Saving one third what you earn monthly is not that hard, isn't it ? - page 20.

Oceat

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Quote from: tabas on December 15, 2022, 06:12:37 PM

Each amount counts when you try to save because it's hard to be consistent on it when you've got too many things to pay. 1/3 for me is hard but manageable.
When you shoulder all the expenses then it's understandable why people can't have themselves their own savings. But as much as possible, any amount will do and if you've got 1/3 to save then that's better for you.

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.

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Quote from: BRINIRHA on December 15, 2022, 12:08:08 PM

Actually, if we can change our lifestyle pattern so that it is not too glamorous or excessive. then of course saving 1/3 can indeed be done. But unfortunately, sometimes we have difficulty changing our lifestyle (lifestyle). Simple life is easy but starting is difficult. sometimes the higher the salary we get, the higher our spending. because our lifestyle always goes up when our income goes up.

No matter how you change your lifestyle pattern, even if you avoid glamorous activities if your salary is enough for monthly needs, you cannot afford to keep or save 1/3 of it. We are working to meet our daily needs, suppressing ourselves of basic needs in order to save 1/3 of the money we earn will have give us more negative gain than positive. If we failed to nourish ourselves because we aimed to save 1/3 of our profit, we might end up spending it all to address our health problems and even can lead us to debt.

So before saying anything about how easy to save 1/3 of our savings, we must navigate and learn first the capability of every person. Not because we are able to do it because we have parents that actually spend for our needs and we have our earnings all by ourselves doesn't apply to all people.

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Quote from: tabas on December 15, 2022, 06:12:37 PM

Each amount counts when you try to save because it's hard to be consistent on it when you've got too many things to pay. 1/3 for me is hard but manageable.
When you shoulder all the expenses then it's understandable why people can't have themselves their own savings. But as much as possible, any amount will do and if you've got 1/3 to save then that's better for you.

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.

tabas

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Each amount counts when you try to save because it's hard to be consistent on it when you've got too many things to pay. 1/3 for me is hard but manageable.
When you shoulder all the expenses then it's understandable why people can't have themselves their own savings. But as much as possible, any amount will do and if you've got 1/3 to save then that's better for you.

lixer

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Quote from: Sterbens on December 15, 2022, 08:05:18 AM

if we have $3000 monthly income maybe I will be able to save the amount mentioned by OP. But unfortunately not everyone can produce that amount. Like me for example, back when I was still working at a company, I only made less than $ 1000 per month, to be honest it made me not stop thinking about looking for additional income to cover what was sometimes lacking for my needs in a month. It's not that I can't save, but as you said, my savings are not very consistent and sometimes I can't even save with my income at that time.

Even not exactly $3k, I think it's possible for us to save even the tiniest amount only like a dollar or two. Some think that it's too small and doesn't make sense at all but this is what actually savings all about. You set aside money that are not in need or also called as residual money. If you will save for a very long time then those amounts could still grow huge.

It's also okay to be not consistent with our savings. I know there are really tough times where every penny counts and maybe some of us will pull out some of what they save in their banks/piggy banks but I think this is fine and this might be one of the purposes of saving money. To get something for emergency.

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Quote from: gantez on December 15, 2022, 04:15:50 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

This become possible for only the single who can save money. The people that is single is the youth and most of the youth get extravagant in spending of their money through going into club, smoking and drinking, have lots of women that they spend money with. If they leave this type of lifestyle it is difficult to save the balance of $1,000 at the end of the month. Saving of money is not easy, you have to be determine to do that and not everyone can save it.

Even if you do have lots of money but saving is one thing which is really that hard to be done when you dont mind about your future and since you do have in mind
that you could really still make out some money then you wont really be that mindful on doing so.This is why on the time that you do have some health problems or emergencies
then you would be fucked up since you dont have some savings for you to make use off.You would really be realizing off these things when you are on the
situation but this is something that depends since not all would be having that realization.

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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

This become possible for only the single who can save money. The people that is single is the youth and most of the youth get extravagant in spending of their money through going into club, smoking and drinking, have lots of women that they spend money with. If they leave this type of lifestyle it is difficult to save the balance of $1,000 at the end of the month. Saving of money is not easy, you have to be determine to do that and not everyone can save it.

Iroh

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If an individual with no dependents earns $3k monthly after tax, it’s very possible to save a $1000. It’s also very for an individual earning $3-4k to go broke very quickly. Everything all depends on the way of life of the individual.

There are people who do not know how to put aside funds for savings, they are quick to blow away their income as soon as it arrives. So those individuals would definitely find it hard to put away a third of whatever their income was. It’s not as easy as it might seem for some folks to put aside some money for savings.

Tanvi50_

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I am still a student and i live on my own. I do a part time job to cover my expenses. I am from a third world country with a large population. So the competition is real here.
I try to save up some money for emergency purpose. But they way you are describing it, it is way to hard without a full time job. But i can save up to one third of my total earnings. Life is hard around here TBH.

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Quote from: BRINIRHA on December 15, 2022, 12:08:08 PM

Actually, if we can change our lifestyle pattern so that it is not too glamorous or excessive. then of course saving 1/3 can indeed be done. But unfortunately, sometimes we have difficulty changing our lifestyle (lifestyle). Simple life is easy but starting is difficult. sometimes the higher the salary we get, the higher our spending. because our lifestyle always goes up when our income goes up.

I remember with one question, I made my own version where the question was like this,
If you earn $3000 a month you can save $1000, how much can you save with an income of $6000? Many people responded with the answer, they could save $2000 in a month. And it turns out that's not the right answer because actually they can save $ 4000 in a month.
Here we can dig deeper into what is meant, that is, our income may increase, but don't let our lifestyle also increase. So judging from what's happening, even in the subconscious, the desire to improve one's lifestyle will always appear, that can be seen from the questions I'm talking about.

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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'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.

BRINIRHA

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Actually, if we can change our lifestyle pattern so that it is not too glamorous or excessive. then of course saving 1/3 can indeed be done. But unfortunately, sometimes we have difficulty changing our lifestyle (lifestyle). Simple life is easy but starting is difficult. sometimes the higher the salary we get, the higher our spending. because our lifestyle always goes up when our income goes up.

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Quote from: Wexnident on December 15, 2022, 04:58:30 AM

I mean anyone can if they were earning $3k per month. Sadly not everyone has such solid numbers on their monthly payroll, and it also depends (both expenses and salaries) on where you actually live. It's a case-by-case basis, but I reckon most aren't actually able to actively save up constantly, maybe every now and then as a possibility only. I myself am DCA'ing but the amount can be pretty random, I even skip a month or two if needed if I was pretty tight on my budget.

Yes you are right, if we have $3000 monthly income maybe I will be able to save the amount mentioned by OP. But unfortunately not everyone can produce that amount. Like me for example, back when I was still working at a company, I only made less than $ 1000 per month, to be honest it made me not stop thinking about looking for additional income to cover what was sometimes lacking for my needs in a month. It's not that I can't save, but as you said, my savings are not very consistent and sometimes I can't even save with my income at that time.

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A lot of financial advisors recommend that you aim to save at least 15% of your income annually. (in your 20s)

On average, people should contribute 17% of their salary over 40 years (from age 25 to 65) towards their retirement savings to achieve a 75% replacement ratio. (taken from a old financial magazine)

By the time you are 55 years old, you should have saved about 7 times your salary. The real challenge will be to invest this in something that beats inflation. Roll Eyes

(...and not to dive into your investment capital)

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Quote from: coupable on December 14, 2022, 05:35:20 PM

I read in the comments about record rates of poetic salaries that people receive on average in some countries. I live in a country in North Africa. I can assure you that in most countries the minimum wage does not exceed $100 or $130 at most.

In my area, an income of 2k-3k$ per month is a huge income and anyone who is able to earn that amount of income will quickly become rich after only a few years of hard work. The average income of workers where I live is 200$-300$, and with that income, it is very difficult for them to save. They can only save by working overtime and they can work 12 to 16 hours a day, only then can they save some money for the future. People with an income of $ 3k have high positions, and almost only the head of the department or director can get that salary.

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I mean anyone can if they were earning $3k per month. Sadly not everyone has such solid numbers on their monthly payroll, and it also depends (both expenses and salaries) on where you actually live. It's a case-by-case basis, but I reckon most aren't actually able to actively save up constantly, maybe every now and then as a possibility only. I myself am DCA'ing but the amount can be pretty random, I even skip a month or two if needed if I was pretty tight on my budget.

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Quote from: Mauser on December 15, 2022, 04:24:51 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 ?

I like your approach of trying to save 30% of your salary for investing. If you can keep it up over the years this will lead to a pretty nice portfolio, as long as you manage to invest it in the right assets. In my country utilities are a bit more expensive and I also spend more on food, on top of that I am still repaying a loan. So all my fixed costs take away around 70% of my salary already. And this doesn't include going out and meeting friends for a beer or buying new shoes and clothes. Over the last 12 months I managed to save roughly 10% of my monthly salary which I am quite proud of. The sad part is that over the the corona years I managed to save more, but now with the life back to normality my expenses went back up again. The main focus for me is still to try and get decent returns on my investment to at least offset the inflation rate.

Thanks for your specific answer, which is a good and actual sharing. I totally understand the variable factors like pandemic period could make a huge difference on our lifestyle. Nowadays when everything is back to normal, unexpected expenses may increase. Good for you that you have saved 10% of your salaries over last year and this is the very beginning of big rewards from the future. Once we are disciplined to make a habit, achieve a goal, it's much easier to succeed in the end.

Mauser

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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 ?

I like your approach of trying to save 30% of your salary for investing. If you can keep it up over the years this will lead to a pretty nice portfolio, as long as you manage to invest it in the right assets. In my country utilities are a bit more expensive and I also spend more on food, on top of that I am still repaying a loan. So all my fixed costs take away around 70% of my salary already. And this doesn't include going out and meeting friends for a beer or buying new shoes and clothes. Over the last 12 months I managed to save roughly 10% of my monthly salary which I am quite proud of. The sad part is that over the the corona years I managed to save more, but now with the life back to normality my expenses went back up again. The main focus for me is still to try and get decent returns on my investment to at least offset the inflation rate.

Poker Player

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It's not that hard if you have a good income, but as mentioned above, it depends a lot on where you live.

Normally when people start to be interested in finances, they focus on saving, it is a first step that we have all gone through, but over time you realize that it is better to increase your income, because with a good income you can consume more and you have enough to save and invest. The fact is that a habit of saving and investing to the extent of your possibilities makes you live peacefully and is therefore highly recommended.

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It depends on where you live, your playstyle and the current situation you live in right now.
If you are married or not and live in 3rd world country then sometimes 1/3 is might be too much for you and you might want to adjust your saving based around that parameters, they'd probably having a hard time to even save their money because of their economy. Can't really just say 1/3 saving is really easy to do.

I'm usually saving around 10% - 15% on my salary because that's just what I'm capable of for every month and I'm really proud of that.

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