Saving one third what you earn monthly is not that hard, isn't it ? - page 3.

Betwrong

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Quote from: DrBeer on June 04, 2023, 06:25:47 AM

~

Quote from: Betwrong on May 29, 2023, 04:35:36 AM

~ It's not possible where I live because $800 per month is considered a very good salary here, so saving $1k is out of question. But I think I can contemplate the possibility of saving 30% of your income. It's impossible in my opinion. It's too much. And those guys earning $3k per month, I'm sure they are living in places where everything, food, electricity, medical care and stuff, everything is more expensive there, so, they couldn't afford saving that much.

1/3 or 1/4 or 1/10 is not the point.
My emphasis would be this:
- Borrowing money in the form of loans to cover "ordinary" needs is a bad way to go. You borrow $1, but you will owe $1 plus interest back. Which means you'll have a bigger need to borrow tomorrow. And it's a vicious circle. The solution is to change your income and/or change your consumption.
- You need to constantly strive to improve your financial health. Both yourself and your children. And the way to do that is the way to develop your skills. There is always time and opportunity to be found. Even if it's very hard. Otherwise nothing will change. It's very simple - it's foolish to expect change if you keep doing the same thing every day.
- You need to limit unreasonable consumption - from food to things. A lot of what you acquire has no real value in your life
- it is necessary to always think about the FUTURE. You can't live "here and now"!
- It's necessary to form a "financial cushion", this is just about 1/3, 1/4, 1/10 ...
- It is necessary to form a set of passive income

It all seems a bit complicated, but ... you have to do it and it's not so hard! You may not be able to do it all at once! But without changing anything your life will stay the way it is ...

I agree with everything you said except the last sentence. There is a saying in economics: "If there's no growth then there's no life in it." If we are not making things better then our life will not stay the way it is, it will be getting worse. So, basically, we have no choice but to grow. We should be improving our knowledge, our income should be getting bigger, and our living conditions must our living conditions must improve along with it. We must be moving forward, we can't afford to stand still.

DrBeer

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Quote from: redwine49 on June 04, 2023, 01:36:30 PM

Quote from: DrBeer on May 30, 2023, 04:38:02 AM

One of the problems of modern society is the unreasonable waste of money, for things that do not really solve any noticeable problems or tasks for us.
This "habit" has developed over the past 10-20 years. There are a lot of "fashionable" things that everyone thinks is "prestigious" or "revealing". Marketing and advertising - they constantly say "buy, buy." And here another problem makes itself felt - the low financial literacy of the population, and first of all the poor or close to it. The problem is that they are trying to change their status with such a purchase ... And the basis of the problem is self-deception, it does not give any changes, except for increasing costs. People from a financially more developed society, who understand what money is, its value and the ability to manage it, restrain them from such unreasonable spending. Although among the financially literate, there are people who spend money without thinking much

it is hard for me to cut my spending. it's my weakness but it's good for the economy and entrepreneurs. i literaly giving money for them, if not they will go bankrupt.
at least that is what i do Grin

Managing your "wants" is one of the hardest things in our lives, I agree, I know it myself

But believe me - if you learn to control your desires, the rest won't be a problem for you

redwine49

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Quote from: DrBeer on May 30, 2023, 04:38:02 AM

One of the problems of modern society is the unreasonable waste of money, for things that do not really solve any noticeable problems or tasks for us.
This "habit" has developed over the past 10-20 years. There are a lot of "fashionable" things that everyone thinks is "prestigious" or "revealing". Marketing and advertising - they constantly say "buy, buy." And here another problem makes itself felt - the low financial literacy of the population, and first of all the poor or close to it. The problem is that they are trying to change their status with such a purchase ... And the basis of the problem is self-deception, it does not give any changes, except for increasing costs. People from a financially more developed society, who understand what money is, its value and the ability to manage it, restrain them from such unreasonable spending. Although among the financially literate, there are people who spend money without thinking much

it is hard for me to cut my spending. it's my weakness but it's good for the economy and entrepreneurs. i literaly giving money for them, if not they will go bankrupt.
at least that is what i do Grin

kojektea

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if it is useful i will do it. say if we are rich people with an income of $ 10000 per month I think it is not bad to give charity to people who need some or even only a third. because saving money and accumulating it is not a good thing and also the money we accumulate will be inflation. if you spend it just to buy luxury goods then it is also a loss, because the selling price in the future will not be worth it unless it's gold.

bettercrypto

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Quote from: Marcellin9 on December 14, 2022, 07:05:31 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 ?

Maybe that depends on the fiat value of each individual, because that kind of value is really big. For example, in any part of the Asian country, it's too big, 3000$ a month. And if it's here in our country, I might only be able to use $800 a month.

And the 2200$ that will be left for me is for sure that I can keep it and can use it in DCA for bitcoin. And that's all I'll do until the right time comes for the bull run that I'm targeting, which is the price of the bitcoin market. And then I will only sell it when it reaches 100k$ each.

YUriy1991

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Whell, The amount is high Grin

... Maybe, as you said, it is very easy to work around this and we can even collect more than that target. I think each of them has a different income generated. the higher the income, the higher the cost of living and that's real. Incoming money sometimes does not match expenses. Yes. just an example from you along with the numbers, on the other hand, whatever it is, everything must be prepared, how to survive if there is no preparation. Yeah. Useful topic from you.

DrBeer

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Quote from: serjent05 on May 29, 2023, 05:47:21 PM

Quote from: DrBeer on May 29, 2023, 05:42:33 AM

The topic is interesting and necessary - the formation of a financial cushion / reserves for the implementation of some plans.
And the model is not bad. Although I would add as one of the mechanisms of achievement - this is the rejection of bad habits and unnecessary purchases.

But what I do not agree with is to evaluate in a specific amount, for example, dollars. Different countries have completely different living conditions. And somewhere 3000 dollars a month is a small salary, in other countries it is an unattainable amount.
Therefore, the correct estimate is the percentage of income, and probably some coefficient, linked to the average acceptable level of income in the country. Then you get a realistically calculated level of monthly deductions to achieve some goal. And comparing $ 300 for the Congo and Switzerland, for example, is a useless topic.

I agree that the amount to be saved is subjective. It depends on the amount of the wage minus the amount need for needs. Most employees oftentimes have a shortage reason why they need to borrow money in order to patch what is needed then they will pay them with their salary and bonuses. Let alone this 1/3 of the monthly earnings, this is too much IMO.

Quote from: Betwrong on May 29, 2023, 04:35:36 AM

Quote from: Marcellin9 on December 14, 2022, 07:05:31 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 not possible where I live because $800 per month is considered a very good salary here, so saving $1k is out of question. But I think I can contemplate the possibility of saving 30% of your income. It's impossible in my opinion. It's too much. And those guys earning $3k per month, I'm sure they are living in places where everything, food, electricity, medical care and stuff, everything is more expensive there, so, they couldn't afford saving that much.

1/3 of our monthly income is not too much if we earn 4x of our basic needs plus bills. But for those who earned just enough for the bills and basic needs, the 1/3 salary savings is impossible.

1/3 or 1/4 or 1/10 is not the point.
My emphasis would be this:
- Borrowing money in the form of loans to cover "ordinary" needs is a bad way to go. You borrow $1, but you will owe $1 plus interest back. Which means you'll have a bigger need to borrow tomorrow. And it's a vicious circle. The solution is to change your income and/or change your consumption.
- You need to constantly strive to improve your financial health. Both yourself and your children. And the way to do that is the way to develop your skills. There is always time and opportunity to be found. Even if it's very hard. Otherwise nothing will change. It's very simple - it's foolish to expect change if you keep doing the same thing every day.
- You need to limit unreasonable consumption - from food to things. A lot of what you acquire has no real value in your life
- it is necessary to always think about the FUTURE. You can't live "here and now"!
- It's necessary to form a "financial cushion", this is just about 1/3, 1/4, 1/10 ...
- It is necessary to form a set of passive income

It all seems a bit complicated, but ... you have to do it and it's not so hard! You may not be able to do it all at once! But without changing anything your life will stay the way it is ...

og kush420

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Activity: 1050

Merit: 110

Quote from: DrBeer on May 30, 2023, 04:38:02 AM

you are right Dr Beer
we must all know how to save money and that too at the early age. Over spending is not a good thing
now parents are trying to make their kids more practical
they are trying their kids to learn new skills

One of the problems of modern society is the unreasonable waste of money, for things that do not really solve any noticeable problems or tasks for us.
This "habit" has developed over the past 10-20 years. There are a lot of "fashionable" things that everyone thinks is "prestigious" or "revealing". Marketing and advertising - they constantly say "buy, buy." And here another problem makes itself felt - the low financial literacy of the population, and first of all the poor or close to it. The problem is that they are trying to change their status with such a purchase ... And the basis of the problem is self-deception, it does not give any changes, except for increasing costs. People from a financially more developed society, who understand what money is, its value and the ability to manage it, restrain them from such unreasonable spending. Although among the financially literate, there are people who spend money without thinking much

[/quote]
Changing life style is the biggest problem of an aging person. When we reach at the stage when change is not acceptable.
then it not easy to change the life style of a person.

DrBeer

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Activity: 3752

Merit: 1864

Quote from: og kush420 on May 29, 2023, 12:23:47 PM

Quote from: DrBeer on May 29, 2023, 05:42:33 AM

The topic is interesting and necessary - the formation of a financial cushion / reserves for the implementation of some plans.
And the model is not bad. Although I would add as one of the mechanisms of achievement - this is the rejection of bad habits and unnecessary purchases.

But what I do not agree with is to evaluate in a specific amount, for example, dollars. Different countries have completely different living conditions. And somewhere 3000 dollars a month is a small salary, in other countries it is an unattainable amount.
Therefore, the correct estimate is the percentage of income, and probably some coefficient, linked to the average acceptable level of income in the country. Then you get a realistically calculated level of monthly deductions to achieve some goal. And comparing $300 for the Congo and Switzerland, for example, is a useless topic.

you are right Dr Beer
we must all know how to save money and that too at the early age. Over spending is not a good thing
now parents are trying to make their kids more practical
they are trying their kids to learn new skills

One of the problems of modern society is the unreasonable waste of money, for things that do not really solve any noticeable problems or tasks for us.
This "habit" has developed over the past 10-20 years. There are a lot of "fashionable" things that everyone thinks is "prestigious" or "revealing". Marketing and advertising - they constantly say "buy, buy." And here another problem makes itself felt - the low financial literacy of the population, and first of all the poor or close to it. The problem is that they are trying to change their status with such a purchase ... And the basis of the problem is self-deception, it does not give any changes, except for increasing costs. People from a financially more developed society, who understand what money is, its value and the ability to manage it, restrain them from such unreasonable spending. Although among the financially literate, there are people who spend money without thinking much

GideonGono

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Quote from: Marcellin9 on December 14, 2022, 07:05:31 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 ?

Actually it all depends on your expenses,cost of living and how much you are earning or getting paid.
Some would really find it hard to save one third of their earnings since they have so much on their plate even in the age bracket that you have given.
There are also times that people tend to spend their money on things that would help them relax or relieve some stress from their work and believe me those expenses are needed in order to survive or be motivated.

serjent05

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Quote from: DrBeer on May 29, 2023, 05:42:33 AM

The topic is interesting and necessary - the formation of a financial cushion / reserves for the implementation of some plans.
And the model is not bad. Although I would add as one of the mechanisms of achievement - this is the rejection of bad habits and unnecessary purchases.

But what I do not agree with is to evaluate in a specific amount, for example, dollars. Different countries have completely different living conditions. And somewhere 3000 dollars a month is a small salary, in other countries it is an unattainable amount.
Therefore, the correct estimate is the percentage of income, and probably some coefficient, linked to the average acceptable level of income in the country. Then you get a realistically calculated level of monthly deductions to achieve some goal. And comparing $ 300 for the Congo and Switzerland, for example, is a useless topic.

I agree that the amount to be saved is subjective. It depends on the amount of the wage minus the amount need for needs. Most employees oftentimes have a shortage reason why they need to borrow money in order to patch what is needed then they will pay them with their salary and bonuses. Let alone this 1/3 of the monthly earnings, this is too much IMO.

Quote from: Betwrong on May 29, 2023, 04:35:36 AM

Quote from: Marcellin9 on December 14, 2022, 07:05:31 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 not possible where I live because $800 per month is considered a very good salary here, so saving $1k is out of question. But I think I can contemplate the possibility of saving 30% of your income. It's impossible in my opinion. It's too much. And those guys earning $3k per month, I'm sure they are living in places where everything, food, electricity, medical care and stuff, everything is more expensive there, so, they couldn't afford saving that much.

1/3 of our monthly income is not too much if we earn 4x of our basic needs plus bills. But for those who earned just enough for the bills and basic needs, the 1/3 salary savings is impossible.

og kush420

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Quote from: DrBeer on May 29, 2023, 05:42:33 AM

The topic is interesting and necessary - the formation of a financial cushion / reserves for the implementation of some plans.
And the model is not bad. Although I would add as one of the mechanisms of achievement - this is the rejection of bad habits and unnecessary purchases.

But what I do not agree with is to evaluate in a specific amount, for example, dollars. Different countries have completely different living conditions. And somewhere 3000 dollars a month is a small salary, in other countries it is an unattainable amount.
Therefore, the correct estimate is the percentage of income, and probably some coefficient, linked to the average acceptable level of income in the country. Then you get a realistically calculated level of monthly deductions to achieve some goal. And comparing $ 300 for the Congo and Switzerland, for example, is a useless topic.

you are right Dr Beer
we must all know how to save money and that too at the early age. Over spending is not a good thing
now parents are trying to make their kids more practical
they are trying their kids to learns new skills

DrBeer

legendary

Activity: 3752

Merit: 1864

The topic is interesting and necessary - the formation of a financial cushion / reserves for the implementation of some plans.
And the model is not bad. Although I would add as one of the mechanisms of achievement - this is the rejection of bad habits and unnecessary purchases.

But what I do not agree with is to evaluate in a specific amount, for example, dollars. Different countries have completely different living conditions. And somewhere 3000 dollars a month is a small salary, in other countries it is an unattainable amount.
Therefore, the correct estimate is the percentage of income, and probably some coefficient, linked to the average acceptable level of income in the country. Then you get a realistically calculated level of monthly deductions to achieve some goal. And comparing $ 300 for the Congo and Switzerland, for example, is a useless topic.

Betwrong

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Activity: 3374

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I stand with Ukraine.

Quote from: Marcellin9 on December 14, 2022, 07:05:31 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 not possible where I live because $800 per month is considered a very good salary here, so saving $1k is out of question. But I think I can contemplate the possibility of saving 30% of your income. It's impossible in my opinion. It's too much. And those guys earning $3k per month, I'm sure they are living in places where everything, food, electricity, medical care and stuff, everything is more expensive there, so, they couldn't afford saving that much.

Doan Ha

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Quote from: Marcellin9 on December 14, 2022, 07:05:31 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 ?

This is a very real question, in the area where I live, my expenses are greater than my income. And there are many unexpected things happening. It is a satisfying state of mind to be able to achieve a balance of income and expenditure every month.

xSkylarx

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Quote from: AnonBitCoiner on May 28, 2023, 12:28:41 PM

Quote from: xSkylarx on May 09, 2023, 09:28:39 PM

this is because of the inflation. i remember before that minimum salary is enough to us and there are some extra on it as we can still eat on restaurant but right now even in grocery it isn't enough and you still need to find side jobs that is why right now in a family mostly both wife and husband will work and there are still side hustle so that they can still provide to their children. This is really because of the prices of everything because if it is low then it is okay but again prices are increasing but our salary just stays stagnant

Actually everything is so expensive these days that a single salary is not enough to manage uses so in these situations earning is important and every individual of a family should earn.

Parents can live a simple life but they have to earn extra amount to provide every opportunity to their children to have a prosperous future therefore both mother and father works together these days as salary of a single person is not in a maximum amount.

If owner enhances the salaries so the substances use in daily life also become elevated in price therefore it become hard to improve the quality of life in such condition of inflation.

The problem with both mothers and fathers going to work is that their children need love or care because both parents are too busy at work, and they will not notice that even though they give the child all the stuff they need, the child still wants to go play with their parents. That is why, right now, I do have a family, and I always refrain from working with my wife as she should be taking care of the child. It is okay for me that I am the only one sacrificing for their own good.

hannahB4

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Being single or young doesn't mean one doesn't have a responsibility to one's family or society, for me, I will prefer one-fifth of the income, though there are times you task yourself with meeting a target and you won't miss it. Saving one-third is hard for anyone who has been underpaid already but nothing is impossible.

stomachgrowls

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Quote from: og kush420 on May 28, 2023, 02:53:01 PM

Quote from: GreenStox on May 23, 2023, 09:53:50 AM

The feasibility of saving $1,000 per month based on the income and expenses you provided can vary depending on several factors, including the cost of living in the specific area where you reside. While it's challenging to provide a definitive answer without knowing the location, I can offer some general insights.
The cost of rental accommodation can vary significantly depending on the city or region. In some high-cost areas, it might be difficult to find a rental option within the $500 to $800 range for a guest bedroom in a shared house or apartment. Similarly, the cost of food can vary based on your eating habits and the cost of groceries in your area.

less is more - people are now becoming more minimilist and they are finding ways to earn news ways to live contentented in less money less hoteling and outing would help saving a lot of money

Or simply live with your means and not by your wants on which on this kind of state on where you could really be able to save up more or lessening up your expenses on which you could really be able to not to spend

that much.We know that it isnt really bad to take it for sometimes but if its really that needed but if you do really find it for it to be not to that compulsory then its better to avoid it or not to do it at all.
Saving up a portion of your salary is indeed challenging specially if you are really that someone who does have a family and which you would really be needing that lots of budgeting and partition or allocation of your
salary which would be sliced up on your expenses and on whatever important things which it would leave us out on having nothing left into that salary or paycheck on which it would really be
causing that kind of situation where you dont have any savings.

This is actually situational though because not all would really be into this condition but as much as possible, we should really be that sensible in speaking about savings up because this would really be that an
important thing not only just for emergency purposes but also for investment ones too.

og kush420

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Quote from: GreenStox on May 23, 2023, 09:53:50 AM

The feasibility of saving $1,000 per month based on the income and expenses you provided can vary depending on several factors, including the cost of living in the specific area where you reside. While it's challenging to provide a definitive answer without knowing the location, I can offer some general insights.
The cost of rental accommodation can vary significantly depending on the city or region. In some high-cost areas, it might be difficult to find a rental option within the $500 to $800 range for a guest bedroom in a shared house or apartment. Similarly, the cost of food can vary based on your eating habits and the cost of groceries in your area.

less is more - people are now becoming more minimilist and they are finding ways to earn news ways to live contentented in less money less hoteling and outing would help saving a lot of money

AnonBitCoiner

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Quote from: xSkylarx on May 09, 2023, 09:28:39 PM

this is because of the inflation. i remember before that minimum salary is enough to us and there are some extra on it as we can still eat on restaurant but right now even in grocery it isn't enough and you still need to find side jobs that is why right now in a family mostly both wife and husband will work and there are still side hustle so that they can still provide to their children. This is really because of the prices of everything because if it is low then it is okay but again prices are increasing but our salary just stays stagnant

Actually everything is so expensive these days that a single salary is not enough to manage uses so in these situations earning is important and every individual of a family should earn.

Parents can live a simple life but they have to earn extra amount to provide every opportunity to their children to have a prosperous future therefore both mother and father works together these days as salary of a single person is not in a maximum amount.

If owner enhances the salaries so the substances use in daily life also become elevated in price therefore it become hard to improve the quality of life in such condition of inflation.

Topic: Saving one third what you earn monthly is not that hard, isn't it ? - page 3. (Read 3322 times)