 2023, 05:16:00 PM

In a third world country, it is definitely hard. Beside the fact that we have a very low salary range here, but also the products and necessities' price are constantly rising, putting the thoughts of saving aside. So, it's almost impossible for you to have at least the third half of your income not intended for something like bills and other necessary expenses. We literally are working to survive here, If you don't have enough guts to look for another way to earn, you'd probably going to end up broke and homeless once you lost your only job.

The low salary they get does not allow them to allocate money for savings, after inflation in some countries but the government does not increase the minimum wage for workers so that the salary is only enough for monthly needs to survive, so they have to find alternative jobs for savings and now many jobs for couriers and online driver jobs that pay higher than normal jobs.

saving some of the funds is very important. One should try to save as much as one could.
And finding a side hustle and alternative jobs is very important. I have stopped all my entertainments and started saving all my hangout and dining out funds.

og kush420

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Quote from: Jody.Drummer on January 06, 2023, 07:50:51 AM

Quote from: autumnleaf on January 05, 2023, 10:11:30 PM

Earning $3,000 a month is already quite a bit in our country. You are able to purchase a vehicle, a respectable rental home, wholesome food, and other items. If I were to earn that much money, I would definitely set aside a portion of it for savings, invest in businesses that generate passive income, gradually purchase assets, and set aside cash for emergency funds.

I think it's just about adjustments because indeed we also can't force it and it's possible that the OP is in a big country with that much income so that $3000 in his country looks small but this really depends on where you live and what is your average basic salary for 1 months so this is indeed adjusted in my opinion.
But the point I see is that 1/3 of the income we have for 1 month means this is about 30% of our income, can we really do that. Actually I think it's a little difficult but depending on what we want to go for when we really want to be consistent with 30 percent to save I think it can be but I would probably save less than that because for me the remaining 70% is for my daily life and other windfall funds will not be enough.

I many country people dont earn $3000 - for them it is quite a money.
But even our house help knows how to save money. They save and deposit some amount to their friend and get a total amount in full after few months. I will also save some money this year - this is my biggest goal

Cryptock

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Quote from: Marcellin9 on January 06, 2023, 03:49:58 AM

Quote from: oaz7t on January 06, 2023, 03:12:07 AM

You don't say it. It is actually very hard for me. I am always exhausting my balance because I
really need to survive and make my family live better life tbh. The money that I am earning is not
much to live on considering the no minimum wager limit style in my country. This means even
though I have pursued higher degree education it won't be counted towards my high paying job.
I will still have to start from the scratch, from the shop floor and keep myself engaged in
adopting the work culture and get paid lowest wager they could give it to me. If not, then they
will simply higher another talent in the process and forget about me. We always have settling
time of around 10-12 years from the date we start our jobs and stay consistent. So no, not every
one is lucky enough to save the money all the time.

Thank you very much. Comments like yours let me know more about different situations out there in the world. Everyone has their own circumstances and problems. I can feel your great hopes for a better life and do believe one day you can live the life you always dreamed of. Keep up your hard work and a prosperous future is awaiting you !

I appreciate all those people who are making their life better by working hard.
They are the real survivor - I read what the OP has mentioned. Best of luck and keep up the good work.

ajiz138

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Quote from: autumnleaf on January 05, 2023, 10:11:30 PM

Earning $3,000 a month is already quite a bit in our country. You are able to purchase a vehicle, a respectable rental home, wholesome food, and other items. If I were to earn that much money, I would definitely set aside a portion of it for savings, invest in businesses that generate passive income, gradually purchase assets, and set aside cash for emergency funds.

Different countries have different needs, but for me $ 3,000 is enough if it is used properly and not excessive in any expenses, with rental fees etc. This must be taken into account, including vehicles, many variations in price, so it is smarter to manage income every month to set aside in investment as a long-term asset.

At least don't put it in one investment we have to be able to diversify into other assets which may be stable investments and that needs strong consideration and with a little money set aside for other investments or businesses we will get more profit this is not easy but by starting the process long one we will enjoy good result.

As well as one thing we need to know that good financial management will grow a good investment as well, as I did that and $ 3,000 for me is enough to arrange all that is needed a month as our fees including rent paid and the rest can still be invested in several diversified assets including bitcoin as well.

YOSHIE

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

Is this possible based on where you live ?

Let alone people who have a steady income with a permanent salary, if you talk about saving from the income of a bedic driver, they can and can do it, the important thing is, there is a will, patience and determination.

Save/invest part of their economy, that's a thing to do for those who know it, I once read one of the sources, but forgot where I read it, with the title of a successful farmer and became a billionaire due to crypto investment, it's one of the historical things that investing/saving doesn't have to be for people who have a steady income, farmers can do that too, if they want to be successful in terms of their own economy.

I believe that some percent of our income is invested in crypto, in the next 1-5 years whoever does it they will reap the rewards of their investment, believe and belief do, that's the key.

capedbaldy

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Quote from: Oasisman on January 06, 2023, 05:16:00 PM

In a third world country, it is definitely hard. Beside the fact that we have a very low salary range here, but also the products and necessities' price are constantly rising, putting the thoughts of saving aside. So, it's almost impossible for you to have at least the third half of your income not intended for something like bills and other necessary expenses. We literally are working to survive here, If you don't have enough guts to look for another way to earn, you'd probably going to end up broke and homeless once you lost your only job.

The low salary they get does not allow them to allocate money for savings, after inflation in some countries but the government does not increase the minimum wage for workers so that the salary is only enough for monthly needs to survive, so they have to find alternative jobs for savings and now many jobs for couriers and online driver jobs that pay higher than normal jobs.

Oilacris

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Quote from: Oasisman on January 06, 2023, 05:16:00 PM

Quote from: minime0105 on January 06, 2023, 04:43:16 PM

I will not say this is hard or is not hard because for anybody to save be it one third or half of what you earn you have to be decipline as a person in your expenses, you should plan your expenditure be it daily, weekly and monthly and always cut cost in other to achieve this savings, saving one third of what we earn most times wouldn't work because when you earn little and much is expected of you from people that depends on you how will this stand but for an economist and a calculative person this will be the best saving option but it solely depends on how much he or she earns monthly.

In a third world country, it is definitely hard. Beside the fact that we have a very low salary range here, but also the products and necessities' price are constantly rising, putting the thoughts of saving aside. So, it's almost impossible for you to have at least the third half of your income not intended for something like bills and other necessary expenses. We literally are working to survive here, If you don't have enough guts to look for another way to earn, you'd probably going to end up broke and homeless once you lost your only job.

This is in fact the reality on which you cant really be able to save up no matter how you do like on considering it out that you are even struggling yourself on daily living out of those salary you do
gain on monthly basis which is something that couldnt really be avoid out and this is why we cant really just make out some degradation or criticisms that people are insensitive when it comes to
this matter on which there are really things which you cant do it all even if you wanted to.

It is really just that hard on doing but it i do agree on some words that there are really ones who dont really care at all and dont put up much effort instead.

odunybiz

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Quote from: aoluain on December 14, 2022, 09:20:27 AM

Quote from: NeuroticFish on December 14, 2022, 08:14:35 AM

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 ?

It depends a lot by where one lives. If I'd be earning $3k from salary (after tax), it would be wonderful. But I don't.
Also the expenses differ greatly from country to country.
So the math you've done, although nice, doesn't apply in most parts of the world.

It also depends on lifestyle and choices made.

This also depends on your country. It easy to do such in some countries but very hard in some. I will just simply advice we maintain a simple lifestyle that will enable saving

Oasisman

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Quote from: minime0105 on January 06, 2023, 04:43:16 PM

I will not say this is hard or is not hard because for anybody to save be it one third or half of what you earn you have to be decipline as a person in your expenses, you should plan your expenditure be it daily, weekly and monthly and always cut cost in other to achieve this savings, saving one third of what we earn most times wouldn't work because when you earn little and much is expected of you from people that depends on you how will this stand but for an economist and a calculative person this will be the best saving option but it solely depends on how much he or she earns monthly.

In a third world country, it is definitely hard. Beside the fact that we have a very low salary range here, but also the products and necessities' price are constantly rising, putting the thoughts of saving aside. So, it's almost impossible for you to have at least the third half of your income not intended for something like bills and other necessary expenses. We literally are working to survive here, If you don't have enough guts to look for another way to earn, you'd probably going to end up broke and homeless once you lost your only job.

minime0105

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I will not say this is hard or is not hard because for anybody to save be it one third or half of what you earn you have to be decipline as a person in your expenses, you should plan your expenditure be it daily, weekly and monthly and always cut cost in other to achieve this savings, saving one third of what we earn most times wouldn't work because when you earn little and much is expected of you from people that depends on you how will this stand but for an economist and a calculative person this will be the best saving option but it solely depends on how much he or she earns monthly.

isaac_clarke22

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Quote from: Jody.Drummer on January 06, 2023, 07:50:51 AM

~

Yeah we should also consider the region stuffs since dollar value is different. $3000 here in my country would be like a wonderful amount to have and you could just live in the metropolitan area living a comfort life for sure. Sometimes that 1/3 might be enough already depending on how you spend your money anyway. Are you buying unnecessary stuff daily? Some people can save more than that if their electricity is not high up in the ceiling since some countries just have the worst electricity cost.

Considering electricity cost is painful right now in my country I can understand that some would be just go for lower.

Jody.Drummer

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Quote from: autumnleaf on January 05, 2023, 10:11:30 PM

Earning $3,000 a month is already quite a bit in our country. You are able to purchase a vehicle, a respectable rental home, wholesome food, and other items. If I were to earn that much money, I would definitely set aside a portion of it for savings, invest in businesses that generate passive income, gradually purchase assets, and set aside cash for emergency funds.

I think it's just about adjustments because indeed we also can't force it and it's possible that the OP is in a big country with that much income so that $3000 in his country looks small but this really depends on where you live and what is your average basic salary for 1 months so this is indeed adjusted in my opinion.
But the point I see is that 1/3 of the income we have for 1 month means this is about 30% of our income, can we really do that. Actually I think it's a little difficult but depending on what we want to go for when we really want to be consistent with 30 percent to save I think it can be but I would probably save less than that because for me the remaining 70% is for my daily life and other windfall funds will not be enough.

Marcellin9

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Quote from: oaz7t on January 06, 2023, 03:12:07 AM

You don't say it. It is actually very hard for me. I am always exhausting my balance because I
really need to survive and make my family live better life tbh. The money that I am earning is not
much to live on considering the no minimum wager limit style in my country. This means even
though I have pursued higher degree education it won't be counted towards my high paying job.
I will still have to start from the scratch, from the shop floor and keep myself engaged in
adopting the work culture and get paid lowest wager they could give it to me. If not, then they
will simply higher another talent in the process and forget about me. We always have settling
time of around 10-12 years from the date we start our jobs and stay consistent. So no, not every
one is lucky enough to save the money all the time.

Thank you very much. Comments like yours let me know more about different situations out there in the world. Everyone has their own circumstances and problems. I can feel your great hopes for a better life and do believe one day you can live the life you always dreamed of. Keep up your hard work and a prosperous future is awaiting you !

oaz7t

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You don't say it. It is actually very hard for me. I am always exhausting my balance because I really need to survive and make my family live better life tbh. The money that I am earning is not much to live on considering the no minimum wager limit style in my country. This means even though I have pursued higher degree education it won't be counted towards my high paying job. I will still have to start from the scratch, from the shop floor and keep myself engaged in adopting the work culture and get paid lowest wager they could give it to me. If not, then they will simply higher another talent in the process and forget about me. We always have settling time of around 10-12 years from the date we start our jobs and stay consistent. So no, not every one is lucky enough to save the money all the time.

My ThuiHa

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Saving money is a very simple matter. It's hard to hold on. Twenty-one days to form a good habit. But saving money is something to do every month, treat it as your hobby. At the beginning, it can be regarded as a task to do, and then it gradually becomes a habit. The advantage of saving money is that when you are in a hurry to use the money, you can take it out without stress. No need to borrow money from friends and family.

autumnleaf

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Earning $3,000 a month is already quite a bit in our country. You are able to purchase a vehicle, a respectable rental home, wholesome food, and other items. If I were to earn that much money, I would definitely set aside a portion of it for savings, invest in businesses that generate passive income, gradually purchase assets, and set aside cash for emergency funds.

carlfebz2

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Quote from: Cryptock on January 05, 2023, 01:42:31 PM

Quote from: Fatunad on January 04, 2023, 05:50:27 PM

Quote from: Fortify on January 04, 2023, 04:53:25 PM

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 ?

Unfortunately 2022 was a year of great upheaval, just as it looked like the world was getting out from the shadow of Covid and on the path to recovery, Russia decided to create the first war in Europe since WW2. This seriously impacted on peoples ability to save, especially those on the lowest wages who were getting squeezed from all sides - fuel costs, housing costs, food costs, etc. In stable times the breakdown you gave might work, but in great inflationary times it can often be hard for salaries to keep up with all the external cost pressures. Hopefully Putin is overthrown and peace can once again be brought back, which fosters creativity instead of destruction for old men.

Even if War would be over it couldnt still able to resolved out about these inflation and other economic problems but somehow at least it is really that being lessen and make things a bit lighter but it doesnt
meant that it would be already solved out and this problem would still exist.Its true that if you are that someone who do solely rely on income or salary on a day job which those amounts are already
sufficient for your daily living then saving up some money is close to impossible or something that cant really be done.It might not be hard on some people to save up but in most people then its
a challenging one.

as mentioned above 2022 was a year of challenge and trouble
We have faced the worse inflation ever and they said the peak is yet to come - so brace yourself for the worse days ahead.

We should really make ourselves prepared for whatever things that might come along the way and its true that inflation is something that can be avoided and do becomes worst on every year is passing.

Just like on what fatunad said above that it would really be that ideal if you do find for another source of income if you do struggle on the current earning that you do have as of this moment.

There are ways if you wanted to but most of the time people do make out excuses like it cant be possible or cant be done or something this or like that
which are just purely reasons.

Cryptock

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Quote from: Fatunad on January 04, 2023, 05:50:27 PM

Quote from: Fortify on January 04, 2023, 04:53:25 PM

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 ?

Unfortunately 2022 was a year of great upheaval, just as it looked like the world was getting out from the shadow of Covid and on the path to recovery, Russia decided to create the first war in Europe since WW2. This seriously impacted on peoples ability to save, especially those on the lowest wages who were getting squeezed from all sides - fuel costs, housing costs, food costs, etc. In stable times the breakdown you gave might work, but in great inflationary times it can often be hard for salaries to keep up with all the external cost pressures. Hopefully Putin is overthrown and peace can once again be brought back, which fosters creativity instead of destruction for old men.

Even if War would be over it couldnt still able to resolved out about these inflation and other economic problems but somehow at least it is really that being lessen and make things a bit lighter but it doesnt
meant that it would be already solved out and this problem would still exist.Its true that if you are that someone who do solely rely on income or salary on a day job which those amounts are already
sufficient for your daily living then saving up some money is close to impossible or something that cant really be done.It might not be hard on some people to save up but in most people then its
a challenging one.

as mentioned above 2022 was a year of challenge and trouble
We have faced the worse inflation ever and they said the peak is yet to come - so brace yourself for the worse days ahead.

Fatunad

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Quote from: Fortify on January 04, 2023, 04:53:25 PM

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 ?

Unfortunately 2022 was a year of great upheaval, just as it looked like the world was getting out from the shadow of Covid and on the path to recovery, Russia decided to create the first war in Europe since WW2. This seriously impacted on peoples ability to save, especially those on the lowest wages who were getting squeezed from all sides - fuel costs, housing costs, food costs, etc. In stable times the breakdown you gave might work, but in great inflationary times it can often be hard for salaries to keep up with all the external cost pressures. Hopefully Putin is overthrown and peace can once again be brought back, which fosters creativity instead of destruction for old men.

Even if War would be over it couldnt still able to resolved out about these inflation and other economic problems but somehow at least it is really that being lessen and make things a bit lighter but it doesnt
meant that it would be already solved out and this problem would still exist.Its true that if you are that someone who do solely rely on income or salary on a day job which those amounts are already
sufficient for your daily living then saving up some money is close to impossible or something that cant really be done.It might not be hard on some people to save up but in most people then its
a challenging one.

Fortify

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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 ?

Unfortunately 2022 was a year of great upheaval, just as it looked like the world was getting out from the shadow of Covid and on the path to recovery, Russia decided to create the first war in Europe since WW2. This seriously impacted on peoples ability to save, especially those on the lowest wages who were getting squeezed from all sides - fuel costs, housing costs, food costs, etc. In stable times the breakdown you gave might work, but in great inflationary times it can often be hard for salaries to keep up with all the external cost pressures. Hopefully Putin is overthrown and peace can once again be brought back, which fosters creativity instead of destruction for old men.

Topic: Saving one third what you earn monthly is not that hard, isn't it ? - page 11. (Read 3349 times)