Saving one third what you earn monthly is not that hard, isn't it ? - page 13.

og kush420

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Quote from: Wildwest on December 29, 2022, 10:22:54 PM

If our income is sufficient and always stable then saving from one-third of the income is very possible, and it is indeed our obligation to invest in the future, but this all depends on the way we each manage our finances, there are some people who find it difficult to save money and they spend all their salary without any leftovers to save, of course this is a mistake that must be corrected, because we all have a greater desire for the future and that we have to design from the age of 20-30 years, so that our old age will live happily.

I am not sure about anyone else. But we are here going through the extreme tough times of our lives. The flour which is basic need of every home is triple the price than last year. So what would people do - spend money on entertainment or buy basic needful items.
Here on christmas many people wore old cloth and made food at home. To save money. And that is a simple and joyful way to spend christmas.

Wildwest

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If our income is sufficient and always stable then saving from one-third of the income is very possible, and it is indeed our obligation to invest in the future, but this all depends on the way we each manage our finances, there are some people who find it difficult to save money and they spend all their salary without any leftovers to save, of course this is a mistake that must be corrected, because we all have a greater desire for the future and that we have to design from the age of 20-30 years, so that our old age will live happily.

kro55

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Quote from: Distinctin on December 23, 2022, 04:59:08 PM

Quote from: livingfree on December 14, 2022, 07:55:55 AM

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

Is this possible based on where you live ?

Yes, very possible.

High salary also costs you high expenses because of the cost of living in the place where you're designated. But if you're disciplined enough and you've got goals, you can do this.

With breaking down of your expenses and savings, you'll be able to track the most important expenditures and you'll be able to unwanted expenses.

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.

Agree, although it is pretty difficult for low-income people to save, but if they really have a plan and determination, I think it can be done. They don't have to save every month or exactly 1/3 of their income, they can save every time they earn a little more, or during that month, they can cut their spending and save. I mean, save according to your circumstances, and don't be so stereotyped as people with higher incomes. Do not compare with them, make a plan that suits our situation.

paxmao

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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 ?

Of course, with those numbers anyone could save not just 30% but probably 50% if that were the objective. The problem of people who do not save is, most of the times, that their income is not great. I am not saying that earning a lot means you'll save, because you can manage to spend it, I am saying that many people out there have just enough for the basic needs.

Ryu_Ar1

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Quote from: Woodie on December 29, 2022, 05:30:09 AM

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

If you are in twenties or early thirties and remain single

Are you implying only single people are invested in this technology because i dont think this is true... And the one third savings target in crypto is definitely not possible for a family person because so many commitments involved unless your paycheck is above average for you to put aside this much. Btw instead of 1/3 going to savings, maybe saving not less than $100 every month will definitely make a difference to your portfolio.

Actually things like this come back to me too I think.
If they are able to make an investment of 30% of their income and they are able to do that (without any problems) why not for their daily living conditions, basically this returns to themselves as long as there is no compulsion to do so, I think it can just to make an investment of that size even though it can be said this is still quite large.

Dr.Bitcoin_Strange

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From my perspective, savings really depend on some factors, but I'll mention two below.

: decipling

: What you are saving for (your goal)

Probably, if someone is earning up to $3000 in a month, they will definitely be able to save $1000 per month, but it all depends on where they live and how they live their lives.
The ability to save is determined by self-discipline, goals for saving, and more. There are people who cannot save anything despite the amount they earn, not because they don't have a goal to save for but because they end up spending lavishly until the whole money is gone.

I learned that human needs are insatiable, and that is why some say that no matter how much a young person (single, age 20–30) earns, his or her needs are voluminous, and once the person lacks discipline, they spend lavishly, even on what they ought not to.

There is this common saying in my place that "if you earn a lot, you will also have a lot to spend all the money on." But no matter how little you earn, if self-discipline is practiced, it will make you save (even if not up to one third of salary).

Woodie

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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

Are you implying only single people are invested in this technology because i dont think this is true... And the one third savings target in crypto is definitely not possible for a family person because so many commitments involved unless your paycheck is above average for you to put aside this much. Btw instead of 1/3 going to savings, maybe saving not less than $100 every month will definitely make a difference to your portfolio.

LogitechMouse

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1/3 of total monthly income going to savings? This is a subjective topic because people are living differently.

There are some people who are living on cities which earns a daily minimum wage and, in our country, if you are living in a city and you're a minimum wage earner, you'll be having a hard time saving money because your monthly income might just be enough for your needs and bills. On the other hand, if you are living outside the city (let's say in a province) and your monthly income is higher than that of a minimum wage earner then obviously saving 1/3 is possible.

Aside from the place where you are living, maybe you can consider too the monthly expenses and their kind of life. A person who doesn't have any family yet and has a higher income obviously can save 1/3 of their monthly salary. Now a person who already has a family might be having a hard time saving 1/3 because of the expenses.

Overall, saving 1/3 of the total monthly income depends on the life of a person. Some can do it which is very good, and some are not for some reasons. As for me, I don't have a family yet so I can still save 25% of my total monthly income.

Kiresiura

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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 ?

It depends on each individual's income conditions and lifestyle. Some people make money because they want to live a luxurious and comfortable life now, while some people really want to save money for the future for a long time.

Mahanton

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Quote from: Merit.s on December 28, 2022, 05:28:42 PM

It all depends on the person lifestyle, someone with a flamboyant lifestyle will not be able to save $1K,the more money you get,you more problems you have,so earning $3K will have so many stuffs to settle. Someone can also see that is money is coming constantly and get carried away with spending without saving or have a budget for the money. I love saving, why ? when we were in high school, my mom will give some money to buy chocolates,I will only buy few and keep the rest money and this was how I started learning the habit of saving.

If you are that someone who doesnt really think about your future or something about financial then you wont really be that mindful about your spending but rather you would really be minding on the current stuff.
Its true that not all the times we are really that in good shape or someone who cant face up problems which in related to money or something you do need and if you dont have that savings then you would
really be finding yourself into that extreme problem or trouble that someone couldnt really be able to solve it out.Its not just for investment purposes but also for emergency stuffs which is something
you do really need to do so.

Merit.s

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It all depends on the person lifestyle, someone with a flamboyant lifestyle will not be able to save $1K,the more money you get,you more problems you have,so earning $3K will have so many stuffs to settle. Someone can also see that is money is coming constantly and get carried away with spending without saving or have a budget for the money. I love saving, why ? when we were in high school, my mom will give some money to buy chocolates,I will only buy few and keep the rest money and this was how I started learning the habit of saving.

ginsan

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depends on a person's principles and expenses and also the main factors due to the negative things that hit them. let's say they earn $3k a month and if someone is addicted to sex and gambling I don't think he will be able to save a third of the salary he earns. Maybe for those who can save expenses and can save are those who are not addicted to gambling or anything.

I say that because I experienced something similar, namely my income could reach $ 2k per month and it could be more, but I couldn't save $ 500 every month because I was already in gambling.

maybe I have to change the bad side of my life to be able to remember the future and save a little to be able to buy something in the future.

thanks for providing an example and this thread is very useful.

Lida93

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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 ?

In my own part of the world if I should be earning $3k I am a big shot as it rather runs in seven figures when converted and with that I can save beyond $1k a month and curtail certain expenses based on my scales of preference I will regard as not necessary or pressing.

I am sure there are a lot of people that their lives will turn a good leave tremendously just earning $3k for a month, I think all this boil down to geographical location and the currency value in the change market.

Fredomago

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Quote from: Mahanton on December 26, 2022, 05:43:06 PM

Quote from: KennyR on December 26, 2022, 05:22:53 PM

Quote from: Russlenat on December 26, 2022, 04:35:55 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 ?

As long as you make a living, regardless of your income, if you have the highest desire to save, you will always make things possible so you can really save. That is the mindset of all successful people that have gone a long way of saving even if they are not making such huge income from their own respective jobs. But we all know saving is a must, it’s just that people are more on spending than saving, the reason why they have no left penny anymore for saving.

It is upto the user, if he/she have got the desire to save then it is really possible even when the job is paying low. Till certain generation the savings is the one that have lifted the lifestyle. Slowly this turned towards investment, but everyone wasn't ready to take the risk. This is where the investors took lead to the next level of living whereas person who just save got delayed in his transition process. However savings is the base for all sort of investment.

If you are really that interested to save then you could eventually do this, you would really be making yourself that obliged on saving up money just because you do have in mind that having
savings does really helpful on every aspect like for emergencies or times you do need up some funds or making out some investment just like the rest on what they are pointing and saying up on this
thread.This might sounds really that easy and there are things which had already point out above which cant really be able to make you save up because of some common
circumstances which it is really that situational.

Situational indeed, and more on people's mindset. If you can manage your finances and you can limit your expenses then it will be good for you, saving is good if you are looking for better future ahead, but it's also good to think about growing your money aside from saving it, it's a another step for having a better finances, if you can do both saving and investing that will help you to grow your money and not just being stuck inside the bank or whatever platform you choose to save.

DrBeer

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Yes, here many have objectively noted that it is unrealistic to set aside $1,000 from income if your income is approximately equal to this amount. It's stupid to disagree. But probably the question is not in a specific amount of money, but in the share that can be set aside. There is another way - to reduce unreasonable spending or reduce unreasonable consumption of products. I just know one thing - for many residents, up to 30% of the purchased food products then end up in the trash. Exit - do not buy more than you REALLY consume. It is not necessary to buy a new iPhone if you have a model from the year before last. This is a waste of money. Etc. If you briefly describe such a process "Saved - additionally earned", but these saved funds can be used as a reserve ...

RolonNigel

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Yes, I divided my money into four. One is for daily necessities, one is for eating, drinking and having fun, one is for investing, and the other is for saving money.
I think we must do something in a planned way, and don't just do something as soon as you think of it. Plan your money. With more money comes more choices.

Mahanton

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Quote from: KennyR on December 26, 2022, 05:22:53 PM

Quote from: Russlenat on December 26, 2022, 04:35:55 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 ?

As long as you make a living, regardless of your income, if you have the highest desire to save, you will always make things possible so you can really save. That is the mindset of all successful people that have gone a long way of saving even if they are not making such huge income from their own respective jobs. But we all know saving is a must, it’s just that people are more on spending than saving, the reason why they have no left penny anymore for saving.

It is upto the user, if he/she have got the desire to save then it is really possible even when the job is paying low. Till certain generation the savings is the one that have lifted the lifestyle. Slowly this turned towards investment, but everyone wasn't ready to take the risk. This is where the investors took lead to the next level of living whereas person who just save got delayed in his transition process. However savings is the base for all sort of investment.

If you are really that interested to save then you could eventually do this, you would really be making yourself that obliged on saving up money just because you do have in mind that having
savings does really helpful on every aspect like for emergencies or times you do need up some funds or making out some investment just like the rest on what they are pointing and saying up on this
thread.This might sounds really that easy and there are things which had already point out above which cant really be able to make you save up because of some common
circumstances which it is really that situational.

KennyR

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Quote from: Russlenat on December 26, 2022, 04:35:55 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 ?

As long as you make a living, regardless of your income, if you have the highest desire to save, you will always make things possible so you can really save. That is the mindset of all successful people that have gone a long way of saving even if they are not making such huge income from their own respective jobs. But we all know saving is a must, it’s just that people are more on spending than saving, the reason why they have no left penny anymore for saving.

It is upto the user, if he/she have got the desire to save then it is really possible even when the job is paying low. Till certain generation the savings is the one that have lifted the lifestyle. Slowly this turned towards investment, but everyone wasn't ready to take the risk. This is where the investors took lead to the next level of living whereas person who just save got delayed in his transition process. However savings is the base for all sort of investment.

Russlenat

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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 ?

As long as you make a living, regardless of your income, if you have the highest desire to save, you will always make things possible so you can really save. That is the mindset of all successful people that have gone a long way of saving even if they are not making such huge income from their own respective jobs. But we all know saving is a must, it’s just that people are more on spending than saving, the reason why they have no left penny anymore for saving.

milewilda

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Quote from: freedomgo on December 26, 2022, 03:09:58 PM

Quote from: 2double0 on December 21, 2022, 05:04:10 PM

Earning big and then saving or investing it are two different things, but both of them are hard to maintain.
If you earn $3k, diversifying your expenses the way you did is good and possible as well, but actually putting it into action and maintaining those expenses (without any miscellaneous expenses taking place each month) is not easily possible. If you think that you will put $300 on stocks, but you are a gambler, then you will go and gamble them without any doubt and can even lose them. This shows that the greed towards anything, whether it is your lifestyle, how you spend your money, addictions, etc. decides whether you can save or invest for a long time or not.

Everything lies on how you handle your life determines whether you can save or not. Because it’s very easy to say about earning and saving after, but when you put it into action, that becomes hard and difficult. But if you have the proper mindset to work on it, and set your own goal before taking such action, for sure you will slowly achieve your goal of saving and benefit from them when it’s time for you to reap them all.

This is situational because there are things which you cant really be able to do so just because of some circumstances.What if you do only have just enough money or salary just only good enough for that part?
There's no way that you could be able to save up even on that 1/3 but sensibly speaking which it would really be that ideal if you do really tend to save not necessarily on having that 1/3 but something
at least you should set aside some amounts for emergency funds or something like that.We wont be able to know on what would gonna happen ahead considering that there would really be those
emergencies which comes unexpected.If you dont have the money that had been saved up then it is really hard to be put up into that situation. Emergency funds or investment
then its up to you on which one you would be focusing or having that both.

Topic: Saving one third what you earn monthly is not that hard, isn't it ? - page 13. (Read 3349 times)