Saving one third what you earn monthly is not that hard, isn't it ? - page 7.

DrBeer

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Quote from: Marcellin9 on May 07, 2023, 10:07:05 PM

I guess you have never saved 1/3 your monthly income before. As you said, taking and allocating 1/3 from the monthly income is not difficult, so the only question here is whether you can implement it. Ever since I was a single young graduate, I have managed to save at least 1/3 my monthly income, even after I got married. Just because you can’t save much means other people can’t do that either or logically it is wrong ? Same as keeping fit, that you can’t get disciplined to exercise regularly every day and control the intake of calories does not mean other people can not do the difficult task.

I have a feeling that you did not understand me at all!
I'm talking about the fact that just not everyone can save 1/3, because I assume that a significant part of the world's population does not have income that will allow them to save 1/3 painlessly for life. That's exactly what I meant.

About my approaches to the formation of a financial cushion:
Until 2019 - of the total income, I saved about 25-40% in the form of diversified investments (fiat, crypto, ...)

In 2019-2020, I was saving about 10% -20% per year, because. a significant part of the income went to repair and preparation (appliances / furniture / ...) in a new apartment.

Now there is a war in my country, and for 2 years I have not traveled to other countries, which I used to do several times a year, and now I have temporarily lost another expense item, which allows me to put more money into the "financial pillow".

PS About sports in general, it turns out funny - almost 25 years of sports, now I regularly maintain the form

nara1892

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Quote from: bettercrypto on May 08, 2023, 02:57:03 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 ?

Of course, that can happen every month, maybe more than $1000 can be saved if you are frugal and don't spend too much. When you are careful with money you can accumulate it really easily.

Even if I earn 3000$ monthly, I can definitely save 2k$ every time I get paid at the job I have. Maybe I can save another 2500$. Because I don't like to wander everywhere with my friends. That's doable and attainable actually.

$3000 monthly is not a small amount, I don't even reach $1000 in my monthly income. If I earn that much then I will be able to save at least $2000 to keep as savings.
I am also a person who can save money, moreover the cost of living in my country is relatively cheap with an income of $ 3000 a month. To be honest it will make me do whatever I feel like but I can still save some money. But the problem is that it is difficult to earn that amount in the country where I live, I will be very happy if my income reaches that amount.

Marvell1

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Quote from: karmamiu on May 08, 2023, 04:09:46 AM

Quote from: Chainsmokers on May 08, 2023, 01:10:08 AM

Quote from: CageMabok on May 08, 2023, 12:59:28 AM

Quote from: Pujangga on May 05, 2023, 11:43:17 PM

Of course it's nice if we have passive income from saving, there are many saving options that we can choose to get passive income, of course it takes a lot of capital to reach this passive income position, but if we start from small things and we do it regularly for a long time then we will be successful.

Saving is a very important thing in life and it doesn't only apply to those who have passive income. Because those who don't have passive income also have to save even though it's still very difficult for them when they want to do it, especially for those who already have passive income.

It's definitely easier to save the amount of money they want each week or month, and I personally also make savings for the time being in case of a hard time or a sudden large need. That is, I don't dedicate it to being successful even though I also don't stop fighting to be successful in my life.

Sometimes many people think that saving is not important but to be honest it really helps,
saving is not for now but for the future besides that we also never know what will happen later,
regardless of whether saving or not is a choice.

Rather than saving putting that money into good use is much more important, for example investing it into something that has store value. Here in our country, working on jobs with not that high enough salaries can not even help you ot sustain your daily expenses that is why most of my fellow citizens here find side hustles online or even on their community in order for them to have what we called savings and investment.

Investment is not only profitable but also risky, there is no guarantee that the investment will be 100% sure of bringing in profit, so it is necessary to distinguish these two items separately. In my opinion, saving is more important and should take precedence over investment because life will always have surprises, and saving will help you in those emergencies. Regarding investment, it is advisable to invest only when there is idle money, money that we will not need for our daily needs, because there will be risks in investment. Don't forget the saying "invest only with what we can lose"

karmamiu

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Quote from: Chainsmokers on May 08, 2023, 01:10:08 AM

Quote from: CageMabok on May 08, 2023, 12:59:28 AM

Quote from: Pujangga on May 05, 2023, 11:43:17 PM

Of course it's nice if we have passive income from saving, there are many saving options that we can choose to get passive income, of course it takes a lot of capital to reach this passive income position, but if we start from small things and we do it regularly for a long time then we will be successful.

Saving is a very important thing in life and it doesn't only apply to those who have passive income. Because those who don't have passive income also have to save even though it's still very difficult for them when they want to do it, especially for those who already have passive income.

It's definitely easier to save the amount of money they want each week or month, and I personally also make savings for the time being in case of a hard time or a sudden large need. That is, I don't dedicate it to being successful even though I also don't stop fighting to be successful in my life.

Sometimes many people think that saving is not important but to be honest it really helps,
saving is not for now but for the future besides that we also never know what will happen later,
regardless of whether saving or not is a choice.

Rather than saving putting that money into good use is much more important, for example investing it into something that has store value. Here in our country, working on jobs with not that high enough salaries can not even help you ot sustain your daily expenses that is why most of my fellow citizens here find side hustles online or even on their community in order for them to have what we called savings and investment.

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 ?

Of course, that can happen every month, maybe more than $1000 can be saved if you are frugal and don't spend too much. When you are careful with money you can accumulate it really easily.

Even if I earn 3000$ monthly, I can definitely save 2k$ every time I get paid at the job I have. Maybe I can save another 2500$. Because I don't like to wander everywhere with my friends. That's doable and attainable actually.

Z390

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Vave.com - Crypto Casino

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 ?

Damn that's a lot for expenses right there, there are people that makes less than 3000$ per year over here and you are talking about 3000$ per month? That's a lot and if I am able to make such an amount of money every month I will be able to save 2800$ out of the money because 200$ is enough for all my spending per month, I know how to manage that 200$ and I will be comfortable doing so.

I believe savings is very helpful and the needful will come in the future, it's the same as investment but savings is a must, it's one of those reasons why investment dreams can come true, if you are investing and not saving when the emergency comes you will have no other choices than to pull out funds from your investments, which could be better if the funds are pulled from your savings rather.

Kadal Ijo

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Saving is the most important thing in life, if we don't save then we will have trouble, there are many things we can do to save, most people save in banks even though banks only provide very low interest, now we are familiar with cryptocurrencies and making savings more effective because you get the opportunity to make big profits because a 100% increase can happen in a year or less.

Chainsmokers

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Quote from: CageMabok on May 08, 2023, 12:59:28 AM

Quote from: Pujangga on May 05, 2023, 11:43:17 PM

Of course it's nice if we have passive income from saving, there are many saving options that we can choose to get passive income, of course it takes a lot of capital to reach this passive income position, but if we start from small things and we do it regularly for a long time then we will be successful.

Saving is a very important thing in life and it doesn't only apply to those who have passive income. Because those who don't have passive income also have to save even though it's still very difficult for them when they want to do it, especially for those who already have passive income.

It's definitely easier to save the amount of money they want each week or month, and I personally also make savings for the time being in case of a hard time or a sudden large need. That is, I don't dedicate it to being successful even though I also don't stop fighting to be successful in my life.

Sometimes many people think that saving is not important but to be honest it really helps,
saving is not for now but for the future besides that we also never know what will happen later,
regardless of whether saving or not is a choice.

CageMabok

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Activity: 1050

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Quote from: Pujangga on May 05, 2023, 11:43:17 PM

Of course it's nice if we have passive income from saving, there are many saving options that we can choose to get passive income, of course it takes a lot of capital to reach this passive income position, but if we start from small things and we do it regularly for a long time then we will be successful.

Saving is a very important thing in life and it doesn't only apply to those who have passive income. Because those who don't have passive income also have to save even though it's still very difficult for them when they want to do it, especially for those who already have passive income.

It's definitely easier to save the amount of money they want each week or month, and I personally also make savings for the time being in case of a hard time or a sudden large need. That is, I don't dedicate it to being successful even though I also don't stop fighting to be successful in my life.

xSkylarx

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Quote from: Marcellin9 on May 07, 2023, 10:07:05 PM

Quote from: DrBeer on May 07, 2023, 03:24:55 AM

I would definitely divide this question into several parts in this topic.
1. At what level of income, per 1 person in your family, it is possible to accumulate savings
2. Is it possible to set aside savings if you have one job and no investments, passive income and other sources of income.
3. How best to store deferred savings

Regarding the first part, I explain - just taking and allocating 1/3 from the amount of income is not mathematically difficult. The question is - how much does this income cover the needs of life? If this money is not enough or "a stretch" is enough to support yourself or your family - what kind of savings can we talk about?

I guess you have never saved 1/3 your monthly income before. As you said, taking and allocating 1/3 from the monthly income is not difficult, so the only question here is whether you can implement it. Ever since I was a single young graduate, I have managed to save at least 1/3 my monthly income, even after I got married. Just because you can’t save much means other people can’t do that either or logically it is wrong ? Same as keeping fit, that you can’t get disciplined to exercise regularly every day and control the intake of calories does not mean other people can not do the difficult task.

Lucky on you it is really not difficult if your salary is enough or possible that you are rich guy already because of your family? because even my self it is difficult due to other expenses on the needs. Life of having a family is really difficult and now that the prices almost increases all it makes us more difficult, but this doesn't mean that i dont save at all, but only if i have extra spare of money and this is not counted as 1/3 of monthly income as my salary is not the same in a month.

Marcellin9

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Quote from: DrBeer on May 07, 2023, 03:24:55 AM

I would definitely divide this question into several parts in this topic.
1. At what level of income, per 1 person in your family, it is possible to accumulate savings
2. Is it possible to set aside savings if you have one job and no investments, passive income and other sources of income.
3. How best to store deferred savings

Regarding the first part, I explain - just taking and allocating 1/3 from the amount of income is not mathematically difficult. The question is - how much does this income cover the needs of life? If this money is not enough or "a stretch" is enough to support yourself or your family - what kind of savings can we talk about?

I guess you have never saved 1/3 your monthly income before. As you said, taking and allocating 1/3 from the monthly income is not difficult, so the only question here is whether you can implement it. Ever since I was a single young graduate, I have managed to save at least 1/3 my monthly income, even after I got married. Just because you can’t save much means other people can’t do that either or logically it is wrong ? Same as keeping fit, that you can’t get disciplined to exercise regularly every day and control the intake of calories does not mean other people can not do the difficult task.

DrBeer

legendary

Activity: 3752

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I would definitely divide this question into several parts in this topic.
1. At what level of income, per 1 person in your family, it is possible to accumulate savings
2. Is it possible to set aside savings if you have one job and no investments, passive income and other sources of income.
3. How best to store deferred savings

Regarding the first part, I explain - just taking and allocating 1/3 from the amount of income is not mathematically difficult. The question is - how much does this income cover the needs of life? If this money is not enough or "a stretch" is enough to support yourself or your family - what kind of savings can we talk about?

Pujangga

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Of course it's nice if we have passive income from saving, there are many saving options that we can choose to get passive income, of course it takes a lot of capital to reach this passive income position, but if we start from small things and we do it regularly for a long time then we will be successful.

Fredomago

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Quote from: erep on May 04, 2023, 03:49:23 PM

Quote from: irsykes on May 04, 2023, 05:24:19 AM

saving crypto that is safe for me only usdt, safe busd for the long term. sometimes we also have to be alert because bad news has an unfavorable impact on the crypto environment. if you think about saving physical gold or crypto it's the same as your own choice of convenience. there is definitely a risk of gold or crypto even though it's not big. My parents said that the investment is the safest and there is no risk of buying land because from time to time land prices keep going up and can't go down

Stable coin savings are not long-term guarantees, if you remember there were cases of stable token values dropping significantly to the $0.7/Usdt range, then there is no certainty that stable tokens will be safe for long-term investment. Investments can be allocated for various savings needs but it is better for you to choose investment for gold, half of it for crypto investment, property investment or land investment requires large funds and a strategic land location so that land prices will increase every year.

You need to do your research before taking your investment as what you mentioned there are also chances that your investment will fail and even it's a stable coin the chance that it will drop still possible, though in term of investment of other asset you should be well informed about whatever asset you choose to be your alternative asset. Long-term wise better to keep with good and well-known investment that continue to earn support from each venue of investment.

axxo

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Saving one third of your monthly salary can be a challenging goal for some individuals, it also depends on the income level of each individual, their expenses, their dependents and their financial goals. If you are single most definitely you can save one third of your salary because your thinking only your personal expenses alone. For a family man it is possible too but it would depend on the financial needs of his family. Saving a portion of income regularly is a good discipline, you can build an emergency fund, health care preparedness, invest in the future and you can achieve other financial goals. It is also important to create a budget, track your expenses and find ways to reduce unnecessary expenses so that you could increase your savings.

cryptoknightt

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Saving is a great thing for clear investment goals maybe everyone can do it but there will be many different factors maybe cost of living is different and many other things like lack of education about it

Tony116

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Quote from: irsykes on May 03, 2023, 03:13:56 PM

-snip

saving doesn't have to wait for old age but it's better to prevent it before it happens. saving doesn't have to be in a bank in crypto now it's easy and practical and start managing money regularly

I agree with you that frugality is a must for all of us as it may be the only key to helping us in an emergency. But I will disagree with this. From what I understand, you are saying don't put your savings in the bank and start with cryptocurrencies. I object to this because cryptocurrencies are not as safe as we think, secondly, they are very volatile, if you put your savings in it, your money can depreciate quickly when the market is volatile. Or rather, cryptocurrency is an investment market, not a place for us to save.

Pejoh Asu

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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 ?

It seems easy to manage money because there will be many different things in reality, at first I also always spend according to the budget, but there are many things that make plans for saving or investing chaotic, especially if you are still dating then you can be sure that all the money you have can run out.

loopes

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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 ?

Are you sure that you discuss about people at twenties that earning 3000 US Dollars monhtly? it is very huge ammount of earning, especially compared to most of people in my country. do you mean 300 US Dollars ? 325 US Dollars (if i compared to the my fiat) is a standart / minimum payment to the workers in region (capital city on my country). But i think that saving one third or at least 30% of earning is perfect portion. but no everyone will can do this because differences needs. Moreover if they only get 325 US Dollar in a month.

erep

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Quote from: irsykes on May 04, 2023, 05:24:19 AM

saving crypto that is safe for me only usdt, safe busd for the long term. sometimes we also have to be alert because bad news has an unfavorable impact on the crypto environment. if you think about saving physical gold or crypto it's the same as your own choice of convenience. there is definitely a risk of gold or crypto even though it's not big. My parents said that the investment is the safest and there is no risk of buying land because from time to time land prices keep going up and can't go down

Stable coin savings are not long-term guarantees, if you remember there were cases of stable token values dropping significantly to the $0.7/Usdt range, then there is no certainty that stable tokens will be safe for long-term investment. Investments can be allocated for various savings needs but it is better for you to choose investment for gold, half of it for crypto investment, property investment or land investment requires large funds and a strategic land location so that land prices will increase every year.

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