The theory for investing with money sharing as above looks easy, but in life of course there are many challenges, I have been working for about 5 years and it is very difficult to leave money for saving, especially for those who are already married and have children, of course it will be difficult, and in my opinion the solution the best is an investment that can produce productively.
You're right but the question is can you invest with a one month salary? Definitely no! You have to save first before you invest in whatever you seems to be profitable for you. The important of savings is not only for investment but also for unexpected challenges. I actually don't know why people always attribute problems to married people and assume singles have less problems. Lol
Topic: Saving one third what you earn monthly is not that hard, isn't it ? - page 18. (Read 3131 times)
December 17, 2022, 12:29:34 PM
Since we are going through different circumstances, I think minimizing the ratio OP have mentioned would be a better idea; try atleast 1/4 of your salary or monthly earned money. Take it easy and lightly because not all people here has privilege to do as they want with their earnings. Some are even accountable and responsible to give more than half of their monthly pay out, to their families which makes it hard to save. Especially nowadays wherein the market price of market goods are continuously increasing week after week.
Proper segregation and management of one's money would be the key. Try to atleast plan an amount for a certain bill; electicity, house rent, food, and such). If there will be remaining amount outside your dated bills, you are free to use it on investment or just save it in banks.
December 17, 2022, 11:48:26 AM
The theory for investing with money sharing as above looks easy, but in life of course there are many challenges, I have been working for about 5 years and it is very difficult to leave money for saving, especially for those who are already married and have children, of course it will be difficult, and in my opinion the solution the best is an investment that can produce productively.
You're right but the question is can you invest with a one month salary? Definitely no! You have to save first before you invest in whatever you seems to be profitable for you. The important of savings is not only for investment but also for unexpected challenges. I actually don't know why people always attribute problems to married people and assume singles have less problems. Lol December 17, 2022, 11:22:33 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.
December 17, 2022, 10:54:27 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.
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.
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.
December 17, 2022, 01:54:54 AM
If you are in twenties or early thirties and remain single, earn $3,000 after tax per month, you will probably save $1,000 if you, let's say, spend $500 to $800 on rental, a guest bedroom in a shared house/apartment, $500 on food, $50 on utilities, $150 on phone/internet bills, $400 on commuting costs or gas/maintainance if you have a used car, $200 on occasional entertainment or others. This $1,000 savings will allow you to invest or place a house down payment when time is ripe. Is this possible based on where you live ?
In a third world country, $3k/month is a huge monthly income and you can spend like $1k or less for your overall monthly expenses and bills, that, if you're on a strict budget and you own your own house, I mean apartments are kinda expensive would probably be the highest share for your monthly expenses.
Regardless of the kind of your lifestyle, $3k/monthly is still huge and you'll always have something left for savings here in my country, that of course, if you're single.
December 17, 2022, 01:16:26 AM
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 ?
The importance of saving could be realized only at the need of money which is why most people do not prioritising it when earning enough. In my tradition, elder people do emphasise about saving more than 50% of earning. Also, we have a popular saying like this: "the first expense of your salary should be savings".Regardless of the kind of your lifestyle, $3k/monthly is still huge and you'll always have something left for savings here in my country, that of course, if you're single.
Means monthly $3k is huge only for singles? In my country, it is multifold higher than average nation wide salary hence even familyman could save more than $1000 if they do earn $3k monthly. December 17, 2022, 12:10:12 AM
The theory for investing with money sharing as above looks easy, but in life of course there are many challenges, I have been working for about 5 years and it is very difficult to leave money for saving, especially for those who are already married and have children, of course it will be difficult, and in my opinion the solution the best is an investment that can produce productively.
December 17, 2022, 12:04:25 AM
If you are in twenties or early thirties and remain single, earn $3,000 after tax per month, you will probably save $1,000 if you, let's say, spend $500 to $800 on rental, a guest bedroom in a shared house/apartment, $500 on food, $50 on utilities, $150 on phone/internet bills, $400 on commuting costs or gas/maintainance if you have a used car, $200 on occasional entertainment or others. This $1,000 savings will allow you to invest or place a house down payment when time is ripe. Is this possible based on where you live ?
In a third world country, $3k/month is a huge monthly income and you can spend like $1k or less for your overall monthly expenses and bills, that, if you're on a strict budget and you own your own house, I mean apartments are kinda expensive would probably be the highest share for your monthly expenses.
Regardless of the kind of your lifestyle, $3k/monthly is still huge and you'll always have something left for savings here in my country, that of course, if you're single.
December 16, 2022, 07:35:09 PM
The higher the income we earn the more responsibility we get to pay bill, but this shouldn't be an excuse to.give not to save money. Demands will always be their to handle but we need to be conscious how money is being spent unnecessary, it takes discipline for one to be able to save. It is impossible to make up any goals without savings, savings is important as far as one gets income as salary .
Yeah, that's the reality of life these days. When we earn more, we're also increasing our spending habits and that's why we need to be at par of it. We need to meet our demands and at the same time if you've got some spare, put it on savings or in an investment.It's a disciplined habit that one will discover to himself that he's good at saving. So, if one is spending a lot, it needs to be a priority to save too.
Saving a portion out of your monthly income is always possible, but if you live in luxury and spends more than your monthly income, then its clear enough that you won't have any budget left for savings. Although the term SAVE sounds easy to do, but its actually hard for most of us considering we are living in this current high inflation. But if you instill discipline in yourself and yes, set a target goal, you will always find ways to save.
It's sad that there are people that do spend more than their income. That has became a habit to them, a bad habit that they should break or else they'll go broke. December 16, 2022, 07:22:50 PM
Then try to minimize your expenses like cutting some unnecessary bill(s) and use an alternative. It's not easy to save if you have too much in hands to pay but if you are in a situation like that then all you have to do is invest the amount you can afford to lose. Since you can't invest if you have too much expenses not to mention if you are living in a high cost of living city.
Saving isn't a problem if you are still single working in the high cost of living city because you have less responsibility compared to those married people.
I just can't, I only got few bills to pay but they're all necessary so that's hard to be cut because all of them are important. I agree to you that when I was still a single person, things are too easy for me including savings. But as you grow and you become a grown up man, you just can't be the same anymore.Saving isn't a problem if you are still single working in the high cost of living city because you have less responsibility compared to those married people.
However, even if you are married you still can save even more if both of you are working and earning together but the problem will occur in if you have a child since it's a full responsibility to feed both that's why it's hard to earn if you are married.
December 16, 2022, 06:51:19 PM
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.
December 16, 2022, 05:59:46 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 ?
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.
When you are still on the situation or condition where you are stilldependent on your parents then pretty sure you wont be minding about saving or something minding about investment or whatsoever and on the time that you had
graduated college and have some degree, there are some people who arent that even minding on getting a job or does have the hardship on getting one,
and this is where problems do start.
On the time that you are planning to have a family then this is where struggle starts and things should be done as early as you could if
you are really that liking to have a good life in terms of finances.
December 16, 2022, 05:53:15 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 ?
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.
December 16, 2022, 05:07:25 PM
This is excellent, but it cannot be applied everywhere. This will vary depending on the country and the location within the country. To earn at least $3000 after tax deductions, one must live in a wealthy neighborhood. Renting a place and other payments will be expensive, and you may not be able to save even a one third of that money. Especially if you have many family members who rely on your salary to make ends meet. The statistics are good and achievable, but it all depends on your financial life plan.
December 16, 2022, 04:23:53 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 ?
It seems like it might be an easy target but it's dependent on many individual circumstances - if you have kids to support then any spare cash might quickly disappear unless you're very careful with it. If you live alone and very frugally you might be able to save half or more. I'd say the more important thing is to learn about and choose to take on a bit of extra sensible risk by putting the money to work investing - for most people index funds would perform the best over individual company shares. Saving is unlikely to perform very well in times of low interest rates, as when rates were low you'd find it hard to find a bank paying out 2% or more, while the stock market was paying around 5-7%
December 16, 2022, 02:52:28 PM
Hard to discuss OPs question or even to give an answer, since we are all different. Someone might be single, have good salary, but does spending spree every month and live from salary to salary. Other might be having a standard family of 3, manage to save every month and allow to go to a vacation every year. Salary levels are also different. Hard to achieve OPs goal when you earn $3k, but much easy when you have $10k monthly.
With me, each month is different. Sometimes I manage to save and invest, sometimes I spend more than I have earned this month, sometimes I have unexpected expenses.
Well, we are all different in terms of monthly income and where we live can also be affected by costs, including where we live, lifestyle can determine whether we are able to save or not.With me, each month is different. Sometimes I manage to save and invest, sometimes I spend more than I have earned this month, sometimes I have unexpected expenses.
But that can all be considered and according to his needs.
I myself can make investments every month even though I have a family with 3 people in it to meet the needs of a steady monthly income where I work is big enough for me, this is different from the others, so I say that.
Including other bills and rent, needs for a month, as long as life is not excessive meaning I don't buy luxury items if I don't need them then I can save and invest every month.
One more thing, in addition to being on the forum, with the payment for a signature campaign, you can also make investment capital or win, but according to your needs, it will definitely be different.
December 16, 2022, 02:50:49 PM
When you are obliging yourself on saving up a particular amount then you would really be doing your best on attaining that because you do have a goal in mind which you do need to achieve then you would really be
finding ways.Yes its hard but not something impossible if you really wanted to do so but there are really some circumstances in life which you cant really avoid and ending up on spending everything you do have.
Each person does have their own different lifestyle which it is really just that depending on what you are really that up to.
If you are intending to have savings on monthly basis then you would really be that serious on achieving that.
Yes, you'll be serious with what you're about to do because that's going to be your money and not others and that's why it's really encouraging to do it when you have some plans in the future and thinking you're obliged on doing it.finding ways.Yes its hard but not something impossible if you really wanted to do so but there are really some circumstances in life which you cant really avoid and ending up on spending everything you do have.
Each person does have their own different lifestyle which it is really just that depending on what you are really that up to.
If you are intending to have savings on monthly basis then you would really be that serious on achieving that.
Then try to minimize your expenses like cutting some unnecessary bill(s) and use an alternative. It's not easy to save if you have too much in hands to pay but if you are in a situation like that then all you have to do is invest the amount you can afford to lose. Since you can't invest if you have too much expenses not to mention if you are living in a high cost of living city.
Saving isn't a problem if you are still single working in the high cost of living city because you have less responsibility compared to those married people.
I just can't, I only got few bills to pay but they're all necessary so that's hard to be cut because all of them are important. I agree to you that when I was still a single person, things are too easy for me including savings. But as you grow and you become a grown up man, you just can't be the same anymore. Saving isn't a problem if you are still single working in the high cost of living city because you have less responsibility compared to those married people.
December 16, 2022, 02:42:27 PM
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.
December 16, 2022, 02:41:03 PM
If you are in twenties or early thirties and remain single...
I'm not in my twenties or early thirties, and I am not single... but I remember that time! Mostly it was about fun and entertainment. I'm not sure how big a salary would be enough for all my wishes and plus to have some leftovers. I was always short, and still, I missed so many things...
I guess it's a dilemma we all have to deal with. To enjoy life or to suffer without anything until you get more money? But it's not like a clear choice we can make, there are no guarantees in life!
And in the end, we don't all have the same opportunities. Living conditions are different for many of us, not to mention our characters and knowledge. Simply there are many factors that affect us and our possibilities. And while some people can save a lot more than one-third of their monthly income, many others are struggling to get through the day.
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