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Topic: Saving one third what you earn monthly is not that hard, isn't it ? - page 4. (Read 3349 times)

full member
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It is not hard to those who has a permanent work with a permanent income, but to those who didn't have fix income it is hard to save money, sometimes we need to buy our basic needs than saving because we need to be healthy and we need to focus on working for our needs than to save, we can save but only a minimal amount because there are a lot of needs.
hero member
Activity: 2128
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Although people have limitations in earning money, there is no obligation to spend. Saving money after all household expenses is a difficult task. Those who save will have better knowledge to this. But there are many people who focus on saving at least a little. In reality, people's income has no value without savings. Because when you finish your career and retire, you will be disappointed if you don't have any savings. So it is important to create a saving attitude in a person as much as possible.
sr. member
Activity: 1428
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Saving is indeed a thing we have to do to get income and of course financial security, but I prefer investing in cryptocurrencies because of the potential price increase that can reach 100% or more in a year, of course also at risk as I experienced in 2021 I bought Bitcoin in The price of $ 54k then sells at the price of $ 38k after almost 7 months or losses.
sr. member
Activity: 770
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Your ability to save money depends on your personal income, expenses, and living expenses. You must assess your financial situation for yourself and find a balance between earning extra money, managing expenses, and saving for the future. Maybe you should budget carefully, prioritize your financial goals, and make conscious spending decisions that can work toward increasing your savings. So aim to change sustainable financial planning habits and make progress toward your personal goals, regardless of the specific amount of savings.
The first thing to do is try to make our main income more stable. and trying to find additional income if we still have free time after completing the main job. And when we already have a stable main income and added additional income from side jobs. Then setting aside money to save and invest will become easier. Then the main point is how to make money stably. And spend it more effectively with measurable management. this is where good financial management is needed to achieve this goal. And sometimes we need motivation so we can focus more on our goals. And if our income is not stable, of course setting aside money for saving and investing is not easy. Even financial management will sometimes be difficult to do when our income is not stable.
hero member
Activity: 2366
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Your ability to save money depends on your personal income, expenses, and living expenses. You must assess your financial situation for yourself and find a balance between earning extra money, managing expenses, and saving for the future. Maybe you should budget carefully, prioritize your financial goals, and make conscious spending decisions that can work toward increasing your savings. So aim to change sustainable financial planning habits and make progress toward your personal goals, regardless of the specific amount of savings.
I don't think saving should be forced, meaning it should be as natural as possible without disturbing one or two of your other needs. I agree with your opinion that saving plan depends on income and expenses, but of course saving must be planned.

I don't know how someone can save 35% of their salary every month when they only have $200 in salary every month. Inflation has made it difficult for many workers to save money, of course that's because the prices of all basic commodities have increased and have not been normal until now. Even I will also be grateful if I manage to save 5% - 10% of my income every month instead of 35%, it's too hard to do right now.

Good point. As long as you see that there's progress with how you save your money, that's good enough to continue. There are people who have that strong personality in which they can separate big portions of their salary for savings especially those who are single and don't have that serious responsibilities, exemptions that can allow them to save more compared with regular employee who are struggling to save some even they really intend to save but expenses are really tough to breakout.

I really idolize this people that know how to budget and save because mostly by the end of the year they tend to see howmuch they save or a couple of years goes by they will check how much they save and buy a car from it or the stuff they want too. I do really have hard time to save mostly if it takes time because there are really time that i needed to use it so once that time comes I use it and i will be starting again from the start.
legendary
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Your ability to save money depends on your personal income, expenses, and living expenses. You must assess your financial situation for yourself and find a balance between earning extra money, managing expenses, and saving for the future. Maybe you should budget carefully, prioritize your financial goals, and make conscious spending decisions that can work toward increasing your savings. So aim to change sustainable financial planning habits and make progress toward your personal goals, regardless of the specific amount of savings.
I don't think saving should be forced, meaning it should be as natural as possible without disturbing one or two of your other needs. I agree with your opinion that saving plan depends on income and expenses, but of course saving must be planned.

I don't know how someone can save 35% of their salary every month when they only have $200 in salary every month. Inflation has made it difficult for many workers to save money, of course that's because the prices of all basic commodities have increased and have not been normal until now. Even I will also be grateful if I manage to save 5% - 10% of my income every month instead of 35%, it's too hard to do right now.

Good point. As long as you see that there's progress with how you save your money, that's good enough to continue. There are people who have that strong personality in which they can separate big portions of their salary for savings especially those who are single and don't have that serious responsibilities, exemptions that can allow them to save more compared with regular employee who are struggling to save some even they really intend to save but expenses are really tough to breakout.
sr. member
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Is this possible based on where you live ?

It is always easier said than done and I love the fact that you stated that this can be possible depending on ones location  and one thing you should know is that the higher your earnings,  the bigger your responsibilities become and what makes a man is how much of his responsibilities he can carter for.

While reading  the op, I noticed you didn't even give any allocation to unbudgetted expenses which are most times inevitable and you should know that life dont always go as we planned and what I simply do is accept life the way it comes without having to push  so hard to earn things.
full member
Activity: 952
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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.
we must not waste money on buying unnecessary stuff - we can save money by not wasting money on hoteling, unnecessay clothing, Bag, shoes and vice versa.
this can also help saving so much money.
legendary
Activity: 2660
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Your ability to save money depends on your personal income, expenses, and living expenses. You must assess your financial situation for yourself and find a balance between earning extra money, managing expenses, and saving for the future. Maybe you should budget carefully, prioritize your financial goals, and make conscious spending decisions that can work toward increasing your savings. So aim to change sustainable financial planning habits and make progress toward your personal goals, regardless of the specific amount of savings.
I don't think saving should be forced, meaning it should be as natural as possible without disturbing one or two of your other needs. I agree with your opinion that saving plan depends on income and expenses, but of course saving must be planned.

I don't know how someone can save 35% of their salary every month when they only have $200 in salary every month. Inflation has made it difficult for many workers to save money, of course that's because the prices of all basic commodities have increased and have not been normal until now. Even I will also be grateful if I manage to save 5% - 10% of my income every month instead of 35%, it's too hard to do right now.
member
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It's difficult to manage finances, especially since the value of expenses is higher than income. In this case I am always grateful that I still have a monthly income and for the feasibility of saving I usually divide it into a third of the monthly income even though financial goals and priorities can vary from person to person. The important point here is that I think it's important to evaluate your own spending habits and adjust your estimates accordingly. One more thing, we live in a society, of course, we must also set aside for community social activities and other public emergencies.
legendary
Activity: 2688
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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 can actually be quite hard because it's very easy to spend your free cash on living a fun life and it shouldn't be looked down upon. You really have to find the right balance, because while it is good to save and invest - you can quickly lose all the best years of your life living like a hermit. It's better to spend some money on travel or other toys that might help to broaden your mind. For some people a quarter might be all they can put aside each month, if you have a much larger income you might only spend 10% and can save the remaining 90%. The age you are at can make a huge deciding factor as well, because when you are younger you have more time to recover from mistakes than accidentally losing everything just before retirement.
sr. member
Activity: 1316
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Your ability to save money depends on your personal income, expenses, and living expenses. You must assess your financial situation for yourself and find a balance between earning extra money, managing expenses, and saving for the future. Maybe you should budget carefully, prioritize your financial goals, and make conscious spending decisions that can work toward increasing your savings. So aim to change sustainable financial planning habits and make progress toward your personal goals, regardless of the specific amount of savings.
sr. member
Activity: 1148
Merit: 252
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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.
sr. member
Activity: 2226
Merit: 347
Indeed being able to save is a state of mind, because the more you earn, the more possibilities to spend opens. Sometimes people with small salaries manage to fly on vacation and buy expensive stuff. Maybe they wont save third part of their monthly salary, but definitely they save something each month.

I have been working for many years, and I remember only few cases when I managed to spend more than I have earned. These were emergency situations with health issues, when I had to act quick and borrow money. In every other case I save, but sometimes make large spends on vacation, flat renovation, transport purchase. Such things does not happen every month, they are planned before. So yes, saving each months aint that hard.

People with small salary will be able to save more and spend more, in cases where their expenses are less. On the other hand, I have seen some of the high earners struggling to balance their monthly budget, because of sky-rocketing medical expenses and home loan EMIs. So different people may have different ways to deal with it. And also, it need to be seen whether saving money is a good idea with the current inflation rates touching two digits. Stock markets and bank deposits now offer returns considerably lower than the inflation rate.
saving is a good habit one must have a little amount saved. Avoid going to malls unnecessary and try to fous on the work and earn money as much as you could to be a successful in life.
But of course,everything should really be having the balance because we know that we do have priorities in life and not everything would really be just simply be saved up.If you do live on a country which does have that poor salary rate and if you are someone who does have a family then saving up 1/3 of your salary would really be a big challenge or something that you couldnt really do. You would be needing to supply and give on whatever your family needs on point and you wont really be minding about having that savings. This is why people would really be finding up ways to have some extra income and this is where
each person would differ because not all would really be having that kind of mindset or really be that mindful and really just simply contented on what they do currently have.
Therefore, we cant really make out some conclusion if ever someone do fail on having that savings because its never been that simple in the first place.
full member
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Indeed being able to save is a state of mind, because the more you earn, the more possibilities to spend opens. Sometimes people with small salaries manage to fly on vacation and buy expensive stuff. Maybe they wont save third part of their monthly salary, but definitely they save something each month.

I have been working for many years, and I remember only few cases when I managed to spend more than I have earned. These were emergency situations with health issues, when I had to act quick and borrow money. In every other case I save, but sometimes make large spends on vacation, flat renovation, transport purchase. Such things does not happen every month, they are planned before. So yes, saving each months aint that hard.

People with small salary will be able to save more and spend more, in cases where their expenses are less. On the other hand, I have seen some of the high earners struggling to balance their monthly budget, because of sky-rocketing medical expenses and home loan EMIs. So different people may have different ways to deal with it. And also, it need to be seen whether saving money is a good idea with the current inflation rates touching two digits. Stock markets and bank deposits now offer returns considerably lower than the inflation rate.
saving is a good habit one must have a little amount saved. Avoid going to malls unnecessary and try to fous on the work and earn money as much as you could to be a successful in life.
legendary
Activity: 3752
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A small addition. From personal observations - people living in poverty very often have a lot of bad habits. And as a rule, they all lead either to additional costs, or to the inability to receive additional income.
The former include - alcohol, smoking, illogical spending, and similar expenses ...
To the second - laziness, fear of change, lack of internal strength to force yourself to study / work.

The first problems are solved simply - a simple rejection of alcohol and tobacco saves a lot of money. In all countries, both tobacco and alcohol are expensive. I'm talking about drugs in general Smiley

The second reasons - their solution is much more difficult. But without solving these problems, it will never be possible to break out of the vicious circle of poverty.

PS Set aside funds that were previously spent on alcohol / tobacco / gambling / drugs / unnecessary purchases ... - this can be just that very 30% of income, even in poor countries!
sr. member
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it is a good share, sadly, it is a very big income in the country that I have. some countries have an average income of under $1k, or even around $300-$500 per month. with income like that, it will be difficult to save 30% of your salary, let alone large basic needs. In addition, some countries have people's incomes that are even lower than that. So, it might be a hard thing to save.
However, saving can still be done and adjusted to the income we get. the more income we generate, the greater the potential to save, even to build a new business. it's just, it's a really good idea. it would be great if we try to increase the income we have at a certain target, for example, $ 1k before we do this saving method.

My country has an average income of only 250$-300$ per month, but the prices and daily expenses are very high, and saving is almost impossible if you are married. The income OP gave is a huge amount, and if I had that income, I could save $2k per month, let alone 1/3 of that.
But no matter how difficult it is, saving is really necessary, so each person needs to try their best. We should earn other sources of income, even if not more than our main income, by all means, we should always have savings for ourselves.
The OP didn't consider the fact that monthly earnings differs in different countries of the world in third world or developing countries where people are poorly remunerated, single individuals who earn $300 to $500 can't save 1/3 of their monthly income because of high cost of living, though I wouldn't rule out savings from their paltry income, however it can't be one third of their total salary, a lot of those individual have dependent relatives who they would also cater for monthly out of the $300 to $500 monthly salary thus it becomes more difficult to earmark certain amount for savings so it's a case of different strokes for different folks.
hero member
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it is a good share, sadly, it is a very big income in the country that I have. some countries have an average income of under $1k, or even around $300-$500 per month. with income like that, it will be difficult to save 30% of your salary, let alone large basic needs. In addition, some countries have people's incomes that are even lower than that. So, it might be a hard thing to save.
However, saving can still be done and adjusted to the income we get. the more income we generate, the greater the potential to save, even to build a new business. it's just, it's a really good idea. it would be great if we try to increase the income we have at a certain target, for example, $ 1k before we do this saving method.
Saving is indeed situational, we cannot force this while we still have other needs that cannot be postponed. The truth is that saving can be done according to our ability from what we produce. If we can only save 10% of our income there is no problem, if we can do more than that then that's even better.
We also cannot ignore other needs, especially basic needs just to save. We have to fulfill it first and when there are leftovers that we can set aside then do it.
sr. member
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it is a good share, sadly, it is a very big income in the country that I have. some countries have an average income of under $1k, or even around $300-$500 per month. with income like that, it will be difficult to save 30% of your salary, let alone large basic needs. In addition, some countries have people's incomes that are even lower than that. So, it might be a hard thing to save.
However, saving can still be done and adjusted to the income we get. the more income we generate, the greater the potential to save, even to build a new business. it's just, it's a really good idea. it would be great if we try to increase the income we have at a certain target, for example, $ 1k before we do this saving method.

My country has an average income of only 250$-300$ per month, but the prices and daily expenses are very high, and saving is almost impossible if you are married. The income OP gave is a huge amount, and if I had that income, I could save $2k per month, let alone 1/3 of that.
But no matter how difficult it is, saving is really necessary, so each person needs to try their best. We should earn other sources of income, even if not more than our main income, by all means, we should always have savings for ourselves.
hero member
Activity: 2366
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Indeed being able to save is a state of mind, because the more you earn, the more possibilities to spend opens. Sometimes people with small salaries manage to fly on vacation and buy expensive stuff. Maybe they wont save third part of their monthly salary, but definitely they save something each month.

I have been working for many years, and I remember only few cases when I managed to spend more than I have earned. These were emergency situations with health issues, when I had to act quick and borrow money. In every other case I save, but sometimes make large spends on vacation, flat renovation, transport purchase. Such things does not happen every month, they are planned before. So yes, saving each months aint that hard.

People with small salary will be able to save more and spend more, in cases where their expenses are less. On the other hand, I have seen some of the high earners struggling to balance their monthly budget, because of sky-rocketing medical expenses and home loan EMIs. So different people may have different ways to deal with it. And also, it need to be seen whether saving money is a good idea with the current inflation rates touching two digits. Stock markets and bank deposits now offer returns considerably lower than the inflation rate.
That totally depends un your expenses if you are a sensible Spender you can save some of your income but if you are an extravagant spender you can't do anything about it .
And you are right the more the rich the more overspending habit they have and middle class tend to spend less and cautiously because they know if they are going to be careless about finances they can end up broke by end of month.

I just also recall that before my salary is too small i can say that it is enough on me but now when it was way more bigger than my previous salary  we always caught of short i think this because of the inflation and also over time when we do have bigger salary our spending would be also bigger like before we wont be eating on restaurant but now as you have bigger salary you will now it their which means that you do have intended budget on it.
I think I understand you, but you have to know that eating outside is not the best way to budget and plan one's life, it should be done once in a while. Even if I have the whole money in this world, I seldom eat outside as such as it's not even my style, and by the end of the month unconsciously I would have saved a whole lot of money.

However, no matter how you plan to work with your spending, a good income is the determinant. If the pay is low, it would be hard to save regardless of how much you try to cut spending. This is why it's always good to hustle well or secure a paying job that gives way more than your expenses.

I know that it is not healthy, but this kind of bonding with my family and we can eat delicious food doesn't mean that my cook wasn't delicious; it is that the food in restaurants is different from what we cook at home, and some sort of thing. We are happy eating outside the house, though we don't do this regularly, only once a month or if not every other month, as it is expensive.
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