Saving one third what you earn monthly is not that hard, isn't it ? - page 17.

xSkylarx

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

If you are in twenties or early thirties and remain single, earn $3,000 after tax per month, you will probably save $1,000 if you, let's say, spend $500 to $800 on rental, a guest bedroom in a shared house/apartment, $500 on food, $50 on utilities, $150 on phone/internet bills, $400 on commuting costs or gas/maintainance if you have a used car, $200 on occasional entertainment or others. This $1,000 savings will allow you to invest or place a house down payment when time is ripe. Is this possible based on where you live ?

It is possible where I live since we are in a third-world country and the cost of living here is too low. That $3K is already huge. Even if you have a family and have one child, you can save much more if you are single as long as you have discipline and have to save first before you spend. You can live your life to the fullest and buy things you want with that monthly income. Also, it would help if you had friends that are not a bad influence on you because that could influence you into bad habits and you will lose your income.

S A KHAIR

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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.

Mpamaegbu

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Quote from: crzy on December 17, 2022, 05:56:38 PM

Quote from: Mpamaegbu on December 17, 2022, 04:39:34 PM

~snipped~

Our expenses should also be aligned to our monthly income and if the expenses are too much it will be hard for you to save some money.

Yes, we should take important note of that, regarding expenses often surpassing income. This is where proper planning comes in. Those expenses that we don't have control of like food and healthcare should be made priority while those which are luxurious in nature should be jettisoned or reduced to the bearest minimum. That was why I talked about rentals not exceeding 10% of whatever one earns. Some people earn less but won't like living in environments they can easily pay rents. They want to be reminded or chased around by property owners before they renew their rents.

Paul Pogba

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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.

BigBos

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Quote from: Iroh on December 17, 2022, 10:24:23 PM

Quote from: BigBos on December 16, 2022, 03:06:11 AM

Unfortunately, not everyone has that much income from work, the average resident in my area earns $ 256 from work, this is still somewhat difficult or not comparable to what you describe, $ 3000 income is usually obtained by government officials with incentives and incentives and entrepreneurs who have has a sizeable market capitulation, of course, this is not easy for every resident in my area who relies on his job.
but it's not impossible that I can save a third of my income, if from $ 256 I can save $ 85.3 of the needs that are minimized as investment funds.

In my opinion, it doesn't matter how much your income is, when you can minimize expenses and only prioritize basic needs, there must be money that you can save.

It in fact, matters a whole lot on how much your income is in order to have some savings kept aside. With some extremely low income earners, they just can’t afford to save as they earn so little and would be obviously living hand to mouth.
If you could save some funds from your income after tax and expenses, that’s great for you. There are folks that, after working long hours, barely have enough fulfill their basic needs. How then could they put aside money to save when there isn’t any?

Of course, when you don't have money to save, it's not recommended that you save and don't think about investing. Just being able to survive is enough to live. I know that investing is important to diversify your income, but when your income is only enough for your daily needs should not force yourself to invest, but when you are a worker you will get bonuses when you work overtime and celebration bonuses on certain days, I think you can set aside your money little by little to invest even if it takes a long time.

leonair

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

reagansimms

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

If you are in twenties or early thirties and remain single, earn $3,000 after tax per month, you will probably save $1,000 if you, let's say, spend $500 to $800 on rental, a guest bedroom in a shared house/apartment, $500 on food, $50 on utilities, $150 on phone/internet bills, $400 on commuting costs or gas/maintainance if you have a used car, $200 on occasional entertainment or others. This $1,000 savings will allow you to invest or place a house down payment when time is ripe. Is this possible based on where you live ?

Why not, someone who can organize good financial management is very likely to leave $ 1,000 of a real income of $ 3,000 every month.
The $3,000 can be split in three parts,
1. $1,000 for savings/investment as cold money.
2. $ 1,500 for personal needs in a month.
3. $500 for other contingencies.

With an income of $3,000 you can already enjoy a decent life and can still be saved as detailed above. Never improve your lifestyle because it will drain the money that has been allocated for savings/investments. Managing financial management properly can make life better and far from debt.

Wong Goblog

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Many people complain because investing is very difficult, most people think that investments such as property, gold and so on require large capital, but we must be smart that currently there are many choices for investment even starting with a small value, cryptocurrencies are the best solution for us which is difficult to invest because we can start with a small value and also we can withdraw at any time.

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Quote from: erep on December 17, 2022, 05:50:10 PM

Quote from: Smack That Ace on December 17, 2022, 01:54:54 AM

Yes, I don't know if in developed countries like Europe or the US, an income of 3k$ is called a lot but it is true that for 3rd world countries like my country, it is a huge income. If it was me, in this case, I could save 1k$ to 1.5k$ per month after deducting all daily living expenses, and I am a married person. In the case of unmarried people, if they have a sensible spending plan and have savings goals, they can save a lot more than that.

I have reviewed that many opinions of $3k income include high monthly income and the average person can save for the range of $1-1.5k after deducting all monthly expenses, but if my position is earning $3k monthly then $1k would be very worth to invest to Bitcoin for current prices for each month and we'll look at long term profits for the big news in 2024.

Definitely, I too will invest 1k dollars per month in all bitcoin, and only in bitcoin, if I have such a big income. Because in this case, with such a huge income, I will not have to worry too much about the risks I face. If things don't go as expected, such as bitcoin crashing, I can also afford to start over with my earnings. The biggest limitation of people when investing in bitcoin is capital, if this problem is solved, I believe more people will invest in bitcoin.

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Quote from: Iroh on December 17, 2022, 10:24:23 PM

Quote from: BigBos on December 16, 2022, 03:06:11 AM

Unfortunately, not everyone has that much income from work, the average resident in my area earns $ 256 from work, this is still somewhat difficult or not comparable to what you describe, $ 3000 income is usually obtained by government officials with incentives and incentives and entrepreneurs who have has a sizeable market capitulation, of course, this is not easy for every resident in my area who relies on his job.
but it's not impossible that I can save a third of my income, if from $ 256 I can save $ 85.3 of the needs that are minimized as investment funds.

In my opinion, it doesn't matter how much your income is, when you can minimize expenses and only prioritize basic needs, there must be money that you can save.

It in fact, matters a whole lot on how much your income is in order to have some savings kept aside. With some extremely low income earners, they just can’t afford to save as they earn so little and would be obviously living hand to mouth.
If you could save some funds from your income after tax and expenses, that’s great for you. There are folks that, after working long hours, barely have enough fulfill their basic needs. How then could they put aside money to save when there isn’t any?

What you say is also true, there are many people who do not even meet their living needs, so it is difficult to think about saving, but if we are determined, I believe nothing is impossible. We don't need to save exactly 1/3 of our earnings each month, this amount should be adjusted to suit our circumstances. If you can't save 1/3 of your salary, saving 1/4 or 1/5 is also saving, stop spending on the most unnecessary things to save.

Iroh

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Quote from: BigBos on December 16, 2022, 03:06:11 AM

Unfortunately, not everyone has that much income from work, the average resident in my area earns $ 256 from work, this is still somewhat difficult or not comparable to what you describe, $ 3000 income is usually obtained by government officials with incentives and incentives and entrepreneurs who have has a sizeable market capitulation, of course, this is not easy for every resident in my area who relies on his job.
but it's not impossible that I can save a third of my income, if from $ 256 I can save $ 85.3 of the needs that are minimized as investment funds.

In my opinion, it doesn't matter how much your income is, when you can minimize expenses and only prioritize basic needs, there must be money that you can save.

It in fact, matters a whole lot on how much your income is in order to have some savings kept aside. With some extremely low income earners, they just can’t afford to save as they earn so little and would be obviously living hand to mouth.
If you could save some funds from your income after tax and expenses, that’s great for you. There are folks that, after working long hours, barely have enough fulfill their basic needs. How then could they put aside money to save when there isn’t any?

LastKiss

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

If you are in twenties or early thirties and remain single, earn $3,000 after tax per month, you will probably save $1,000 if you, let's say, spend $500 to $800 on rental, a guest bedroom in a shared house/apartment, $500 on food, $50 on utilities, $150 on phone/internet bills, $400 on commuting costs or gas/maintainance if you have a used car, $200 on occasional entertainment or others. This $1,000 savings will allow you to invest or place a house down payment when time is ripe. Is this possible based on where you live ?

Well, personally it's impossible for me to save one per third out of my salary. Since in my place most people didn't have that much salary and the cost of our goods is somewhat high then it's hard to save one per third. But every month I tried to save one per five or one per six as long as there were no emergency needs. It's really important to keep saving our money for emergencies and for investment since investment can give us passive income then we must struggle to get that.

Ryu_Ar1

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I think what you say is quite inspiring if you really see it from a glance.
But when contemplating a little longer with the realities of life clearly this will be very difficult.
$3000 is definitely a lot of money but I'm pretty sure only 1 in many people make this kind of salary and not everyone can make that kind of salary.
The division is quite real when indeed with a salary of that size so that we are still able to save after meeting our daily needs but we also have to be aware of the reality that sometimes the basic salary that we have is different.
On the other hand, I realize one thing in this case, because usually the bigger the salary, the more needs, so regardless of how much your salary is, your desires will actually be bigger.
Even though it's a good thing to do, I don't think everyone can do this to save money from their salary for several reasons.

Furious 7

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in this case it's very easy but we have to remember this is just a supposition Cheesy

In essence, this is still a little difficult to do when indeed we cannot have such a high salary in one month.
I personally get a basic monthly salary of only around $ 300-$ 400 per month and this is considered large in the country where I live because the needs are not too big, indeed in this case it can still be done to set aside a little profit for investment, but on the other hand I I think everyone's needs are different, especially if they have family responsibilities, so not everyone can do that because sometimes the salary they get can only support their daily life.

crzy

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Quote from: Mpamaegbu on December 17, 2022, 04:39:34 PM

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

If you are in twenties or early thirties and remain single, earn $3,000 after tax per month, you will probably save $1,000 if you, let's say, spend $500 to $800 on rental, a guest bedroom in a shared house/apartment

I wanted to read and leave when I realized the issue was specifically addressed to singles until I saw the rental thing. Let me quickly address that. If hypothetically someone on that salary scale decides to spend as much as what you've mapped out there, they should know they aren't getting it right. Your rentals shouldn't be more than 10% of your earnings. If you earn $3k monthly, it will be ok to limit your rentals to $250 – $300 monthly. Anything above that means living above one's means because other aspects of one's life will suffer it.

Our expenses should also be aligned to our monthly income and if the expenses are too much it will be hard for you to save some money. This is not easy at all especially if you have a limited budget just try to save a little monthly until it becomes a habit for you, this will be more easy if you get used to if.

erep

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Quote from: Smack That Ace on December 17, 2022, 01:54:54 AM

Yes, I don't know if in developed countries like Europe or the US, an income of 3k$ is called a lot but it is true that for 3rd world countries like my country, it is a huge income. If it was me, in this case, I could save 1k$ to 1.5k$ per month after deducting all daily living expenses, and I am a married person. In the case of unmarried people, if they have a sensible spending plan and have savings goals, they can save a lot more than that.

I have reviewed that many opinions of $3k income include high monthly income and the average person can save for the range of $1-1.5k after deducting all monthly expenses, but if my position is earning $3k monthly then $1k would be very worth to invest to Bitcoin for current prices for each month and we'll look at long term profits for the big news in 2024.

Quidat

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Quote from: Yamifoud on December 17, 2022, 05:38:39 PM

Quote from: Cling18 on December 17, 2022, 11:22:33 AM

Quote from: 19Nov16 on December 17, 2022, 02:36:51 AM

It's a great idea if we can make it happen, in my opinion, it is very difficult to leave money for investment in the method or system above, there are many temptations to make the plan fail, if you are not married there will be many temptations to do pleasures such as traveling, trying various foods, and another hobby that makes easy money to run out.

You can save that amount easily depending on your lifestyle. If you are living a simple life and you are not an outgoing person who spends money just to mingle with your friends or if you don't have other expenses. But if you are an outgoing person who loves following the trend, then the temptation to spend too much will always exist. You need to focus only on your needs and not on your wants if you want to save bigger.

Having this lifestyle, you'll never that this person is thinking about saving but naturally enjoying his life while he/she is still alive. It is a very common reason why they do this "we only live one's" and if we die, we can't do this stuff anymore and can't make use of our hard-earned money anymore. I got their point but for a responsible and not selfish person, they will always think about the future of their families, and giving them a comfortable and secured life is the best thing we can leave for them before we die. That is perhaps a good mindset, we work hard for the future, not just today.

When you dont think about your children or granddaughters or something like in talks of inheritance then you would really be thinking up this way but if you do mind about the future then you would really
be minding on having that investment or having that savings for future use.It doesnt mean that if you do live up this way, then you cant really be having a good life or something boring.
You could still live up on what you do wanted but having that restricted in terms of expending your money which i dont really see anything wrong with this.
You could save up some part of your income for future use which is something that you do really need to do rather than on going all in on spending
on everything that you do have in mind.

Yamifoud

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Quote from: Cling18 on December 17, 2022, 11:22:33 AM

Quote from: 19Nov16 on December 17, 2022, 02:36:51 AM

It's a great idea if we can make it happen, in my opinion, it is very difficult to leave money for investment in the method or system above, there are many temptations to make the plan fail, if you are not married there will be many temptations to do pleasures such as traveling, trying various foods, and another hobby that makes easy money to run out.

You can save that amount easily depending on your lifestyle. If you are living a simple life and you are not an outgoing person who spends money just to mingle with your friends or if you don't have other expenses. But if you are an outgoing person who loves following the trend, then the temptation to spend too much will always exist. You need to focus only on your needs and not on your wants if you want to save bigger.

Having this lifestyle, you'll never that this person is thinking about saving but naturally enjoying his life while he/she is still alive. It is a very common reason why they do this "we only live one's" and if we die, we can't do this stuff anymore and can't make use of our hard-earned money anymore. I got their point but for a responsible and not selfish person, they will always think about the future of their families, and giving them a comfortable and secured life is the best thing we can leave for them before we die. That is perhaps a good mindset, we work hard for the future, not just today.

Mpamaegbu

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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

I wanted to read and leave when I realized the issue was specifically addressed to singles until I saw the rental thing. Let me quickly address that. If hypothetically someone on that salary scale decides to spend as much as what you've mapped out there, they should know they aren't getting it right. Your rentals shouldn't be more than 10% of your earnings. If you earn $3k monthly, it will be ok to limit your rentals to $250 – $300 monthly. Anything above that means living above one's means because other aspects of one's life will suffer it.

Ultegra134

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Quote from: Findingnemo on December 17, 2022, 10:54:27 AM

Quote from: Ultegra134 on December 16, 2022, 05:53:15 PM

Quote from: Findingnemo on December 16, 2022, 07:06:57 AM

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

If you are in twenties or early thirties and remain single, earn $3,000 after tax per month, you will probably save $1,000 if you, let's say, spend $500 to $800 on rental, a guest bedroom in a shared house/apartment, $500 on food, $50 on utilities, $150 on phone/internet bills, $400 on commuting costs or gas/maintainance if you have a used car, $200 on occasional entertainment or others. This $1,000 savings will allow you to invest or place a house down payment when time is ripe. Is this possible based on where you live ?

It sounds easy but most people will trap into the lifestyle inflation, so they will be spending what they earn to show others about life style while very few can remain and focus on long term returns over these worthless pride statements. You can save 1000 or even 2000.too which solely depends on how we decide to live no matter how much we earn.

Unfortunately, from what I've observed in my proximity, especially with people in their 20s and 30s, people buy designer brands on clothing or electronic appliances in order to show off. I generally try to avoid unnecessary spending, but not to an extreme level. The largest expenses are usually rent, food or groceries, and fuel. Typically, before massive inflation hit somewhere around spring, there were months that I managed to save over 20–30% of my salary. In practice, saving varies from country to country, and expenses usually vary from month to month; there is rarely a standard fixed amount that is set aside, especially in our day and age.

You can save 30% or whatever amount you want to save if you stick with the intention of saving it. Yes due to inflation hike the certain percentage can be missed but some of the financial advisors gave advise for the working class people to have monthly and yearly budget separately. But many will have their monthly budget but they failed to calculate the yearly expenses like insurance, schooling fee or any such expenses which we don't normally spend every month but once or twice in a year.

I don't have a monthly budget, to be honest. I practically just try to be a little careful with my finances and avoid spending on useless things or overpaying for junk food in the supermarket. Generally, it's vital to set a monthly budget and allocate your money accordingly, but it may not work for everyone. I'm not much of a schedule guy. I don't like to put myself into brackets regarding how much I can spend, and while it may be helpful, I prefer not to overthink about spending money. If I didn't have Bitcoin or any money aside, then perhaps I would have stricter budgets and rules to follow.

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