Saving one third what you earn monthly is not that hard, isn't it ? - page 8.

BVeyron

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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 depends on the region: there is a huge difference between countries and between different places within one country. In some places people spend up to several thousand bucks just for house maintenance, other countries can have high taxes, while in some regions food can be the main concern... Also, job offers differ in many regions, for example, in some places much money can be acquired by taxi driving, while in other regions farmers have a good income. So the structures of in income and expenditure vary depending on many things...

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Quote from: Vaskiy on May 03, 2023, 06:33:19 PM

Quote from: BRINIRHA on May 03, 2023, 04:22:23 PM

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

saving is very important or mandatory for me, even though saving doesn't have to be a large amount of money every month. the average savings are always used in emergencies for people who are already married. who will care about us if we have a relationship borrowing money, friends, family I don't rely on it because it always damages communication. even if it's really an emergency if you don't get a loan. 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

Nowadays the methods for saving have also become very varied. We can save in the form of money, gold or crypto. And actually we have to adjust our type of savings with the goal of how long we will save it. If our savings are meant for old age then saving them in gold can be more effective. because it is more resistant to inflation and can maintain value from year to year. and it has proven very well. whereas if it's a type of savings for the short term. like there are things we want to buy. and even in a few months maybe we can reach our target amount of savings so in this condition we can save in fiat. because in the short term we don't have to worry about inflation. and it becomes easier for us to spend on the things we want. this also applies to emergency savings.

When it comes to savings, it is the basic of investment. These days we've got access to save in terms of cryptocurrency which also serves as an investment based on its volatility. We must first focus on making the budget that gives the best savings and then decide in what form. Further we should think of investment, when the amount reaches certain limit we should start investing and increase the income sources. This is the best way through which earning can be made in a better way.

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

nesty

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Saving one third of what we earn monthly would be good for us to be able to invest. But generally it depends on what country, how young are you, how many dependent you have, renting or owned house, etc. We have to consider those factors before we could save one third of our salary. If you are in your twenty’s, single do not have any dependents that will be easy to save. But if you are family man it is hard to save 1/3 because you have your financial obligation to your family - food, utility bills, kids education, monthly rent/amortization etc.

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Quote from: BRINIRHA on May 03, 2023, 04:22:23 PM

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

saving is very important or mandatory for me, even though saving doesn't have to be a large amount of money every month. the average savings are always used in emergencies for people who are already married. who will care about us if we have a relationship borrowing money, friends, family I don't rely on it because it always damages communication. even if it's really an emergency if you don't get a loan. 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

Nowadays the methods for saving have also become very varied. We can save in the form of money, gold or crypto. And actually we have to adjust our type of savings with the goal of how long we will save it. If our savings are meant for old age then saving them in gold can be more effective. because it is more resistant to inflation and can maintain value from year to year. and it has proven very well. whereas if it's a type of savings for the short term. like there are things we want to buy. and even in a few months maybe we can reach our target amount of savings so in this condition we can save in fiat. because in the short term we don't have to worry about inflation. and it becomes easier for us to spend on the things we want. this also applies to emergency savings.

When it comes to savings, it is the basic of investment. These days we've got access to save in terms of cryptocurrency which also serves as an investment based on its volatility. We must first focus on making the budget that gives the best savings and then decide in what form. Further we should think of investment, when the amount reaches certain limit we should start investing and increase the income sources. This is the best way through which earning can be made in a better way.

Unbunplease

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Setting aside 1/3 of your income is certainly a reasonable measure, but the question is what to keep your savings in. Cryptocurrencies, stabelcoins, fiat, gold, or something else. You need to understand how liquid your savings are and how secure they are against depreciation.

BRINIRHA

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

saving is very important or mandatory for me, even though saving doesn't have to be a large amount of money every month. the average savings are always used in emergencies for people who are already married. who will care about us if we have a relationship borrowing money, friends, family I don't rely on it because it always damages communication. even if it's really an emergency if you don't get a loan. 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

Nowadays the methods for saving have also become very varied. We can save in the form of money, gold or crypto. And actually we have to adjust our type of savings with the goal of how long we will save it. If our savings are meant for old age then saving them in gold can be more effective. because it is more resistant to inflation and can maintain value from year to year. and it has proven very well. whereas if it's a type of savings for the short term. like there are things we want to buy. and even in a few months maybe we can reach our target amount of savings so in this condition we can save in fiat. because in the short term we don't have to worry about inflation. and it becomes easier for us to spend on the things we want. this also applies to emergency savings.

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Quote from: alastantiger on May 03, 2023, 01:41:24 PM

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

Is this possible based on where you live ?

It is very possible but there are some certain factors that will determine the possibilities. Factors like how much you earn, the area you live at and how disciplined and how determined you are to save. For instance, if you live within the Business District where the rent is high and cost of living is also high, it will be a little bit hard on you especially when your earnings almost equals your expanses.
Another factor is the kind of life style you live.
If one wishes to save more for investment, discipline is number key and determination.

Agreed with these since many things should be considered for it to be possible. Saving one third of your salary is a significant amount of money and some can really afford to have this kind of set up. But, it really wont work with everyone as some have other responsibilities other than their own making it hard to allot that percentage of their salary for investment. So, consider your responsibilities, as well as what lifestyle do you have in allocating since I think you should not be hard on yourself when investing in which you should not let your needs and some wants of yours to be compromiosed.

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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 is very possible that in my opinion the 1000$ is used to invest for the future because we will not work forever and our age will increase every year our stamina will decrease as we get older so with 1000$ it is very good for investment for the future because when we are old, we will no longer work for money by investing money that works for us.

tjtonmoy

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Having a target will help you a lot in this situation. When we save money without any purpose and saying that it's for the future, we will spend it carelessly at some point in our live. But when we save money in order to achieve something, we will keep saving until we reach that target.
And following some strict plan and spending habit, it is very much possible to save one third of what we earn. So here's a fun story I heard from my dad recently and thought I should share it here.
In 2007 there was a boy age 16 and he used to save every money he would get from his father for his daily lunch money. In 2012, he bought a boat with it and used that to carry salt from the ocean to the land. And he kept on saving and in 2018 he bought 8 ships. Not one or two, but 8 ships.

So all you do is start saving with a small amount, and as the time goes by, you will have a lot without you knowing it. It takes time and dedications.

irsykes

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saving is very important or mandatory for me, even though saving doesn't have to be a large amount of money every month. the average savings are always used in emergencies for people who are already married. who will care about us if we have a relationship borrowing money, friends, family I don't rely on it because it always damages communication. even if it's really an emergency if you don't get a loan. 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

alastantiger

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

Is this possible based on where you live ?

It is very possible but there are some certain factors that will determine the possibilities. Factors like how much you earn, the area you live at and how disciplined and how determined you are to save. For instance, if you live within the Business District where the rent is high and cost of living is also high, it will be a little bit hard on you especially when your earnings almost equals your expanses.
Another factor is the kind of life style you live.
If one wishes to save more for investment, discipline is number key and determination.

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Quote from: lizarder on January 25, 2023, 11:46:09 AM

Quote from: Fredomago on January 24, 2023, 04:49:20 AM

That principle will give you some breathing when something happen unexpectedly, you need to always look ahead of time and make sure that you save something either for your security or also for emergency cases that you need to spend money. Though it's good to prepare yourself to start business or do some investment to grow those save money and allow yourself being financially capable if time comes for your retirement.

What makes it difficult for people to save is because their income is small or unstable, because there are several routine expenses that must be met every day, one of which is clothing and food. The alternative that can be done is to use the 50-30-20 pattern, this pattern we often hear and I have practiced it in everyday life. For example, use 50 percent for basic needs from a fixed income/salary, 30 percent for daily needs, the remaining 20 percent can be used for savings and investments.

This pattern is carried out if the fixed income/salary that we earn is still relatively small, then someone must be able to find a way if they want to save. The point is that someone must be able to manage their financial resources carefully and measurably, so that fulfillment of savings is carried out as a preparatory step if something unexpected happens, at least we have options if it happens suddenly.

The 50-30-20 rule, a financial sorcery of sorts! Yet, does it really work its magic? It suits some, but it's not a universal potion. First off, the rule assumes fixed incomes and steady expenses. But life? Full of surprises, curveballs. That's when an emergency fund shines. Don't solely lean on the 20% savings – build a safety net covering 3-6 months of costs.

Debt? Can't overlook it. High-interest burdens, like credit cards and personal loans, demand attention before savings and investments. Interest devours potential gains, so tame that beast first. So to me, the 50-30-20 rule – a helpful compass, but flexibility and adaptability are key. Tailor it to your financial map.

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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 ?

The way you made a nice list of expenses is definitely promising. I think if a person earns $3000 and can manage his expenses in that way then he can make a good investment amount of money. You have done such a calculation for a single person but what about a condition of married person? The amount of money can increase significantly. But there is nothing specifically to say because the amount of expenditure will not be same in all places. There are many people who are unable to save even after earning $3000 and many are able to save a large sum of money by earning $1500. I think saving totally depends on a person's desire. If someone truly wants to save his money it is possible even after low income.

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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 ?

Saving one third on what we earn on a monthly basis could be possible. It depends on location, standard cost of living, how high the salary is, the expected monthly expenses of your family. But most definitely a single person can do it because he/she would think of themselves only and they could even save a lot. But if you have a family with your wife and children who are studying it would be harder to save that one third because of the arising expenses, food, utilities, monthly house rent or amortization, car loans, tuition fees, etc. It is hard to budget if you have a family that is why it is hard for others to save one third of their salaries. So while still young and have no family try to save as much as you can for a better and comfortable future.

lizarder

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Quote from: Fredomago on January 24, 2023, 04:49:20 AM

That principle will give you some breathing when something happen unexpectedly, you need to always look ahead of time and make sure that you save something either for your security or also for emergency cases that you need to spend money. Though it's good to prepare yourself to start business or do some investment to grow those save money and allow yourself being financially capable if time comes for your retirement.

What makes it difficult for people to save is because their income is small or unstable, because there are several routine expenses that must be met every day, one of which is clothing and food. The alternative that can be done is to use the 50-30-20 pattern, this pattern we often hear and I have practiced it in everyday life. For example, use 50 percent for basic needs from a fixed income/salary, 30 percent for daily needs, the remaining 20 percent can be used for savings and investments.

This pattern is carried out if the fixed income/salary that we earn is still relatively small, then someone must be able to find a way if they want to save. The point is that someone must be able to manage their financial resources carefully and measurably, so that fulfillment of savings is carried out as a preparatory step if something unexpected happens, at least we have options if it happens suddenly.

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Quote from: Portgas D on January 22, 2023, 11:59:56 AM

It is true that saving from a third of the income we get from salary is necessary, but not all humans can or can do that, because the work environment or the surrounding environment also has an effect. And one of them is the matter of prestige in repaying a vehicle, so there is little possibility for that person to be able to set aside his income.

This means that the problem lies in the person's prestige and in the person's inability to stem the influence of the surrounding environment. Because a successful person forms his own mindset and is able to withstand influences from the environment that may not be good for him, he is a very extraordinary person, so he never has any prestige to do anything that can bring good benefits to himself.

Because there won't be any change if he still has prestige and can't adapt himself to the environment and stay away from things that might be bad for himself. So in essence there are still things that some people need to change if they want to save some of their salary for a better future, because no one else thinks about it except themselves.

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Quote from: gunhell16 on January 22, 2023, 11:56:16 AM

Saving or setting aside 1/3 of income per month can be said to be easy if the person who will do it has 100 percent discipline in himself and has a good inspiration to do it.

And we should also know how to handle money and only spend what is appropriate to be able to save at least in my opinion. Because without discipline it cannot be done correctly for sure.

I think it only applies easily if they have a steady income although it does require intention as well,
actually saving can be done by everyone and it's just a matter of how we adjust it,
indeed discipline is the main key and that is why it is not easy to apply it.

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Quote from: Lanatsa on January 19, 2023, 05:37:12 PM

Quote from: Fredomago on January 19, 2023, 01:58:18 PM

Quote from: lizarder on January 18, 2023, 08:15:04 AM

Quote from: milewilda on January 16, 2023, 05:29:42 PM

When you are a breadwinner then it would really be that hard for you to save up and we are on the same situation on which you could hardly even ending up on having a savings or extra money just because there's something that you do need to spend up or shall we say its part of expenses which it would really be just normal that you should prioritize them for you to continue even if you dont really have the time on extra money
that you would be saving up.Its not really that hard if you are really that serious on saving up but there are instances which leaves you no choice but to deal with it.
Saving up would really be totally different into each other because we do have different financial situations or capabilities.

The portion of savings can be adjusted according to the ability of the money you have, no need to determine the amount, because the most important thing is to do it regularly and consistently every time you get a salary or when you have other income. Everyone earns a living for his family and this is where the ability to balance expenses and income is most needed, so that everyone can have some money left for savings.

If we are married and have children, but the savings we have are empty, then when unwanted things happen it will have quite an impact on psychology, for example the cost of educating children and family health that cannot be met, so saving and investing are equally important.

That's the very essence of savings, making sure that you have something to get when emergency happens, though for sure most of us here are not in that mindsets since we are aiming for financial freedom when our savings is good enough to start a business, I like the way you describe it, not exactly the entire third part of your earnings but if by chance you can add portions of your money to save that still good enough.

We do have differences in terms of financial obligations and capabilities, but the most common thing is we all want to have a stable or maybe comfortable life in terms of finances. That's why we are all trying to save.

Yes, when we do talk about savings then it would be mostly used on emergencies and stuffs related to it or when you are really that badly needed with money because if you dont have savings then you would

really be having a hard problem to be solved specially if it does really need up some financial back ups on which savings would be really in rescue or else then you would be ending up on getting up some loan.

This is why you should really obliged yourself on having some savings because it wont really be just for emergency times but also for some investment too if ever
you do see some opportunities.

That principle will give you some breathing when something happen unexpectedly, you need to always look ahead of time and make sure that you save something either for your security or also for emergency cases that you need to spend money. Though it's good to prepare yourself to start business or do some investment to grow those save money and allow yourself being financially capable if time comes for your retirement.

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Quote from: Portgas D on January 22, 2023, 11:59:56 AM

It is true that saving from a third of the income we get from salary is necessary, but not all humans can or can do that, because the work environment or the surrounding environment also has an effect. And one of them is the matter of prestige in repaying a vehicle, so there is little possibility for that person to be able to set aside his income.

This is what makes it difficult for us to develop because indeed when your prestige exceeds the clear income conditions it will be a little difficult.
I think when that happens there are a number of things that need to be done, such as not being too pushy where we are unable to carry it. Thinking further is also very important because indeed we will not be able to develop as long as the prestige is there. If it is necessary, I think you have to limit your association a little. Not meant to be divisive, but in the end you personally feel that whether it is positive or negative.

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It is true that saving from a third of the income we get from salary is necessary, but not all humans can or can do that, because the work environment or the surrounding environment also has an effect. And one of them is the matter of prestige in repaying a vehicle, so there is little possibility for that person to be able to set aside his income.

Topic: Saving one third what you earn monthly is not that hard, isn't it ? - page 8. (Read 3322 times)