Saving one third what you earn monthly is not that hard, isn't it ? - page 15.

BRINIRHA

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Quote from: Lubang Bawah on December 22, 2022, 06:26:49 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.

reagansimms

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Quote from: Lubang Bawah on December 22, 2022, 06:26:49 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.

Dickiy

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Quote from: Furious 7 on December 21, 2022, 05:52:07 PM

Quote from: Dickiy on December 20, 2022, 10:29:42 AM

Yep, that's right, it shows wasteful nature, of course, it will destroy the dream of saving money, this doesn't matter how much salary you have, whether big or small, people who can't manage their finances or are wasteful, they can't save money because often their hands itch to spend it. Debt is a bad thing that can lead to division, especially if the money is used for everyday consumption.

The problem lies in everyone's lifestyle and power in managing their finances.
Indeed, in this case, saving is quite good, but with the current economic conditions, to be honest, I prefer to invest rather than save.
On the other hand, lifestyle also determines this, because sometimes a person's hedonistic nature actually destroys themselves, so I really think.

Saving here doesn't mean piling up money in your cupboard right? this can mean saving in the form of investments such as stocks, bitcoins or something else that can provide returns to you in the long term.

Quote from: stomachgrowls on December 21, 2022, 06:18:16 PM

Agree on this one which we do really see different scenarios or conditions basing up on how someone do manage out their finances specially on having some savings or investment.Not all would really be having that kind

of self control when it comes to their money which there are several common factors which would really affecting out their saving behavior which you had mentioned about lifestyle.

If you are that someone who do have that type of lavish or something like that kind of lifestyle or standards then it is really that hard for you
to have those savings on having that 1/3 partition.

From the statement you gave, of course, you understand why it's difficult for people to save, that's because of the hedonic nature of lifestyle, then what makes it difficult for you to save? Don't you want to give up such an extravagant lifestyle and save your money for a better old age?
You don't need to think about other people like that, if they are around you, you should be able to provide an understanding of what you understand in this thread.

"After discussing here it depends on how self-awareness"

Lanatsa

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Quote from: Furious 7 on December 22, 2022, 02:27:47 PM

Quote from: stomachgrowls on December 21, 2022, 06:18:16 PM

Quote from: Furious 7 on December 21, 2022, 05:52:07 PM

The problem lies in everyone's lifestyle and power in managing their finances.
Indeed, in this case, saving is quite good, but with the current economic conditions, to be honest, I prefer to invest rather than save.
On the other hand, lifestyle also determines this, because sometimes a person's hedonistic nature actually destroys themselves, so I really think that in terms of being wasteful or not, this depends on perspective, because sometimes many people do not realize that they spend their money on things that are not really important, but they do that because their self-control is very low.

Agree on this one which we do really see different scenarios or conditions basing up on how someone do manage out their finances specially on having some savings or investment.Not all would really be having that kind

of self control when it comes to their money which there are several common factors which would really affecting out their saving behavior which you had mentioned about lifestyle.

If you are that someone who do have that type of lavish or something like that kind of lifestyle or standards then it is really that hard for you
to have those savings on having that 1/3 partition.

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.

Furious 7

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Quote from: stomachgrowls on December 21, 2022, 06:18:16 PM

Quote from: Furious 7 on December 21, 2022, 05:52:07 PM

The problem lies in everyone's lifestyle and power in managing their finances.
Indeed, in this case, saving is quite good, but with the current economic conditions, to be honest, I prefer to invest rather than save.
On the other hand, lifestyle also determines this, because sometimes a person's hedonistic nature actually destroys themselves, so I really think that in terms of being wasteful or not, this depends on perspective, because sometimes many people do not realize that they spend their money on things that are not really important, but they do that because their self-control is very low.

Agree on this one which we do really see different scenarios or conditions basing up on how someone do manage out their finances specially on having some savings or investment.Not all would really be having that kind

of self control when it comes to their money which there are several common factors which would really affecting out their saving behavior which you had mentioned about lifestyle.

If you are that someone who do have that type of lavish or something like that kind of lifestyle or standards then it is really that hard for you
to have those savings on having that 1/3 partition.

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.

Inwestour

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

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.

I am inclined to believe that we should maintain our usual comfortable lifestyle. It is better to learn how to earn more and invest the saved money. If we begin to limit ourselves in something, then sooner or later we will get tired of it and we can stop doing it, so it is so important to maintain comfort. Of course, it is important to be prudent in your spending, but everything should be in balance, you do not need to buy expensive things that you do not need.

ringgo96

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With the salary we get today of course we have certain expenses that we have to spend, so for the problem of saving depending on the way we manage our finances, with a large income, of course, the expenses we spend are also large, so we must be good at managing finances so that we have a little savings for the future, and the explanation you said is very likely for us to run because one-third of our income is certainly very meaningful Later.

Lubang Bawah

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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.

xSkylarx

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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.

10% is also good for saving if our money wouldn't enough. He mostly spends on wants which is why it is not enough and also he formed a habit that is spending huge money on things. You just need the discipline to correct that habit, try to record your expenses on daily bases and start eliminating those you need to spend more you are going to expensive restaurants every week, so try to minimize it slowly by going to an expensive restaurant every 2 weeks so you already saved money on it, so that would be savings. But again it would be easy for us to say but it is difficult to do, try to do your best since it is for your good.

DrBeer

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Quote from: Outhue on December 20, 2022, 02:17:34 PM

3000$ a month is a lot for many people, with the way I was brought up I will save more than one third of the money every month even now that I am married, saving money is like a piece of cake to me due to how I was trained by my parents.

It's better to have more sources of income than to stick with your monthly payout even if it's big because you can never tell what will happen tomorrow, do not feel comfortable with one source of income.

Income diversification is very important!
A stable income of their "one point" is risky... Even if it is not risky - what prevents you from having additional income or a lot of additional income? Diversification always reduces the risks that are described as "all eggs in one basket". Having multiple sources of income makes you less "vulnerable" or at risk of losing your job. Plus - multiple sources of income push you to develop in more than one direction

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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.

saving is not about habits but about one's commitment to saving with a purpose.
for example, someone working in a company earns a salary of $ 3000 and after that he always saves $ 1000 every month. he always does the same thing every month with the aim of investing in the future.
like saving 1000$ in crypto (bitcoin) every month buy with a set amount. instead like DCA strategy investment and aim to wait for next ATH price.
and when someone has an urgent need and must choose to sell their savings or borrow from another person or the bank, surely that person prefers to borrow from someone else rather than having to sell his savings.

well, from the description that I wrote, saving is not a habit but about willingness and commitment to the initial goal of saving

ancafe

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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.

Is $3,000 a month's income or a year's income?

First: Place of residence affects the amount of money you mentioned, for example in some areas an income of $3000 is quite a lot.

Second: If the money is obtained in a month, then I make sure that in the Asian region in particular it can meet the needs of life and you can even save or invest larger amounts.

Third: Income qualifications are actually very diverse, if people are unable to save money and even if they earn any amount of income, it will never be enough to cover their needs.

For some people, whatever income they earn each month will definitely be enough to support their lives. Because they have a simple lifestyle, are not extravagant, and are able to use money wisely according to their needs. If one were to use money according to one's own style, then how much you earn would definitely be enough.

Quote

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's big and could be even bigger

AmoreJaz

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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.

Cryptomultiplier

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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.

stomachgrowls

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Quote from: Furious 7 on December 21, 2022, 05:52:07 PM

Quote from: Dickiy on December 20, 2022, 10:29:42 AM

Yep, that's right, it shows wasteful nature, of course, it will destroy the dream of saving money, this doesn't matter how much salary you have, whether big or small, people who can't manage their finances or are wasteful, they can't save money because often their hands itch to spend it. Debt is a bad thing that can lead to division, especially if the money is used for everyday consumption.

The problem lies in everyone's lifestyle and power in managing their finances.
Indeed, in this case, saving is quite good, but with the current economic conditions, to be honest, I prefer to invest rather than save.
On the other hand, lifestyle also determines this, because sometimes a person's hedonistic nature actually destroys themselves, so I really think that in terms of being wasteful or not, this depends on perspective, because sometimes many people do not realize that they spend their money on things that are not really important, but they do that because their self-control is very low.

Agree on this one which we do really see different scenarios or conditions basing up on how someone do manage out their finances specially on having some savings or investment.Not all would really be having that kind

of self control when it comes to their money which there are several common factors which would really affecting out their saving behavior which you had mentioned about lifestyle.

If you are that someone who do have that type of lavish or something like that kind of lifestyle or standards then it is really that hard for you
to have those savings on having that 1/3 partition.

2double0

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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.

Furious 7

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Quote from: Dickiy on December 20, 2022, 10:29:42 AM

Yep, that's right, it shows wasteful nature, of course, it will destroy the dream of saving money, this doesn't matter how much salary you have, whether big or small, people who can't manage their finances or are wasteful, they can't save money because often their hands itch to spend it. Debt is a bad thing that can lead to division, especially if the money is used for everyday consumption.

The problem lies in everyone's lifestyle and power in managing their finances.
Indeed, in this case, saving is quite good, but with the current economic conditions, to be honest, I prefer to invest rather than save.
On the other hand, lifestyle also determines this, because sometimes a person's hedonistic nature actually destroys themselves, so I really think that in terms of being wasteful or not, this depends on perspective, because sometimes many people do not realize that they spend their money on things that are not really important, but they do that because their self-control is very low.

Stedsm

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There are lots of members on this forum who come from 3rd world countries and earning $3k a month (with or without paying tax) is just a dream for them. Not everyone in this world can achieve that position, however, they can save what they want to if they believe in crypto. ATM my best choice would be to save in USDT and keep it safe for the time being till I see some movement in major crypto coins and I'm also looking out for projects to invest during these bear times to give me the best returns so that I may buy more and more BTC and alts once they reach their bottom.

Crypto Library

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Quote from: Outhue on December 20, 2022, 02:17:34 PM

3000$ a month is a lot for many people, with the way I was brought up I will save more than one third of the money every month even now that I am married, saving money is like a piece of cake to me due to how I was trained by my parents.

It's better to have more sources of income than to stick with your monthly payout even if it's big because you can never tell what will happen tomorrow, do not feel comfortable with one source of income.

True that 3000$ is a big amount for many people and there is a reason for that Especially in third world countries this amount will be very huge for there people because their renting cost, gass and Electric bill and transporting system is much less costly than first and second world countries. So I think this $3000 savings will vary from region to region.

Iroh

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Quote from: Outhue on December 20, 2022, 02:17:34 PM

3000$ a month is a lot for many people, with the way I was brought up I will save more than one third of the money every month even now that I am married, saving money is like a piece of cake to me due to how I was trained by my parents.

It's better to have more sources of income than to stick with your monthly payout even if it's big because you can never tell what will happen tomorrow, do not feel comfortable with one source of income.

Yeah, if one gets too comfortable with a single source of income, the individual would likely face financial issues later on. Hence, the urgent and continuous need to diversify on your income and on your investments so there would be less chance of incurring a loss.
Having several sources of income would making saving easier and less hard to do. Savings doesn’t come easy to everyone. I know folks who are bad at saving so I guess you’re one of the lucky ones.

Topic: Saving one third what you earn monthly is not that hard, isn't it ? - page 15. (Read 3131 times)