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.
Topic: Saving one third what you earn monthly is not that hard, isn't it ? - page 16. (Read 3131 times)
December 20, 2022, 02:17:34 PM
December 20, 2022, 01:40:02 PM
This is a great topic and one everyone should be taking very seriously. As a financial advisor this is a conversation I have with my clients every single day.
A few things I would like to share with you guys. First off, here's a great page of financial calculators that can help with your planning and savings - https://www.empower.com/learning_center/calculators/index.shtml?_gl=1
Now here is one of the absolute best tools that EVERYONE should be doing at least once a year. Run a monthly budget calculator to make sure you are truly saving what you could be. This also helps potentially expose thing you really are spending too much money on. Run this once a year, I can't stress this enough. Save your results so you can compare year to year- https://www.empower.com/learning_center/calculators/managing-monthly-budget.shtml#/
A few things I would like to share with you guys. First off, here's a great page of financial calculators that can help with your planning and savings - https://www.empower.com/learning_center/calculators/index.shtml?_gl=1
Now here is one of the absolute best tools that EVERYONE should be doing at least once a year. Run a monthly budget calculator to make sure you are truly saving what you could be. This also helps potentially expose thing you really are spending too much money on. Run this once a year, I can't stress this enough. Save your results so you can compare year to year- https://www.empower.com/learning_center/calculators/managing-monthly-budget.shtml#/
December 20, 2022, 11:39:08 AM
It's not everyone that can manage to make at least some savings after the end of every thirty days monthly, but it will always be a good decision to start one if not in place because it will help to have something one can refer to in times of emergency and financial impromptu circumstances, savings also head have something left to fall back on later in life, it may seems difficult to be achieved but it has always been a decision well good to take, because your savings is what saves you ftom lending money around from people and be i debt.
The real challenge of saving is getting started. I used to feel that way. it was very difficult when I was about to start saving at that time. even though the income is sufficient, sometimes there is money left over every month. But always spent on things that are not really needed. until finally I wanted to start saving and at first it was very difficult. but when it's started it turns out that saving becomes easy and we even become motivated to increase the amount of money to be saved. do not have to start with a large amount. can start by saving a small amount like 1% of our income. and continues to increase over time. 
December 20, 2022, 10:29:42 AM
It's not everyone that can manage to make at least some savings after the end of every thirty days monthly, but it will always be a good decision to start one if not in place because it will help to have something one can refer to in times of emergency and financial impromptu circumstances, savings also head have something left to fall back on later in life, it may seems difficult to be achieved but it has always been a decision well good to take, because your savings is what saves you ftom lending money around from people and be i debt.
For people who are in debt is likely impossible to do it. But there is one reason why I'd see people have difficulties in doing this in real life - there is no motivation. Mostly we have been influenced by our friends, our environment, and sometimes by our pride. Most people change their lifestyle when earning more money which makes them difficult to set aside some money for savings, and sometimes it becomes a reason to be in debt.
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.
One third in my opinion is too big when compared to my income, of course, I have to meet the needs that are my priority in everyday life and one month of work, maybe the most important thing for me from this thread is saving money is better than spending it because basically, we will not know what is happening to us, apart from that the money we save can also be used for investment or income diversification.
December 19, 2022, 05:52:19 PM
It's not everyone that can manage to make at least some savings after the end of every thirty days monthly, but it will always be a good decision to start one if not in place because it will help to have something one can refer to in times of emergency and financial impromptu circumstances, savings also head have something left to fall back on later in life, it may seems difficult to be achieved but it has always been a decision well good to take, because your savings is what saves you ftom lending money around from people and be i debt.
For people who are in debt is likely impossible to do it. But there is one reason why I'd see people have difficulties in doing this in real life - there is no motivation. Mostly we have been influenced by our friends, our environment, and sometimes by our pride. Most people change their lifestyle when earning more money which makes them difficult to set aside some money for savings, and sometimes it becomes a reason to be in debt.
December 19, 2022, 05:30:55 PM
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 I earn $3000 then even though I have many children they will have no problem because the majority of the income of citizens in my city/country is $200 - $400 per month (depending on where you live).
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 ?
here, the average home mortgage fee is only around $300, so having an income of $3k certainly makes it easier to have several houses even though using the installment banking system.
December 19, 2022, 02:46:35 PM
It's not everyone that can manage to make at least some savings after the end of every thirty days monthly, but it will always be a good decision to start one if not in place because it will help to have something one can refer to in times of emergency and financial impromptu circumstances, savings also head have something left to fall back on later in life, it may seems difficult to be achieved but it has always been a decision well good to take, because your savings is what saves you ftom lending money around from people and be i debt.
December 19, 2022, 02:35:11 PM
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 ?
No, in my country $3,000 a month is a very high salary.
Many people dream of such a salary. At the same time, the cost of living in my country is also less. I am currently having a hard time putting money aside for investing. I have very high inflation in my country and I prefer to buy goods and products today, knowing that next month they will cost more.
At the same time, I am aware of the need for investment, as there is no hope for economic growth in my country.
The government of my country is absolutely incompetent and by its managerial decisions endangers the life and well-being of the country's citizens.
December 19, 2022, 01:31:35 PM
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 $1,000 savings will allow you to invest or place a house down payment when time is ripe. Is this possible based on where you live ?
150$ on phone and internet bills? In a month? What kind of operation are you running and where? I am paying like max $30 month for a high speed internet and phone. But answer to your question, you left out electricity and water and at the moment where i live, electricity bills are insane.
So is the price of food, and for some reason everything else with that. I could manage third if i lived by myself in a tent and hunt your own food, but that would be tricky if you work in the city. It would be tricky in the country side as well. Right now i am pretty much living from hand to mouth.
December 19, 2022, 11:51:29 AM
It was not hard if you are determined to do that but if you just talk and do nothing, this is certainly impossible.
But there are a lot of factors why some people don't make it; like if you only have one source of income and a low salary, I don't think saving will be their priority. In fact, even saving at least 5% is too difficult for them, especially if they are in debt already. A lot of people have this situation, they grow old and are still broke. They keep working but have no chance to improve their status.
But there are a lot of factors why some people don't make it; like if you only have one source of income and a low salary, I don't think saving will be their priority. In fact, even saving at least 5% is too difficult for them, especially if they are in debt already. A lot of people have this situation, they grow old and are still broke. They keep working but have no chance to improve their status.
To actually save funds over a long period of time requires a strong state of mind. That said, if you haven’t got the will power to save, there would be no savings. But there are various reasons like you indicated that would make any savings impossible.
Despite having only a single source of income and an extremely low one at that, people are more inclined to live a false life of luxury and affluence in order to feel socially accepted leading them to spend more than they earn thus leading further into debt. And an individual with a debt to his name cannot have any savings just yet.
December 19, 2022, 08:09:17 AM
If I can earn that level of income, I will be more likely to save as you suggest. That's a huge amount of money in my country, very few people can achieve, and that's also the level of income I aim for. I hope I will get it soon next year and I will have a better investment plan when the income is 3k$ per month. I will focus on bitcoin as much as I can.
If you want to achieve that then you have to start planning from now, the little you have now you should saved because if you don't create the habit now, it'll be hard in the future. Savings doesn't become easy with the more money you make instead it becomes hard. As you get more money so will your responsibility increase.
You will have demand for more luxury and having a comfortable life which will leave you with nothing at the end of the month. Start saving today or you won't be able to save in the future. After you master saving then you invest that money into assets like Bitcoin as you earlier mentioned.
December 19, 2022, 07:54:58 AM
Good question, from the field of management and planning of finances and risks!
Putting aside part of the income, and turning them into some kind of stable fund, is very correct. The formation of a financial pillow is generally the right thing to do!
Many people, or rather the majority of ordinary people, very often spend all their money without creating some kind of "fund". Given the current situation, and indeed the likelihood of non-standard situations, saving part of the income is a mandatory process. The only question is scale. If your income allows, save! 10-20-30% You also need to transform them to get a multi-basket of assets. For example, divide into several parts - dollars, euros, gold, cryptocurrency. It is difficult to imagine a situation where everything depreciated at the same time. Something will lose in value, but the other will most likely rise.
Yes, part of the funds should be invested in your safety (weapons and training), sports, health - otherwise there is a chance not to use the reserves
Putting aside part of the income, and turning them into some kind of stable fund, is very correct. The formation of a financial pillow is generally the right thing to do!
Many people, or rather the majority of ordinary people, very often spend all their money without creating some kind of "fund". Given the current situation, and indeed the likelihood of non-standard situations, saving part of the income is a mandatory process. The only question is scale. If your income allows, save! 10-20-30% You also need to transform them to get a multi-basket of assets. For example, divide into several parts - dollars, euros, gold, cryptocurrency. It is difficult to imagine a situation where everything depreciated at the same time. Something will lose in value, but the other will most likely rise.
Yes, part of the funds should be invested in your safety (weapons and training), sports, health - otherwise there is a chance not to use the reserves
December 19, 2022, 07:25:44 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 was not hard if you are determined to do that but if you just talk and do nothing, this is certainly impossible. But there are a lot of factors why some people don't make it; like if you only have one source of income and a low salary, I don't think saving will be their priority. In fact, even saving at least 5% is too difficult for them, especially if they are in debt already. A lot of people have this situation, they grow old and are still broke. They keep working but have no chance to improve their status.
December 19, 2022, 06:39:43 AM
Once we know that the economy is getting more difficult in the future, then it's time for us to change our mindset, if previously we left 10% of our salary for investment then from now on we should be able to leave 10% for needs and the rest for investment, because with investment we can hope to get a large profit so that when it is not productive then we have no regrets.
No matter how much one is collecting as salary. 10% savings should still be encouraged. I don't think this is too much. Although it may look too small but may go a long way in the future.
It is still not applicable to others because that 10% of their salary is too big, and the remaining 90% is not enough for daily needs. It is mostly debated that no matter what your salary is, you can still save, but again I've been into trying to save, but my salary is enough for our basic needs, and I can't purchase my wants. So all will go to the items for my children, bills, and rent. The only solution for this is to add a source of income. Then that is the time you can start saving.
December 18, 2022, 11:57:31 PM
Once we know that the economy is getting more difficult in the future, then it's time for us to change our mindset, if previously we left 10% of our salary for investment then from now on we should be able to leave 10% for needs and the rest for investment, because with investment we can hope to get a large profit so that when it is not productive then we have no regrets.
No matter how much one is collecting as salary. 10% savings should still be encouraged. I don't think this is too much. Although it may look too small but may go a long way in the future.
December 18, 2022, 11:49:54 PM
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 highly depend on which country you live. Saving one- third of your earning here in Nigeria may be difficult. Most Nigerians earn below $100 per month and this in most cases may not be enough for their monthly. expenses.
December 18, 2022, 03:01:07 PM
Once we know that the economy is getting more difficult in the future, then it's time for us to change our mindset, if previously we left 10% of our salary for investment then from now on we should be able to leave 10% for needs and the rest for investment, because with investment we can hope to get a large profit so that when it is not productive then we have no regrets.
Actually, we have to do this from the start, even before we know the economy will get more difficult in the future. If we do that, when we know the economy will be difficult, I'm afraid this won't become a habit, you know, in other words, if the economy starts to recover, we will return to old habits that are not good at managing finances.Saving and investing is not a difficult thing to do as long as we know how to manage our needs. But the fact is that we are human beings who sometimes forget that circumstances will not always be on our side. This is what makes it difficult for some people.
December 18, 2022, 01:10:43 PM
Here are a couple of things I do to really save one third what I earn monthly
1. I cancelled my gym membership and I now work out at home and as for a personal trainer.
2.I plan my meals ahead of time. So, know what I am eating day to day and week to week and so on.
3.I ensure that my pantry and freezer are properly stocked.
4. I practice buying things in bulk.
5. I cut down on eating out.
1. I cancelled my gym membership and I now work out at home and as for a personal trainer.
2.I plan my meals ahead of time. So, know what I am eating day to day and week to week and so on.
3.I ensure that my pantry and freezer are properly stocked.
4. I practice buying things in bulk.
5. I cut down on eating out.
December 18, 2022, 11:45:04 AM
Is this possible based on where you live ?
This of course depends on where you live and what the inflation rate is in your country. There are many countries where a top executive's salary is between $200 to $300 per month. And the cost of goods in that country is so high that all the money is exhausted to provide him with food and clothing. There is how a person will comply with your calculations. And how he can save some of his one third moneyAs for the OP's question, yes, it will vary depending on which country you live in as the cost of living differs for each country. In some countries, you might not be able to save anything with just the amount you've mentioned as the rent is too much to almost cover half of your salary and you will need to pay bills, food, and clothing which will just be enough for you to live in. However, if you're living on most Asian country, I guess that half of your salary will be more than enough to cover any bills and things you need to buy and/or support your leisure activities.
December 18, 2022, 11:09:01 AM
very possible where I live, you can even save more than $ 1k because the cost of living in my place is very low.
but unfortunately i can't make $3k a month because my income from gardening in a month is only around $250. but even so I can still save and set aside at least $ 50 for savings and investment. because I am a farmer besides investing in crypto I also invest in land.
but unfortunately i can't make $3k a month because my income from gardening in a month is only around $250. but even so I can still save and set aside at least $ 50 for savings and investment. because I am a farmer besides investing in crypto I also invest in land.
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