Saving one third what you earn monthly is not that hard, isn't it ? - page 12.

Fortify

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Quote from: Marcellin9 on December 14, 2022, 08:05:31 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.

TimeTeller

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Quote from: Fredomago on January 04, 2023, 05:12:51 AM

Quote from: stomachgrowls on January 01, 2023, 04:59:24 PM

Depends on how much you do earn because you cant really make out savings if you do earn which is only sufficient on your daily living needs which you wont really be having the chance on saving up just because you

do only earn ample amount just enough for you to survive this is why you should really be mindful on how to make out some budget plus trying out to make or find for another source of income which it could possibly
make you things to save up for later.It might sound so simple but this is something that you cant really just do because there are things in life which is really something inevitable.
Some people are really just good on criticizing other peoples actions without minding that it isnt really that very easy to do so.

I get your point and there are people who really can't just go and do things the way others think that they should be doing, there are factors and a kind of mindsets that they are not good in doing, though it will be depends from how you as individual see about it and think about saving, the eager you are the better you will find ways to establish your future financial capabilities.

Saving portions of your salaries will give you a decent amount in the future, if you can really work on it and make sure
to yourself that you will aim for that to happen. The outcome is always in favor of you.

A lot can't afford to save something from their earnings as it depends on your income and basic needs.
But if you can, save a lil bit every once in a while, and before you know it, it is already significant amount of money that you can use later on.
Saving sometimes depends on the person himself. Some can save money even if they have small income.
Look for unnecessary items that you usually buy and instead of buying it next time, keep the money as savings.
You can also track where your money goes if you list your daily expenses, though a tedious job but you can pinpoint where you are just wasting your money.

harapan

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Quote from: The Sceptical Chymist on January 04, 2023, 03:00:15 PM

There have been times in my life where I was able and did save at least a third of what I made, but the answer to the question as to whether anyone is able to do that is that it depends on how much you're making and what your standard of living is (and also how expensive things are in your area).

Damn, how I wish I was in the position to take 1/3 of my income and invest it in either crypto or the stock market. I'd be back to the ballin' stage--I wouldn't be a bitcoin whale by any means, but I'd at least have a decent stash.

And oh how I regret that I didn't buy and save bitcoin when it was just $200. Even $1000. Life is so hard when you can't see into the future, ya know?

Bitcoin and Cryptocurrencies still early for anyone to invest and it's only fourteen good years past since it was created, that equally says you still have all it takes to invest in, get a solid plan for accumulation, be discipline and them take action

You taking a view of the past is no bad move but you should kindly forged forward and think of no past that brings you pain and regrets

My biggest regrets has to be not able to mine a single coin but we move. I will advise you do same, $1000 every week henceforth will be marvelous idea if you are interested.

The Sceptical Chymist

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There have been times in my life where I was able and did save at least a third of what I made, but the answer to the question as to whether anyone is able to do that is that it depends on how much you're making and what your standard of living is (and also how expensive things are in your area).

Damn, how I wish I was in the position to take 1/3 of my income and invest it in either crypto or the stock market. I'd be back to the ballin' stage--I wouldn't be a bitcoin whale by any means, but I'd at least have a decent stash.

And oh how I regret that I didn't buy and save bitcoin when it was just $200. Even $1000. Life is so hard when you can't see into the future, ya know?

Obari

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Quote from: Marcellin9 on December 14, 2022, 08:05:31 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 ?

Firstly where I live wouldn't be possible to earn upto such amount of money and tye cost of living now is something really crazy and I don't think it will be anywhere close to easy saving upto $1000 even if one earns upto $3000 in my country because there are alot of thi GS that would demand that $1000 along the line of saving.

It takes a very serious dedication and commitment to be able to save money and never touch it in my country and I could remember when I still earn less than $50 a month and I tried so had to save upto $15 but always ended up using it before the next pay day and I always use a slogan then that we should always save money so money can save us.
From my perspective, saving isn't easy not for anyone but with the right mindset and training, one can be able to save no matter how much your salary is.

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Quote from: stomachgrowls on January 01, 2023, 04:59:24 PM

Depends on how much you do earn because you cant really make out savings if you do earn which is only sufficient on your daily living needs which you wont really be having the chance on saving up just because you

do only earn ample amount just enough for you to survive this is why you should really be mindful on how to make out some budget plus trying out to make or find for another source of income which it could possibly
make you things to save up for later.It might sound so simple but this is something that you cant really just do because there are things in life which is really something inevitable.
Some people are really just good on criticizing other peoples actions without minding that it isnt really that very easy to do so.

I get your point and there are people who really can't just go and do things the way others think that they should be doing, there are factors and a kind of mindsets that they are not good in doing, though it will be depends from how you as individual see about it and think about saving, the eager you are the better you will find ways to establish your future financial capabilities.

Saving portions of your salaries will give you a decent amount in the future, if you can really work on it and make sure
to yourself that you will aim for that to happen. The outcome is always in favor of you.

Cryptock

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Quote from: Inwestour on January 02, 2023, 02:27:55 PM

Quote from: Swordsoffreedom on December 31, 2022, 12:25:03 PM

Not really, I am a married person with children, but with an income of 3k$, I can still say that I can still save a huge amount, and I can still save 1k$/month. I think depending on the area you live in, like my area, an income of 3k $ is a huge income, this is an income not many people can achieve. In my area the average worker's salary is $500 and with this income they can feed at least 2 people. So if a person has an income of 3k dollars, they can save and get more done.

Much depends on the needs and the ability to save money, because often with the growth of earnings, expenses also grow. My friend tells me that he does not like to save, he has his own small business and he is constantly striving to earn more, he is doing well, his income is growing, but at the same time he is spending more and more. He wants to buy his own house, but I don't know how he can do it, since he constantly spends almost everything.

How did your expenses increase greatly with the growth of income, do you manage to save money consistently?

you are lucky person that you save and run your family too. your income is good and I hope and pray that you don't meet a bad and looter in 2023
I saved some money and has been scammed and looted. It took me to get out of the depression.
May God keep us protected in 2023

Inwestour

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Quote from: Swordsoffreedom on December 31, 2022, 12:25:03 PM

Not really, I am a married person with children, but with an income of 3k$, I can still say that I can still save a huge amount, and I can still save 1k$/month. I think depending on the area you live in, like my area, an income of 3k $ is a huge income, this is an income not many people can achieve. In my area the average worker's salary is $500 and with this income they can feed at least 2 people. So if a person has an income of 3k dollars, they can save and get more done.

Much depends on the needs and the ability to save money, because often with the growth of earnings, expenses also grow. My friend tells me that he does not like to save, he has his own small business and he is constantly striving to earn more, he is doing well, his income is growing, but at the same time he is spending more and more. He wants to buy his own house, but I don't know how he can do it, since he constantly spends almost everything.

How did your expenses increase greatly with the growth of income, do you manage to save money consistently?

og kush420

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Quote from: stomachgrowls on January 01, 2023, 04:59:24 PM

do only earn ample amount just enough for you to survive this is why you should really be mindful on how to make out some budget plus trying out to make or find for another source of income which it could possibly
make you things to save up for later.It might sound so simple but this is something that you cant really just do because there are things in life which is really something inevitable.
Some people are really just good on criticizing other peoples actions without minding that it isnt really that very easy to do so.

I desperately try saving money - but due to inflation this is not possible.
I am very upset and depressed because I am the sole breadwinner - and I am unable to cope up with the upcoming finances.

stomachgrowls

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Quote from: Fredomago on January 01, 2023, 04:44:58 PM

Quote from: Swordsoffreedom on December 31, 2022, 12:25:03 PM

Quote from: Wakate on December 30, 2022, 03:40:57 PM

Quote from: Marcellin9 on December 14, 2022, 08:05:31 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 ?

Well just like you have explained it, this is for a bachelor that doesn't have may responsibility either from family or girlfriend. This is possible if the person does not have a girlfriend or family responsibility. When I was a younger I could make better savings while spending less funds on food and shelter. This is easy to achieve although it all depends on the location and the lifestyle of the person involved. Since there is no external responsibility attached then this is very possible to save even more than this or lesser.

Not really, I am a married person with children, but with an income of 3k$, I can still say that I can still save a huge amount, and I can still save 1k$/month. I think depending on the area you live in, like my area, an income of 3k $ is a huge income, this is an income not many people can achieve. In my area the average worker's salary is $500 and with this income they can feed at least 2 people. So if a person has an income of 3k dollars, they can save and get more done.

Yeah, depends from a cost of living in your location, you can save a huge amount of money if you have that kind of salary. The fact that you can support your family needs as well with your personal needs, the other portions of your money can be saved or can be invested to grow more. But, if you are just a minimum wager the chance of saving is really tough, maximizing all your generated income and trying to minimize everything for the sake of saving some little portions of your monthly salary, most of the time it's just by chance that minimum earners can save up.

Depends on how much you do earn because you cant really make out savings if you do earn which is only sufficient on your daily living needs which you wont really be having the chance on saving up just because you

do only earn ample amount just enough for you to survive this is why you should really be mindful on how to make out some budget plus trying out to make or find for another source of income which it could possibly
make you things to save up for later.It might sound so simple but this is something that you cant really just do because there are things in life which is really something inevitable.
Some people are really just good on criticizing other peoples actions without minding that it isnt really that very easy to do so.

Fredomago

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Quote from: Swordsoffreedom on December 31, 2022, 12:25:03 PM

Quote from: Wakate on December 30, 2022, 03:40:57 PM

Quote from: Marcellin9 on December 14, 2022, 08:05:31 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 ?

Well just like you have explained it, this is for a bachelor that doesn't have may responsibility either from family or girlfriend. This is possible if the person does not have a girlfriend or family responsibility. When I was a younger I could make better savings while spending less funds on food and shelter. This is easy to achieve although it all depends on the location and the lifestyle of the person involved. Since there is no external responsibility attached then this is very possible to save even more than this or lesser.

Not really, I am a married person with children, but with an income of 3k$, I can still say that I can still save a huge amount, and I can still save 1k$/month. I think depending on the area you live in, like my area, an income of 3k $ is a huge income, this is an income not many people can achieve. In my area the average worker's salary is $500 and with this income they can feed at least 2 people. So if a person has an income of 3k dollars, they can save and get more done.

Yeah, depends from a cost of living in your location, you can save a huge amount of money if you have that kind of salary. The fact that you can support your family needs as well with your personal needs, the other portions of your money can be saved or can be invested to grow more. But, if you are just a minimum wager the chance of saving is really tough, maximizing all your generated income and trying to minimize everything for the sake of saving some little portions of your monthly salary, most of the time it's just by chance that minimum earners can save up.

Swordsoffreedom

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Quote from: Wakate on December 30, 2022, 03:40:57 PM

Quote from: Marcellin9 on December 14, 2022, 08:05:31 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 ?

Well just like you have explained it, this is for a bachelor that doesn't have may responsibility either from family or girlfriend. This is possible if the person does not have a girlfriend or family responsibility. When I was a younger I could make better savings while spending less funds on food and shelter. This is easy to achieve although it all depends on the location and the lifestyle of the person involved. Since there is no external responsibility attached then this is very possible to save even more than this or lesser.

Not really, I am a married person with children, but with an income of 3k$, I can still say that I can still save a huge amount, and I can still save 1k$/month. I think depending on the area you live in, like my area, an income of 3k $ is a huge income, this is an income not many people can achieve. In my area the average worker's salary is $500 and with this income they can feed at least 2 people. So if a person has an income of 3k dollars, they can save and get more done.

og kush420

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Quote from: JoyMarsha on December 30, 2022, 05:54:18 PM

Quote from: Marcellin9 on December 14, 2022, 08:05:31 AM

Is this possible based on where you live ?

Very possible. I would even save and buy properties.

From where I come from, $3k is a substantial sum of money.

However, the higher pay will naturally result in higher expenses for a person. I can recall that when I had a lower salary, I was still able to take care of myself by living on less of a budget. However, as I start to make a lot of money at work, I find that I am spending more than I did when I was receiving a smaller salary. Now that I have numerous bills to pay, even the large salary I was previously paid is insufficient.

that is correct the higher the pay - the higher the expenses are. the same happened to me too .. but I think with the passage of time the price of the things have increased dramatically - and that is one of the reasons we are unable to take care of the things in higher salary as well.

JoyMarsha

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Quote from: Marcellin9 on December 14, 2022, 08:05:31 AM

Is this possible based on where you live ?

Very possible. I would even save and buy properties.

From where I come from, $3k is a substantial sum of money.

However, the higher pay will naturally result in higher expenses for a person. I can recall that when I had a lower salary, I was still able to take care of myself by living on less of a budget. However, as I start to make a lot of money at work, I find that I am spending more than I did when I was receiving a smaller salary. Now that I have numerous bills to pay, even the large salary I was previously paid is insufficient.

isaac_clarke22

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Quote from: Wildwest on December 29, 2022, 11:22:54 PM

~

I mean it depends on the lifestyle of some people. 33% of your income almost close to half of your savings if we're going to look at it. If there's no reason to spend on that PC upgrade that you're looking for, then just don't do it.
I can recall upgrading my CPU back then but then realizing that it was not worth it since I was not CPU bottlenecked anyway. Sure it could be future-proof, but I could have done it either way once I have more of my savings that are really what you call "extra" and something worth losing regardless of what happens.

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Quote from: Marcellin9 on December 14, 2022, 08:05:31 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 ?

Well just like you have explained it, this is for a bachelor that doesn't have may responsibility either from family or girlfriend. This is possible if the person does not have a girlfriend or family responsibility. When I was a younger I could make better savings while spending less funds on food and shelter. This is easy to achieve although it all depends on the location and the lifestyle of the person involved. Since there is no external responsibility attached then this is very possible to save even more than this or lesser.

Cookdata

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Quote from: Cryptmuster on December 24, 2022, 04:48:35 AM

Quote from: Distinctin on December 23, 2022, 05:59:08 PM

There's no excuses not to save no matter how low your salary is as long as you are determined to save. Yes, self-discipline and focus on your goal will make it work. However, if you just make a plan but without action plans, then it will remain a plan forever. Saving is hard, yes it is, but you can always make it happen if you have the high desires to work for it.

A dream will always remain a dream if you don't turn it into a goal. The goal must have a clear execution plan, otherwise it will not be achievable, and money is just a means to achieve our goal, money cannot be a valuable goal, because owning money will not make you happy, you need to understand why you need it. Therefore, it is important to understand why you save and then everything will work out, otherwise it will be a tedious process that you will soon abandon.

You can save all you want provided that life doesn't bring you unforeseen circumstances or what you don't expect, we have seen people who have enough wealth through their hard work and dedication only to be wiped out by a sickness they don't expect. Some people save money without checking on their health status, they think they are been dedicated and discipline not knowing they are even saving money that will end up being used to treat their health because they don't even bother to check their health status, they don't know that have cancer, they don't know they have a brain tumour, they don't know they have diabetes and these health challenges kills the purpose of saving.

uneng

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Quote from: Sophiya on December 30, 2022, 12:27:04 PM

The very idea of saving money is beautiful. But I could never set aside a certain amount of money for later. I can live on a limited amount of money just fine. But as soon as I manage to earn more, my expenses immediately increase, I stop counting my expenses and they increase exponentially. Although when difficulties with finances arise, I can easily save and reduce my material needs (this was often the case when I was a junior student).

it seems when you see your income has increased, you feel confortable in spending more money, so you have difficults saving funds when you have the option to do so. I believe you can control your desire for purchases in order to revert this reality. When you feel that urge for buying something, wait for a while, think again about what you are doing, ask yourself if you really need that product or service you are going to acquire or if it would be more worthful for you to save that money instead of spending it. Draw long term goals for your money and make it important for you, then the impulse for daily purchases will fade out within time.

Kasabus

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Quote from: AmoreJaz on December 21, 2022, 06:42:52 PM

Quote from: Cryptomultiplier on December 21, 2022, 06:36:21 PM

It is hard to save mostly when one is not in the habit of doing it, me alone saving up to a third of what one earns monthly. Expenses these days be it planned or unplanned is on a high side, and as such one may spend on occasions that are necessary to avoid begging or borrowing.
If one is determined to save a third or more for a goal that is set, I believe it is quite plausible to save up to a third of what one earns.

if not third, at least save something. i can understand that most can't save a third as the income is just enough to cater the basic needs. check your expenses and see where can you save a little. for example, if you used to buying food outside, why not make your own packed lunch or snacks? small strategies will give you some breathing room at the end of the month. and you won't know it, you already stack a big chunk from those savings.

Right. If you find it hard to save a third from your income, then just save any amount that would be fine. It’s not really necessary to hit your goal, what is important is that you are really making an action out of your target goal. In the end, you will be surprise that what you save is already big enough, even when you started it from cents. Even myself, I would really admit saving today seems really hard to do, but if you will think that you can also benefit it in the future, then I have to do because it’s a must.

Sophiya

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The very idea of saving money is beautiful. But I could never set aside a certain amount of money for later. I can live on a limited amount of money just fine. But as soon as I manage to earn more, my expenses immediately increase, I stop counting my expenses and they increase exponentially. Although when difficulties with finances arise, I can easily save and reduce my material needs (this was often the case when I was a junior student).

Topic: Saving one third what you earn monthly is not that hard, isn't it ? - page 12. (Read 3131 times)