Topic: Saving one third what you earn monthly is not that hard, isn't it ? - page 19. (Read 3131 times)
December 16, 2022, 01:10:16 PM
Honestly it depends on your pay-grade. High-salary employees could of course be able to save a good portion of their pay after securing their living expenses, but low-wage earners to impoverished ones may not be so lucky in this regard. When you're worried about not having to eat anything for tomorrow, it's gonna be hard to consider saving a portion of your pay. Of course living conditions and pay-grade will depend on the country's state, which is directly correlated to the education quality, employment rate, and other factors that could affect someone's status in life. So no matter how we relinquish the notion that the government doesn't have any hold on our lives, it's very hard to believe especially if you're at the bottom of the social pyramid.
December 16, 2022, 12:56:07 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 ?
In my opinion this will depend on the country you live in, if you live in a country with low cost of living but high salary you will have a lot of money to save. But if you live in a country with high spending, with 3k $ is a salary that is just enough to spend and very difficult to save. And depending on how much you spend your money, if you are a thrifty person, it will be different from a wasteful eater. 
December 16, 2022, 11:47:37 AM
It's easier said than done, and I'm surprised you didn't include a health bill or insurance. A job that pays $3,000 per month is not a joke, it will require your strength, mind, brain, and focus, and as a result, you will be stressed out at the end of the day, and stress upon stress weakens the body, probably causing breakdown and endangering your health, I believe good health is a good wealth, and it should be included.
Now, your estimates depend on where you live. I can survive on $500 in food, but if I buy everything I need for cooking, I will save even more. However, you cannot expect someone living in a well developed country in a city to survive on $500 per month, I doubt if it will last a month.
Now, your estimates depend on where you live. I can survive on $500 in food, but if I buy everything I need for cooking, I will save even more. However, you cannot expect someone living in a well developed country in a city to survive on $500 per month, I doubt if it will last a month.
Well, I actually thought about adding health bill/insurance cost but withdrew. The reason was very simple: we consider to be young at that age range and if we don't execise and take care of our body, we won't survive any job because nowadays the competition is fierce. But back to my calculation, even you add this extra cost, let's say $100 per month, $1,000 can also be saved.
An average guy that has a genotype AA will want to work his ass off to get that $3k per month job but unfortunately, you can't survive that way here in Nigeria because you will one way or the other suffer mosquitoes bite, I personally speak from experience. There is no month that goes by without treating Malaria, not because I'm careless, I take the necessary precaution, fleet my room but you know, a single bite of mosquito has enough plasmodium to break you down. What am I saying, not all exercise can make you healthy, there are some things you cannot avoid and should be taken into consideration if you want to talk about reality.
December 16, 2022, 10:45:41 AM
Basically, the cost savings for living are always different for each person because it is caused by the amount of income each person has is also different. So that savings arise when everyone has regular income at a certain level which then adds up each expenditure in each month so that they can find out how much money they can save to make savings in their life. Because the costs for health and accidents that can come unexpectedly must also be taken into account, because sickness and accidents never tell anyone when they come to someone
It differs in every situation, if we’re single or a family mam. It’s easy to say we save some of our salary but it will depends on our priority and how much is our income and if it can be able to provide for the number of people included in the family. Some, no matter how thrift they are in budgeting was not able to save due to their circumstances and needs to provide for food, home, bills and school. Parents are good in budgeting that they were able to budget even a small amount to provide for their families. So we should plan ahead and think of if we are capable of providing for our family before we build one. And if already in that situation of not having savings try to find other means of income, have sidelines that can generate additional source of income. December 16, 2022, 10:35:58 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 ?
I could save more than a $1000 a month if I'm earning $3,000 a month after tax every month, since I'm in a third world country, and I'm still single. $3,000 is like around 150,000+ PHP, rental here for example an apartment is like 10,000 PHP ($200) a month, food budget that won't let you starve is like 10,000 a month as well ($200), and for the wants I'll spend probably 5,000-10,000 PHP monthly if I really earn $3,000 monthly, and the rest was just for savings and emergency funds.
But it's too good to be true since here in our country, they have high set of standards for their employees yet their salary per month are just minimum, like 15,000-20,000 PHP a month ($300-$400). And the very pool people are just earning $5-10 per day.
December 16, 2022, 10:23:15 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.
I will agree with this, it will all depend on your lifestyle. If you are someone who has a plan for the future and has a long-term plan right from the start, you will know how to save even if your salary is low. However, if you are a liberal, carefree person or like to show off your style, even making $ 10k / month will never be enough for you. Consciousness and lifestyle will determine everything, no matter what environment you live in.
December 16, 2022, 07:16:50 AM
Well, I actually thought about adding health bill/insurance cost but withdrew. The reason was very simple: we consider to be young at that age range and if we don't execise and take care of our body, we won't survive any job because nowadays the competition is fierce. But back to my calculation, even you add this extra cost, let's say $100 per month, $1,000 can also be saved.
Basically, the cost savings for living are always different for each person because it is caused by the amount of income each person has is also different. So that savings arise when everyone has regular income at a certain level which then adds up each expenditure in each month so that they can find out how much money they can save to make savings in their life. Because the costs for health and accidents that can come unexpectedly must also be taken into account, because sickness and accidents never tell anyone when they come to someone 
December 16, 2022, 07:06:57 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.
December 16, 2022, 06:16:09 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 yes and no.
Your argument that it is easy to save only applies to people who are single AND earning a decent amount of money with which they can save 1/3rd for investing. But the truth is that most of the time, people, even single people, earn way less than that and are forced to spend almost each and every penny for food, rent, clothes and so on. Most of us have families we have to take care of and extra expenditures that we have to pay. Furthermore, its better to set aside some savings for emergency reasons rather than investment opportunities.
So really, it depends on where you live and how much you earn.
December 16, 2022, 06:13:02 AM
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.
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.
December 16, 2022, 06:08:05 AM
Depends a lot on where you live , what country and especially what city 
. For me , in Romania , is kinda hard to put money away from a month to another and in this right moment I'm not able to make any savings lately and more than that , I might need a weekend job soon because everything is getting expensive and meanwhile , I have the same old salary. I'm not complaining but man , it really depends on what country you are , because even if you work in IT environment like myself , the salary is nowhere near vs other countries....
. For me , in Romania , is kinda hard to put money away from a month to another and in this right moment I'm not able to make any savings lately and more than that , I might need a weekend job soon because everything is getting expensive and meanwhile , I have the same old salary. I'm not complaining but man , it really depends on what country you are , because even if you work in IT environment like myself , the salary is nowhere near vs other countries.... December 16, 2022, 05:55:51 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 my opinion, if it can leave $ 1000 per month is a big thing in my country, at this time I am still a home loan with a land size of around 120 meters and I have to pay around $ 170, and about 4 years will be paid off, investment must be forced so that we do not regret it on the day later.
December 16, 2022, 05:14:12 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 ?
Based on where I live it is very possible to even save a larger percentage than what you mentioned is very possible, in my area with an income of only $ 500 per month you can live quite decently but saving a little is impossible especially with the current increase in prices which is quite unreasonable, but usually young people will have the same lifestyle with the higher the salary the higher the lifestyle unless they already have the awareness to save and invest December 16, 2022, 04:36:36 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's easier said than done, and I'm surprised you didn't include a health bill or insurance. A job that pays $3,000 per month is not a joke, it will require your strength, mind, brain, and focus, and as a result, you will be stressed out at the end of the day, and stress upon stress weakens the body, probably causing breakdown and endangering your health, I believe good health is a good wealth, and it should be included.
Now, your estimates depend on where you live. I can survive on $500 in food, but if I buy everything I need for cooking, I will save even more. However, you cannot expect someone living in a well developed country in a city to survive on $500 per month, I doubt if it will last a month.
Well, I actually thought about adding health bill/insurance cost but withdrew. The reason was very simple: we consider to be young at that age range and if we don't execise and take care of our body, we won't survive any job because nowadays the competition is fierce. But back to my calculation, even you add this extra cost, let's say $100 per month, $1,000 can also be saved.
December 16, 2022, 03:50:25 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 ?
It is literally impossible to save one third what you earn monthly in the country I reside. Here's the reason, the minimum wage in country is $45. This barely enough for a single person. Now the monthly cost of living for an individual in Nigeria an average of $60. It is obvious that the cost of living is already higher than the monthly income. One ends up borrowing to survive. That is the current reality. It is just not possible where I live. December 16, 2022, 03:06:11 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 ?
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.
December 16, 2022, 02:12:31 AM
If you know how I am living right now, you would be considering how hard it is to live with whatever you have already, let alone save some aside. I am super happy that I have a great boss that gives me extras, I put all those extras aside at all times, because that means I am not "earning" that.
I always assume that I am making less, and put that aside. But, that doesn't change the fact that I do not have a debt, I have a debt and if I sold all my crypto today, I would be able to not only cover all my debt, but also go to a great vacation (which I usually do every summer).
This means, I can't save money, I am both putting some aside but making that in debt instead of saving, different things.
I always assume that I am making less, and put that aside. But, that doesn't change the fact that I do not have a debt, I have a debt and if I sold all my crypto today, I would be able to not only cover all my debt, but also go to a great vacation (which I usually do every summer).
This means, I can't save money, I am both putting some aside but making that in debt instead of saving, different things.
December 16, 2022, 01:11:32 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 ?
3000 dollars is at least is a 8 months income in my location meaning that is a huge money so I'm sure I can invest or save more than a thousand dollars as our cost of living is too cheap compared to that example.but since I earn more a month (from crypto and regular job , so I am saving at least almost a thousand dollars monthly depending on how much I win in gambling .
December 15, 2022, 07:34:46 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 ?
Sure, it is possible if you live here. Even you have 1-2 kids, you can fulfill monthly necessities with $2000 ($2000 = 31.xxx.xxx IDR). $700-$800 for renting a house, $500-$600 for food, $200 for electricity and internet, $200 for utilities, and $200 for others. So, $2000 is enough for monthly necessities in my town. However, it depends on how we manage the money. What we describe here is for average lifestyle. But, no matter how big our monthly income is, it won't be enough if we live an extravagant lifestyle. 
For investment or saving, $1,000 is okay. It will be $12,000 if we consistently allocate $1,000 every month. In 3 years, you can buy a house here with 3 x $12,000 = $36,000.
December 15, 2022, 07:33:07 PM
Unlike the living location it is possible to save one third of the earning. All that required is the mind to limit ourselves in all activities. In specific going with the unwanted needs should be stopped. We can't expect the same every month, but most of the month this can be done. Man with a proper schedule and running on the right schedule along with his budget will easily attain it.
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