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.
Topic: Saving one third what you earn monthly is not that hard, isn't it ? - page 5. (Read 3322 times)
May 20, 2023, 11:53:19 PM
May 20, 2023, 11:40:12 PM
I have a house help - who is always having some hidden pockets in her purse and she saves a lot of money.
It is true people save - but not all of them. Saving is a good habit and its is recommended to save as much as you could. Also emergency funds is very important but sometimes emergency fund in natural disaster is not helpful too.
It is true people save - but not all of them. Saving is a good habit and its is recommended to save as much as you could. Also emergency funds is very important but sometimes emergency fund in natural disaster is not helpful too.
Apart from natural disasters that don't happen often even though in every year there are always some places. An emergency fund should also be considered as important in life because it will really help someone when they fall sick or when they experience a disaster that requires them to pay for other people's goods, such as in the example of accidentally hitting someone else.
In addition, the housemaid who always tries to save as much as possible is for the needs of her family too (unless she is alone) because she doesn't want her children to feel bitterness in their life when they grow up. That is why a maid prefers to save money in order to succeed in educating her children in a more appropriate place, and besides that it is also very natural for a maid who still feels herself to be poor.
in fact, if the income is sufficient, it is not difficult to set aside a little to save, but this desire does not always go as desired, sometimes there are many desires that are difficult to control, making finances difficult to control.
May 20, 2023, 11:06:50 PM
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.
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.
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.
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.
May 20, 2023, 07:06:42 AM
I have a house help - who is always having some hidden pockets in her purse and she saves a lot of money.
It is true people save - but not all of them. Saving is a good habit and its is recommended to save as much as you could. Also emergency funds is very important but sometimes emergency fund in natural disaster is not helpful too.
It is true people save - but not all of them. Saving is a good habit and its is recommended to save as much as you could. Also emergency funds is very important but sometimes emergency fund in natural disaster is not helpful too.
Apart from natural disasters that don't happen often even though in every year there are always some places. An emergency fund should also be considered as important in life because it will really help someone when they fall sick or when they experience a disaster that requires them to pay for other people's goods, such as in the example of accidentally hitting someone else.
In addition, the housemaid who always tries to save as much as possible is for the needs of her family too (unless she is alone) because she doesn't want her children to feel bitterness in their life when they grow up. That is why a maid prefers to save money in order to succeed in educating her children in a more appropriate place, and besides that it is also very natural for a maid who still feels herself to be poor.
I like that sentiment regarding to a housemaid who are saving money to ensure a good education for his children, it's the only way that she can do to make sure that the fate of his love ones will not be the same as her, if you save and manage to complete the education of your child the chance of having a good and competitive job after school is very possible.
Saving is important and if you have that capabilities and you can manage to control your expenses it can be a big help.
Especially in times that emergency is very needed, you have funds to cover and you don't need to loan and have a hard time paying back.
May 20, 2023, 05:24:45 AM
I have a house help - who is always having some hidden pockets in her purse and she saves a lot of money.
It is true people save - but not all of them. Saving is a good habit and its is recommended to save as much as you could. Also emergency funds is very important but sometimes emergency fund in natural disaster is not helpful too.
It is true people save - but not all of them. Saving is a good habit and its is recommended to save as much as you could. Also emergency funds is very important but sometimes emergency fund in natural disaster is not helpful too.
Apart from natural disasters that don't happen often even though in every year there are always some places. An emergency fund should also be considered as important in life because it will really help someone when they fall sick or when they experience a disaster that requires them to pay for other people's goods, such as in the example of accidentally hitting someone else.
In addition, the housemaid who always tries to save as much as possible is for the needs of her family too (unless she is alone) because she doesn't want her children to feel bitterness in their life when they grow up. That is why a maid prefers to save money in order to succeed in educating her children in a more appropriate place, and besides that it is also very natural for a maid who still feels herself to be poor.
May 20, 2023, 05:19:15 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 ?
Depending on where we live, if where I am young and single, earning $ 3000 is very large. But whatever it is, in my opinion, no matter how big or how small your income is, setting aside to save is important, because the purpose of saving is not only to increase your financial strength, but that savings can be used for emergency funds when something unexpected happens, such as illness or a disaster. So, saving is still important no matter how much we earn. In addition to forming a habit for saving.If I oblige myself to save even the smallest amount and also invest even in small amounts. And try to stay positive to stay productive and happy no matter what the conditions are. If something is uncomfortable, just try to enjoy it. Make achievement targets to get out of that discomfort. Discomfort can be endured and dealt with to a certain extent, but saving and investing must start now.
May 20, 2023, 12:57:27 AM
Saving one third of what you earn monthly could be possible espcially if you are still young and single. If we want to save 1/3 of our salary we can try to reduce our expenses. Look for areas where we can cut back or costs such as eating out les, reducing the utility bills and finding cheaper alternatives for our regular expenses. Then we can try also to increase our income, better to look for opportunities such as taking a sideline or freelancing. Always keep an eye on the expenses to avoid overspending.
May 19, 2023, 11:56:56 PM
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.
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.
It is true people save - but not all of them. Saving is a good habit and its is recommended to save as much as you could. Also emergency funds is very important but sometimes emergency fund in natural disaster is not helpful too.
May 19, 2023, 11:38:50 AM
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.
You know the joy that having more salary than before makes you not think of things like eating out because first in your mind is that as you have a bigger salary, you will now buy something that you can now afford, and you are not thinking of saving, which makes you blind. That is why I've learned from it, and now what I've done is treat it the same, or like a 20% increase from my salary, and the extra is for savings, like for emergency purposes, so that we can get something in case of emergencies.
May 19, 2023, 08:48:31 AM
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.
May 19, 2023, 05:37:54 AM
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.
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.
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.
May 19, 2023, 05:31:56 AM
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.
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.
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.
May 19, 2023, 05:16:35 AM
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.
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.
May 19, 2023, 04:53:55 AM
I think it would be very difficult from everyone's point of view because we all have different income systems. For many, it is difficult for many people to live with their family for a month with their salary. But those whose monthly income is relatively higher can save one-third of their income if they want.
In the context of our country, if it is said that a person whose monthly income is 300 dollars, then that person can save 100 dollars at the end of the month, but with 200 dollars, he can get through a month roughly, but if he continues fully, 300 dollars will be less for him. It is possible to save one-third of the monthly income if it is limited.
Well it all really depends on where we live and how the economic situation in that country. In some developing countries it will indeed be very difficult to set aside a third of the income generated each month. Because even I feel that the minimum wage in my area is too low when compared to the prices of basic commodities that are getting higher at the moment.In the context of our country, if it is said that a person whose monthly income is 300 dollars, then that person can save 100 dollars at the end of the month, but with 200 dollars, he can get through a month roughly, but if he continues fully, 300 dollars will be less for him. It is possible to save one-third of the monthly income if it is limited.
Even the minimum wage in my country is probably just enough for someone living alone. But if someone already has a family (husband/wife/children) then the minimum wage in my country will probably only be enough to meet the needs of about 2-3 weeks. So many people around me also choose to reduce their rest time and use it for side jobs to generate side income.
But for someone who comes from a farming family. which has lots of rice fields and fields that make a person not worry about food. then the minimum wage he receives from work will definitely be enough and he can save half of it. but not many come from farming families these days.
May 19, 2023, 04:38:31 AM
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.
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.
May 18, 2023, 11:50:37 PM
I think it would be very difficult from everyone's point of view because we all have different income systems. For many, it is difficult for many people to live with their family for a month with their salary. But those whose monthly income is relatively higher can save one-third of their income if they want.
It doesn't matter how high your salary is, if you can't save when you're making smaller salaries, you'll find it difficult to save when you're making high salaries because expenses doesn't reduced with your increased salary instead your expenses will increase as well. You'll want to live alone, in a good neighborhood and drive a nicer car etc so expenses will always increase.
Saving is a mindset and when you don't develop that mindset from the very beginning, it'll be very difficult for you to develop that habit when you have more expenses and expensive lifestyle to keep up to. Always learn to save for investment when you have little income too.
May 18, 2023, 10:26:00 PM
If you are in twenties or early thirties and remain single, earn $3,000 after tax per month, you will probably save $1,000 if you, let's say, spend $500 to $800 on rental, a guest bedroom in a shared house/apartment, $500 on food, $50 on utilities, $150 on phone/internet bills, $400 on commuting costs or gas/maintainance if you have a used car, $200 on occasional entertainment or others. This $1,000 savings will allow you to invest or place a house down payment when time is ripe. Is this possible based on where you live ?
It depends a lot by where one lives. If I'd be earning $3k from salary (after tax), it would be wonderful. But I don't.
Also the expenses differ greatly from country to country.
So the math you've done, although nice, doesn't apply in most parts of the world.
yeah.
basic 1 bedroom apartment in new york city is 2400-2800.
so 3000 take home does not work well.
even if you share the room with a lover and each make 3k you have 6k
6k- 2600= 3400 . two phones say 50
3350
450 subway
2900
1000 food
1900. so at this point you are only saving 950 each
300 cable/tv/internet
1600
200 laundry as you have to use a laundromat
1400. down to saving 700 each.
if you have a ton of sex with your lover/roommate it saves money
you have to buy clothes
200
1200 may be possible if you take home 6000 as two lovers sharing an apartment
100 off for power bill
so 1100 a month as a team.
May 18, 2023, 10:05:57 PM
It's rely on how your living standard is. How much you save and spend its totally depend on your income and yes your determination towards savings also does matter. I have seen many people who is earning well at that moment they just spend money on party, buying expensive things and specially in showoff at the same time I have seen a person who is earning less still they are able to do save. Most of the successful people they use to adopt the habit of tracking their expenditure. This tracking method is very use full and you will be able to avoid unwanted expenditure.
Depends on how much the individual need to spend every month to balance his budget. If a person is earning more than someone else, that doesn't mean that he will automatically be having more money in the form of savings. For example, someone earning $200 per month working from his hometown will be able to save more than someone who earn $400 per month working from another location. Because net expenses will be low (no rent, less travel expenses and utility bills.etc). But I agree on the last part. Tracking down the expenses can be very helpful to manage your spending. I have been doing this for the last 11 years.
May 18, 2023, 12:30:18 AM
It's rely on how your living standard is. How much you save and spend its totally depend on your income and yes your determination towards savings also does matter. I have seen many people who is earning well at that moment they just spend money on party, buying expensive things and specially in showoff at the same time I have seen a person who is earning less still they are able to do save. Most of the successful people they use to adopt the habit of tracking their expenditure. This tracking method is very use full and you will be able to avoid unwanted expenditure.
May 16, 2023, 05:26:54 PM
Saving is part of my life and I have never seen it as an impossible task that needs to be done with efforts.
It should be good for you if you have multiple sources of income, but I don't know if you need to maintain a percentage of that amount each month. Even if saving is recommended, but I don't think it's necessary to have a special percentage in doing so and just do how many you can save.If you insist on saving a certain amount each month then you may run into problems when your source of income dries up for one reason or another. This will definitely give you a lot of responsibility so that you can or should reduce your daily and monthly needs to get the percentage that you set. You can do it, but your method cannot adopted for other users.
But if we don't have a specific goal, it makes us more lethargic and lazy. It is better to give a specific number because we will be more disciplined with ourselves to achieve that goal. you are right that we apply it will make us more stressed in life but that savings will come in handy in your emergency. i also like to impose a specific number when it comes to saving and investing, which will help me reach my goal quickly rather than dragging on and never completing it.
I wasted my life not setting a goal - and had been a complete failure
Setting a goal is very important
Setting a goal is truly important, especially when it comes to goals with responsibility. Take me as an example, before I got married, everything was responsibility-free and to be honest, I did not think much about my life. After my daughter was born, I started changing. I began to set both financial and life goals and then strived to achieve them with all my best. I am thankful that all the goals are like anchors to my life, transforming me to be a better man. Sometimes we have to admit that goals are blessings. It is never too late to set a goal. Please put together and live your life to the most extent. All the best to you, man.
I'm like you in this, I think we men just set goals and start taking on more responsibilities when we get married and have kids. before getting married, I had no specific direction or goal for my life. but when I have a family and especially children, making money, setting a goal, and trying to achieve it every day keeps hovering in my head until it's done. it can be said that men's goals actually become clearer when they have a strong motivation.
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