Saving one third what you earn monthly is not that hard, isn't it ? - page 14.

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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.

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Quote from: Bitstar_coin on December 26, 2022, 01:55:30 PM

The thing about humans is - our desire is unsatiable, the more we earn the more will our needs and desire increases. One can easily believe they can save 1k or more monthly when they earn up to 3k a month. The only way to be able to achieve this is to be self-disciplined and determined, once anyone is able to implement this, this goal can be achieved.

Human wants are insatiable and very numerous. Humans can’t just be satisfied and would always want more. And that’s why we should always have some sort of savings that should be kept aside for emergencies.
I also believe discipline in the manner an individual spends matters a lot also. Someone must be disciplined in order to minimize the way money is spent. If an individual is disciplined in the way he spends, then and only then would there would be room for savings to commence.

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The thing about humans is - our desire is unsatiable, the more we earn the more will our needs and desire increases. One can easily believe they can save 1k or more monthly when they earn up to 3k a month. The only way to be able to achieve this is to be self-disciplined and determined, once anyone is able to implement this, this goal can be achieved.

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Quote from: Terezi on December 26, 2022, 03:34:34 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 sounds easy, but few people are able to save a fixed amount every month. Because everyone has different living conditions, different abilities and different incomes, not everyone has enough money to save. When the income earned can only cover our daily needs, we have no extra funds to save.

It is easy to say that - but it is hard to do
At least for me it is very difficult to do - I have almost zero balance in my account at the month end and I am praying to God all the time to have mercy on me me and send me some money, then when I receive some funds - I go mad again and finish it. That is my routine.

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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 sounds easy, but few people are able to save a fixed amount every month. Because everyone has different living conditions, different abilities and different incomes, not everyone has enough money to save. When the income earned can only cover our daily needs, we have no extra funds to save.

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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 ?

This is easier said than done. It also depends on where you live. The cost of living of where you are may be high, but if it's relatively low and $3k after tax, that should be a lot. Still, you'll still need a lot of discipline to save. The more money you make, the more responsibilities. It all depends on a lot of things really.

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Quote from: RealMalatesta on December 24, 2022, 04:44:48 PM

Quote from: posi on December 23, 2022, 05:01:04 AM

It depends on your income and not the theory of saving 1/3 or 1/2 of your salary. In OP's case, he is talking about a 3k income. Then if you are living in 3rd country or you are not married, it is super easy to save 1/3 of that income. But if your income is 1k$ or 500$ and you are married, then it must not be easy. However, if we really want to save money, I think we will always find a way to do so, it's up to us whether we do it or not.

I can vouch for the fact that anything a grand or lower in a third world country doesn't give you the freedom to save one third of your salary. First of all, we are living in such poverty as nations that some things are luxury to us to begin with, such as cars or the brand new iphone, or drinking starbucks everyday, these are all luxury.

The regular life stuff could be cheaper, the price of bread or rice or pasta or whatever, the life stuff, making a fettucini alfredo could be cheaper, but if I want to get the new playstation I would have to work over a month to pay for it. So we always spend more when we get some extra cash, in order to reach the western worlds life standards, and can't save.

That is not always the case. With the increasing price of commodities, the minimum salary now a day isn't enough to feed a family which is why both parents are working to at least give their family decent food on the table. Most families can't afford a decent meal, what more to save 1/3 of their income.

Quote from: gunhell16 on December 24, 2022, 06:23:49 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 ?

That can happen, dude, the 1000$ that can be saved every month is a lot for me, but saving money is not based on the size of a person's salary whether he is an employee or not as long as you are strategic even Even if your profit is small every month, there is and you can save as long as you are determined and dedicated to what you do.

And a lot of people do what I'm saying, even if I have a debt, even if I save money even if it's just a small amount.

You cannot save money if you have debt. Because at the end of the day your saved money will be used to pay for your debt. You are not saving but accumulating funds to pay for your debt.

How can a person save money if he has negative return? You can only save money if you have extra and that is it. Saving money while you end up in a debt is not saving at all.

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Quote from: RealMalatesta on December 24, 2022, 04:44:48 PM

Quote from: posi on December 23, 2022, 05:01:04 AM

It depends on your income and not the theory of saving 1/3 or 1/2 of your salary. In OP's case, he is talking about a 3k income. Then if you are living in 3rd country or you are not married, it is super easy to save 1/3 of that income. But if your income is 1k$ or 500$ and you are married, then it must not be easy. However, if we really want to save money, I think we will always find a way to do so, it's up to us whether we do it or not.

I can vouch for the fact that anything a grand or lower in a third world country doesn't give you the freedom to save one third of your salary. First of all, we are living in such poverty as nations that some things are luxury to us to begin with, such as cars or the brand new iphone, or drinking starbucks everyday, these are all luxury.

The regular life stuff could be cheaper, the price of bread or rice or pasta or whatever, the life stuff, making a fettucini alfredo could be cheaper, but if I want to get the new playstation I would have to work over a month to pay for it. So we always spend more when we get some extra cash, in order to reach the western worlds life standards, and can't save.

The problem with third world countries is that importation fees are too expensive. And luxury goods like a PlayStation which is relatively cheap in first world countries where they are manufactured, become too expensive for us. Every electronical related goods fall under this category in my case, as they are imported goods and not considered basic need items.

Besides that, there is also the voracious inflation which decreases your purchasing power faster than in first world countries. You can save some money every month, but since we can't save a lot, until we reach a decent amount of money saved (after several months), the initial goal we had in mind will have to be calculated again, taking into consideration how much the currency has been weaken on that time period.

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Quote from: posi on December 23, 2022, 05:01:04 AM

It depends on your income and not the theory of saving 1/3 or 1/2 of your salary. In OP's case, he is talking about a 3k income. Then if you are living in 3rd country or you are not married, it is super easy to save 1/3 of that income. But if your income is 1k$ or 500$ and you are married, then it must not be easy. However, if we really want to save money, I think we will always find a way to do so, it's up to us whether we do it or not.

I can vouch for the fact that anything a grand or lower in a third world country doesn't give you the freedom to save one third of your salary. First of all, we are living in such poverty as nations that some things are luxury to us to begin with, such as cars or the brand new iphone, or drinking starbucks everyday, these are all luxury.

The regular life stuff could be cheaper, the price of bread or rice or pasta or whatever, the life stuff, making a fettucini alfredo could be cheaper, but if I want to get the new playstation I would have to work over a month to pay for it. So we always spend more when we get some extra cash, in order to reach the western worlds life standards, and can't save.

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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 ?

That can happen, dude, the 1000$ that can be saved every month is a lot for me, but saving money is not based on the size of a person's salary whether he is an employee or not as long as you are strategic even Even if your profit is small every month, there is and you can save as long as you are determined and dedicated to what you do.

And a lot of people do what I'm saying, even if I have a debt, even if I save money even if it's just a small amount.

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Quote from: Cryptmuster on December 24, 2022, 03:48:35 AM

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

There are also dreams that are unreachable or very difficult to achieve since we are always thinking that if we dream, we should dream big and those tend to be unachievable, which is not so good. We should dream that we can achieve it, or we should work on it even though it is very difficult and let it be a goal. I also not dreaming that i cant achieve since i really work hard just to achieve it

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

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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.

Agreed, everything is upto the users self perseverance. Only very few have the dedication to do that is being planned. Majority take it strong for the first few weeks and then things change completely. Such scenario should not happen. As mentioned saving is hard, but anyone can make it happen. Once used to it, automatically this continues forever.

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Quote from: BRINIRHA on December 23, 2022, 03:28:00 AM

Quote from: Lubang Bawah on December 22, 2022, 05:26:49 AM

Theory for saving one third looks easy, but I have to say to me it is a difficult thing, of course our hope is to be able to save at least one third of income so that it can make our future better, the hardest thing because the salary I receive is still small and of course The cost factor continues to increase.

You are right. I haven't been able to save much lately. only about 10-20% that I can set aside for savings and investment. the cause is the price of our daily needs to go up. so we have to spend more money than before inflation occurred. However, I think I am one of the lucky ones, even though I can only save around 10-20%. because I recently also chatted with my neighbor. that they can't even save at all. their income and expenses balance out due to inflation. some even complained about shortages or their salary was not enough to meet one month's needs. It seems that whatever percentage we are able to save is still a positive thing in the midst of the ongoing economic crisis. at least we are lucky to still be able to meet our daily needs.

Yes, as lng as you have something to save and use either for future savings or investment the amount still count since like you mentioned inflation really affecting people all around, those who are earning minimum will be affected that hard since the amount they are getting from thier regular job ain't enough with the fast growth of every expense they need to cater each month.

Quote from: Chrlie95 on December 23, 2022, 05:46:55 AM

If you track your expenses and create a solid budget to help you reach your financial goals. Also, the higher the salary, the better amount you can save.

For example, you can still live the life you spend for 2k and save or invest the remaining 8k if you are earning 10k a month.

On the other hand, if you are earning 2k and the life standards do not allow you to live below that amount, you might be able to save none.

Indeed, you need to work harder or to find extra side job to cater your savings or investment, leaning with what you already have now if it's only a minimum salary then you can't save any as it will cover your daily needs.

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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.

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Quote from: Lanatsa on December 22, 2022, 06:50:12 PM

Quote from: Furious 7 on December 22, 2022, 01:27:47 PM

Most people nowadays look more at prestige so that when they buy something branded it can be a source of pride for them and this is what actually gets them into trouble.
It doesn't mean that buying something branded is wrong, but maybe we also have to adjust whether we can afford to do that or not because if later it seems forced I think it's better to look for alternatives regarding function rather than prestige.
Sometimes the main problem in investing is not choosing what to invest, but when we have more money, we forget ourselves.

You should really be having that everything should be balanced, its not really that bad on buying something branded or known or expensive as long you do know on how to budget up your money and wont still
forget about your priorities.Some cant really just able to bare on saving up and instead they would really be spending on things on what they do have in mind which is really that a very behavior of someone.
You cant really be able to save up money on that case because you would really be that eager on spending or buying once you do know that you have money to used on.
Savings does really play a crucial part not only on investment but also for emergencies too.

As I said before, it's not wrong to buy branded goods there, but when we tend to force it, it will actually be very burdensome, so I think prioritizing function over prestige will definitely be better in this case.
We must know the limits and we must know the priorities that must be prioritized so that later you will not feel that your choice was wrong.
In this case there may be many perspectives but I think investing is certainly far better than forcing a glamorous life when we are in trouble. Even though we only live once and make the best use of time, of course we also have to think further for the future.

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If you track your expenses and create a solid budget to help you reach your financial goals. Also, the higher the salary, the better amount you can save.

For example, you can still live the life you spend for 2k and save or invest the remaining 8k if you are earning 10k a month.

On the other hand, if you are earning 2k and the life standards do not allow you to live below that amount, you might be able to save none.

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Quote from: BRINIRHA on December 23, 2022, 03:28:00 AM

Quote from: Lubang Bawah on December 22, 2022, 05:26:49 AM

Theory for saving one third looks easy, but I have to say to me it is a difficult thing, of course our hope is to be able to save at least one third of income so that it can make our future better, the hardest thing because the salary I receive is still small and of course The cost factor continues to increase.

You are right. I haven't been able to save much lately. only about 10-20% that I can set aside for savings and investment. the cause is the price of our daily needs to go up. so we have to spend more money than before inflation occurred. However, I think I am one of the lucky ones, even though I can only save around 10-20%. because I recently also chatted with my neighbor. that they can't even save at all. their income and expenses balance out due to inflation. some even complained about shortages or their salary was not enough to meet one month's needs. It seems that whatever percentage we are able to save is still a positive thing in the midst of the ongoing economic crisis. at least we are lucky to still be able to meet our daily needs.

It depends on your income and not the theory of saving 1/3 or 1/2 of your salary. In OP's case, he is talking about a 3k income. Then if you are living in 3rd country or you are not married, it is super easy to save 1/3 of that income. But if your income is 1k$ or 500$ and you are married, then it must not be easy. However, if we really want to save money, I think we will always find a way to do so, it's up to us whether we do it or not.

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Quote from: reagansimms on December 22, 2022, 11:53:13 PM

Quote from: Lubang Bawah on December 22, 2022, 05:26:49 AM

Theory for saving one third looks easy, but I have to say to me it is a difficult thing, of course our hope is to be able to save at least one third of income so that it can make our future better, the hardest thing because the salary I receive is still small and of course The cost factor continues to increase.

Nothing is difficult to do as long as you have the desire, saving is not a demand that must be done every week or month. As long as you don't add to your lifestyle and can manage your finances well, you can save a little from your monthly income. Side jobs need attention to increase the amount of your income, one that you do on the forum as a side job that can help increase the amount of monthly income.
Never wait for a big salary to save, you can do it anytime if you have the will.

Even if you only have spare $1 you can still save it because if we say you have $1 spare every day and you will save it in a whole month then it is $31 so it is big when it accumulates, how much more if it would be a year. It is about discipline to us on how we save since most of us if we are thinking of saving, think immediately 30% or bigger so that we can save big by the end of the month it turns out that we will not save because it's too big. So it is better to save small amounts than big amounts that you can't afford.

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Quote from: Lubang Bawah on December 22, 2022, 05:26:49 AM

Theory for saving one third looks easy, but I have to say to me it is a difficult thing, of course our hope is to be able to save at least one third of income so that it can make our future better, the hardest thing because the salary I receive is still small and of course The cost factor continues to increase.

You are right. I haven't been able to save much lately. only about 10-20% that I can set aside for savings and investment. the cause is the price of our daily needs to go up. so we have to spend more money than before inflation occurred. However, I think I am one of the lucky ones, even though I can only save around 10-20%. because I recently also chatted with my neighbor. that they can't even save at all. their income and expenses balance out due to inflation. some even complained about shortages or their salary was not enough to meet one month's needs. It seems that whatever percentage we are able to save is still a positive thing in the midst of the ongoing economic crisis. at least we are lucky to still be able to meet our daily needs.

Topic: Saving one third what you earn monthly is not that hard, isn't it ? - page 14. (Read 3349 times)