Bitcoin Forum

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 ?

Yes, very possible.

High salary also costs you high expenses because of the cost of living in the place where you're designated. But if you're disciplined enough and you've got goals, you can do this.

With breaking down of your expenses and savings, you'll be able to track the most important expenditures and you'll be able to unwanted expenses.

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.

most people in 20's are on minimum wage
$10/hour * 40 *4 = $1600
not $3k

so no a normal 20-30yo where 80% are on low wage dont have that spare $1400 of a $3k a month salary to save $1k

but yes if you earn $4k a month $2k is easy..
but so is if you earn $5k a month saving $3k
(where do you stop)

here is the thing
although statistics say the "median" income is 684 a week = 2736 a month
which equates to an ability to save $1k

whats not realised is
20% earn $7275k a month while 80% earn $1.6k a month

7275   
7275   
1600   
1600   
1600   
1600   
1600   
1600   
1600   
1600            
2735 average      

It also depends on lifestyle and choices made.

Loans like car, personal and mortgages will seriously eat into any monthly income depending
on how they were made. It is so easy to overstretch the finances particularly when the person
is not financially educated/responsible.

Living frugally will make it much easier to live on whatever monthly wage is available. Being disciplined
to be able to save is crucial to reaching a goal. We are constantly bombarded with "But me" messages.

"Cut the cloth to suit the measure"

It's not all about saving a particular amount of your income that is the problem but we have to consider the level of financial needs arising before the monthly or weekly income set in, we have found so many people in a situation whereby before the expected money as income arrives, there's alot of demands and debts awaiting which could render the income not capable of meeting the needs, i think what needed to be dealt with is theeansbto financial income, this has to be increased, you can't base your family on a particular income when the needs exceeds the expectations you have from your earnings.

Clearly.


In my country the people, after starting to have a steady income, usually at late 20s and in the 30s, take a loan and buy a flat.
Usually one has to pay some 20-30 years for that, hence if one took a loan for his flat in the past 10 years, not much of a chance for bitcoin either :-\


But my point in the other post was not about that. My point was about the country. In some countries the minimum wage is low. In mine the minimum legal wage will rise next year to some 600 EUR.
A 20 years old person is a newbie in his field and will not have a great starting salary.
Taking all this into account, neither the $3k/month logic, nor the "living frugally" to save some bitcoins don't help.
What can help is a second job. But I think that in the 20s that's not an easy step to make.

Obviously it really depends on where we live at the moment. Because where I live now the cost of living is very different from what you stated. Here if someone who is single has an income of $ 3000 per month, then he can save up to $ 2000 a month because $ 1000 is very enough for his life here and that includes the cost of renting a house in a year and also the cost of eating in a month. Because that much income every month is considered a very extraordinary income where I live now.

It is possible anywhere you live in. The truth is that your expenses increase as your income increases, so waiting to save when you have enough may never happen. The habit of saving is something that has to be consciously developed even from when you don't earn much. If you draw up a budget, remove savings and base your expenditure on the remaining amount. To develop a strong mentality towards it, train yourself to believe that the amount left after you have removed savings is what you actually earn to spend. It is not easy, but it is not impossible too.

It depends on how much each person earns and how much he spends each month to find money to save. And it also depends on where you live because some places have a higher standard of living than others. People will try their best to save money and prepare for the future. And even if it meant they could save quite a bit of money, it wouldn't matter because if they kept at it, they would be able to get what they wanted.

Yes, of course where we live will greatly affect how much money we can save. Based on my experience, lifestyle is one of the factors where our money is wasted (when I still didn't realize the importance of saving or investing). To be honest, when I still didn't realize the importance of saving, I could barely set aside money from my income every month, even that wasn't enough because I was more concerned with my lifestyle and prestige. It was a time when I regretted why I didn't realize earlier what I'm doing now, namely investing and saving.
Now that I know the importance of investing and saving, I can suppress my lifestyle and prestige more and attach importance to what I can take in the future.

What you say is true, because so far everyone of course has a different income and it is difficult to generalize everything as the OP said, if us get income like the example given by the OP it is certainly easy for us to save some of the money we have but we know that not all of us get enough money to save, I think all of us would want to have savings for the future but some of us are unable to save because the income we get is very small and can only cover our daily needs,as the say: just eating is very difficult, how do you want to save money? ;D

Not all costs are the same in every country. If we include the inflation rates, this accumulation does not seem possible. If we can act with high discipline, we can achieve this even if it is very low. In doing so, we give up many things. What's the point of saving after giving up a lot of things? However, let's say we decided to save at this rate. To accumulate this amount, it may be necessary to change our lifestyle. In short, it is difficult but not impossible.

The problem, in my view, is the number of years required for saving to be sufficient for you to achieve financial freedom. This freedom includes buying a comfortable home with an income exactly equal to your expenditures, something that differs between countries but is almost the same for the world, for example:

 - In those countries where young people earn less than a thousand dollars a month, an amount like two hundred thousand dollars is enough to buy a house and an amount like a quarter of a million dollars is enough to achieve financial freedom.
 - The same is true in countries where the average is three thousand dollars. You will find that the average land is seventy-five thousand dollars, and about one million and a half dollars is sufficient for financial freedom.

Thus, for this generation, it is difficult to reach financial freedom before thirty using traditional investment tools.

The greater the income, the greater the expenses for needs. However, this does not rule out the possibility of a small income, the fact is a person's persistence in educating himself to be a person who is diligent in saving. So it's not based on a large nominal income but a great desire to achieve your goals. But every state has a different standard of living costs where I live $1000 per month is definitely above the average income. Because based on the monthly income it is generally only about $ 300 to $ 400. It all comes back to a person's personality and depends on the lifestyle of each.

Savings doesn't have to do with the amount been saved instead the attitude been developed. It doesn't really matter how much you're earning now but always look for a way to save some. If you're earnings just $10 at the end of the month, look for a way to saved atleast 10% of that income which is $1. Many people don't have this habit and neither did they develop it when they started receiving income which Is why it's hard for them to save.

Saving can be done in many ways and you can use Bitcoin for your savings as well, you can decide to put that money you're meant to set aside into Bitcoin at the end of each month frequently and be disciplined not to touch it until the specific time you set for yourself to make use of your savings for something useful.

It is not correct to determine the amount that we will save in this way, it is necessary to determine the amount which to cover all our monthly expenses, and only after that we will be able to determine the amount of possible savings that is comfortable for us. If you are still young and living with parents, then this is the perfect time to start saving, because your expense column will be negligible. But as you get older, you will have to rent your house, pay for community services, and this will probably reduce the amount you can save, but you can also find a better paying job and this will increase your ability to accumulate capital for investments.

Setting a specific amount to save will be hard because we usually have unexpected expenses and necessities. However, having a higher salary if you are still single will be an advantage for you will be able to prepare for your future easily. You can save a portion and invest in the others. You're luckier if you're still living with your family. Saving as early as possible will save you from the financial struggle in the future, you only have to manage your finances wisely.

It is very easy for a person with 50% extra for monthly needs but for those people who hardly go through the day, saving 1/3 of what they earns is pretty much too much let alone 10%.  How can a person save if his earnings are not enough to meet his every day's end?  It is quiet to say things when everything is alright on your side but it won't be that easy if you are hardly getting enough money for your family's expenses.  Citing an example, a person with a family of 5 having a budget of $500 per month cannot put 30% of his savings if his earnings is only $400, he even ends up borrowing money to fill up his family's need.  Even if the guy is earning $600, he can't save 30% of his earnings because the statistics said so.

The thing you said is only possible if a person, as I said, is earning more than 50% of his monthly needs.

If you have the motivation to hold and are very concerned about the future, this is not impossible. But if you never think about preparing for the future, never expect saving can be one of the priorities. It certainly depends on the person who has been looking for a better future and very unfortunate that many people wanted to do but also fail because they never look it was important until such time they need money on time.

If saving 1/3 of the salary per month is difficult, maybe saving 10% is not hard. It was pretty small but at least we save something.

This is very possible where I live, and you can even save more if you want. In comparison to some of the country's larger cities, the cost of living is low where I am now. If I can earn that much in my twenties, I should have my own house and car by my thirties. In comparison to other parts of the country, you can still earn this amount in my country's big cities and not have enough to save till your 30s, but I believe it all depends on how you plan your life for the future. One important aspect of life today is to save as much as you spend, or better still, invest in something profitable.

I read in the comments about record rates of poetic salaries that people receive on average in some countries.  I live in a country in North Africa.  I can assure you that in most countries the minimum salary does not exceed $100 or $130 at most. These percentages do not enable employees to even achieve their most basic daily life needs. The only solution to saving is for the employee to run a small project in parallel with his original work, which is usually an agricultural project or investments in assets.

This is possible in the particular scenario that you are bringing forward, but for those that are earning barely enough to survive then it is obvious this is not possible, however in this day and age the majority of the people on the west have lost the habit of saving, so not only they spend all the money they earn, they even spend more money than that thanks to the use of credit cards and other credits they can get to buy what they want, and as such not only they save no money each month but instead they get more and more indebted.

Each location of residence has a different level of life needs, I can also save $ 2000 from the amount of salary because $1000 is appropriate for any purposes for 30 days, but if we live in an elite urban country then at least we can save $ 500 to invest, there is no reason you can't save $3000 salary income unless you are greedy to buy anything without consideration for the need for saving investments and emergency funds.

€600 per month minimum wage is very low, $3000 per month is quite substantial.
The monthly minimum wage in my country is approximately €1750.

Taking a second job would be necessary in order to live and save or buy Bitcoin,
it's not an easy step and can be very demanding but if the person is focussed on Bitcoin
the second job may only have to be temporary.

Some struggle with impulse buying on credit and have difficulty saving funds.

Then there's a difficult question to answer about what to do with funds, once they're saved. Generally people search for a container to put their wealth in that will multiply its value, to create greater value. Or they hoard it over the long term, without expectations of appreciating gains.

Generally having a more "boring" lifestyle, makes it easier to save. Doing things everyday that are fun, which don't cost money. Not subscribing to the culture that encourages rampant consumer spending. There is a trend in society where those who follow the more boring path, can often wind up in a better position financially. In contrast to those who go out in a spending blaze of glory.

But the difficult problem is what to do with saved funds. How to take value and multiply it into greater value. I think most get caught up in thinking it has to be something complicated, big spending and high tech. But investment doesn't have to be any of those things. It only has to return greater value to whatever is invested. Which means things as simple and fundamental as moving lawns and cutting down trees can qualify. While it may not be the glamorous CEO thing most envision leading to wealth. There are people who transform their lawn business into a multi million dollar operation. It may not be the high tech thing, but for most of us it could be a good business option.

If someone earns regularly every month, of course they can save from the amount of money they get. Or invest in Bitcoin for the long term. However, if the income is not fixed, they will sell their investment results little by little. This can make them lose in terms of investment.

Earning $3000 per month is a big number for me. Of course I can save more than the amount you mentioned. But for certain people, earning $3k in a month is not enough for their daily needs. Actually the investment can be made for those who have an interest in investing.

On the place i do live then having that $3000 per month is too much.It is really something that 10x on what the basic salary here on my country which is playing around $200-300 for basic workers and maximum for
$400-600 on higher tier jobs which is something you could say that you would really be able to save up much even half of your salary.Considering the price of goods and house rentals arent really that
much expensive if you do look on  something which is livable then saving up on that target wont really be that hard.Well, we do know thats not how reality works because
earning that monthly income you had mentioned isnt something possible on some countries.

What is difficult is getting used to starting to save after receiving income. I once read a book (I forgot the title) saying, "pay yourself before you use the money for other purposes." It means every time you receive a payment or a salary or whatever, take some money for yourself and save it. If you can start, even if it's tough, you'll see how much money you've saved a year later and you might be surprised.

It would be better if you used that money to be stored in bitcoins. And fortunately, we still have time to do that. After a year, you can calculate how much money you used to save bitcoins and how many bitcoins you already have and at that point, you have to see how high the bitcoin price is so you can decide when to sell it.

I agree with you, just like medicine is not good for everyone. First of all, everyone's income is different, and everyone's family situation is also different. Just as the President of Argentina has to lease Messi's plane.

Financial theory certainly looks easy, there will be many obstacles that we will encounter, first after graduating and working I also tried to make the expenses that I have specified, but the fact is very difficult and can be said to fail, in the life of many unexpected things that make expenses We can increase, for example if you use a car and then damaged and there is no damage.

It depends on many factor: what asset you're having right now, where do you live, how much money you make every month etc etc.

Let's say you don't have house, you need to rent a house that will cost one four or one five from your monthly payment. It's different with a people who live on their parents house, so they don't need to pay rent cost.

If you live in a poor country, you wouldn't make much money and the living cost is high since the country is suffer high inflation. It's different with a one world countries where the living cost is high, but the payment is way higher even you're just a part time job or washing a plate.

If you work become a blockchain analyst, you can get well payment from rich people, but if you only work become a waitress on small coffee shop, you wouldn't make much money since it's only enough for your living cost.

It depend the country you live, that will determine if you will be able to save such amount of money monthly to have a good plan in the future, because this inflation is affecting all the countries in the world which many governments are struggling to ensure they end it on time so that it will allow citizens to grow well in their investment. You can save such amount of money in my country, because things are not too expensive compared to other countries were citizens find it difficult to use such amount of money to settle their bills in the country because of the high cost of commodities in the land.

It depends on where you live, your playstyle and the current situation you live in right now.
If you are married or not and live in 3rd world country then sometimes 1/3 is might be too much for you and you might want to adjust your saving based around that parameters, they'd probably having a hard time to even save their money because of their economy. Can't really just say 1/3 saving is really easy to do.

I'm usually saving around 10% - 15% on my salary because that's just what I'm capable of for every month and I'm really proud of that.

It's not that hard if you have a good income, but as mentioned above, it depends a lot on where you live.

Normally when people start to be interested in finances, they focus on saving, it is a first step that we have all gone through, but over time you realize that it is better to increase your income, because with a good income you can consume more and you have enough to save and invest. The fact is that a habit of saving and investing to the extent of your possibilities makes you live peacefully and is therefore highly recommended.

I like your approach of trying to save 30% of your salary for investing. If you can keep it up over the years this will lead to a pretty nice portfolio, as long as you manage to invest it in the right assets. In my country utilities are a bit more expensive and I also spend more on food, on top of that I am still repaying a loan. So all my fixed costs take away around 70% of my salary already. And this doesn't include going out and meeting friends for a beer or buying new shoes and clothes. Over the last 12 months I managed to save roughly 10% of my monthly salary which I am quite proud of. The sad part is that over the the corona years I managed to save more, but now with the life back to normality my expenses went back up again. The main focus for me is still to try and get decent returns on my investment to at least offset the inflation rate.

Thanks for your specific answer, which is a good and actual sharing. I totally understand the variable factors like pandemic period could make a huge difference on our lifestyle. Nowadays when everything is back to normal, unexpected expenses may increase. Good for you that you have saved 10% of your salaries over last year and this is the very beginning of big rewards from the future. Once we are disciplined to make a habit, achieve a goal, it's much easier to succeed in the end.

I mean anyone can if they were earning $3k per month. Sadly not everyone has such solid numbers on their monthly payroll, and it also depends (both expenses and salaries) on where you actually live. It's a case-by-case basis, but I reckon most aren't actually able to actively save up constantly, maybe every now and then as a possibility only. I myself am DCA'ing but the amount can be pretty random, I even skip a month or two if needed if I was pretty tight on my budget.

In my area, an income of 2k-3k$ per month is a huge income and anyone who is able to earn that amount of income will quickly become rich after only a few years of hard work. The average income of workers where I live is 200$-300$, and with that income, it is very difficult for them to save. They can only save by working overtime and they can work 12 to 16 hours a day, only then can they save some money for the future. People with an income of $ 3k have high positions, and almost only the head of the department or director can get that salary.

A lot of financial advisors recommend that you aim to save at least 15% of your income annually. (in your 20s)

On average, people should contribute 17% of their salary over 40 years (from age 25 to 65) towards their retirement savings to achieve a 75% replacement ratio. (taken from a old financial magazine)

By the time you are 55 years old, you should have saved about 7 times your salary. The real challenge will be to invest this in something that beats inflation.  ::)  (...and not to dive into your investment capital)

Yes you are right, if we have $3000 monthly income maybe I will be able to save the amount mentioned by OP. But unfortunately not everyone can produce that amount. Like me for example, back when I was still working at a company, I only made less than $ 1000 per month, to be honest it made me not stop thinking about looking for additional income to cover what was sometimes lacking for my needs in a month. It's not that I can't save, but as you said, my savings are not very consistent and sometimes I can't even save with my income at that time.

Actually, if we can change our lifestyle pattern so that it is not too glamorous or excessive. then of course saving 1/3 can indeed be done. But unfortunately, sometimes we have difficulty changing our lifestyle (lifestyle). Simple life is easy but starting is difficult. sometimes the higher the salary we get, the higher our spending. because our lifestyle always goes up when our income goes up.

It's easier said than done, and I'm surprised you didn't include a health bill or insurance. A job that pays $3,000 per month is not a joke, it will require your strength, mind, brain, and focus, and as a result, you will be stressed out at the end of the day, and stress upon stress weakens the body, probably causing breakdown and endangering your health, I believe good health is a good wealth, and it should be included.

Now, your estimates depend on where you live. I can survive on $500 in food, but if I buy everything I need for cooking, I will save even more. However, you cannot expect someone living in a well developed country in a city to survive on $500 per month, I doubt if it will last a month.

I remember with one question, I made my own version where the question was like this,
If you earn $3000 a month you can save $1000, how much can you save with an income of $6000? Many people responded with the answer, they could save $2000 in a month. And it turns out that's not the right answer because actually they can save $ 4000 in a month.
Here we can dig deeper into what is meant, that is, our income may increase, but don't let our lifestyle also increase. So judging from what's happening, even in the subconscious, the desire to improve one's lifestyle will always appear, that can be seen from the questions I'm talking about.

I am still a student and i live on my own. I do a part time job to cover my expenses. I am from a third world country with a large population. So the competition is real here.
I try to save up some money for emergency purpose. But they way you are describing it, it is way to hard without a full time job. But i can save up to one third of my total earnings. Life is hard around here TBH.

If an individual with no dependents earns $3k monthly after tax, it’s very possible to save a $1000. It’s also very for an individual earning $3-4k to go broke very quickly. Everything all depends on the way of life of the individual.

There are people who do not know how to put aside funds for savings, they are quick to blow away their income as soon as it arrives. So those individuals would definitely find it hard to put away a third of whatever their income was. It’s not as easy as it might seem for some folks to put aside some money for savings.

This become possible for only the single who can save money. The people that is single is the youth and most of the youth get extravagant in spending of their money through going into club, smoking and drinking, have lots of women that they spend money with. If they leave this type of lifestyle it is difficult to save the balance of $1,000 at the end of the month. Saving of money is not easy, you have to be determine to do that and not everyone can save it.

Even if you do have lots of money but saving is one thing which is really that hard to be done when you dont mind about your future and since you do have in mind
that you could really still make out some money then you wont really be that mindful on doing so.This is why on the time that you do have some health problems or emergencies
then you would be fucked up since you dont have some savings for you to make use off.You would really be realizing off these things when you are on the
situation but this is something that depends since not all would be having that realization.

Even not exactly $3k, I think it's possible for us to save even the tiniest amount only like a dollar or two. Some think that it's too small and doesn't make sense at all but this is what actually savings all about. You set aside money that are not in need or also called as residual money. If you will save for a very long time then those amounts could still grow huge.

It's also okay to be not consistent with our savings. I know there are really tough times where every penny counts and maybe some of us will pull out some of what they save in their banks/piggy banks but I think this is fine and this might be one of the purposes of saving money. To get something for emergency.

Each amount counts when you try to save because it's hard to be consistent on it when you've got too many things to pay. 1/3 for me is hard but manageable.
When you shoulder all the expenses then it's understandable why people can't have themselves their own savings. But as much as possible, any amount will do and if you've got 1/3 to save then that's better for you.

When you are obliging yourself on saving up a particular amount then you would really be doing your best on attaining that because you do have a goal in mind which you do need to achieve then you would really be

finding ways.Yes its hard but not something impossible if you really wanted to do so but there are really some circumstances in life which you cant really avoid and ending up on spending everything you do have.
Each person does have their own different lifestyle which it is really just that depending on what you are really that up to.
If you are intending to have savings on monthly basis then you would really be that serious on achieving that.

No matter how you change your lifestyle pattern, even if you avoid glamorous activities if your salary is enough for monthly needs, you cannot afford to keep or save 1/3 of it.  We are working to meet our daily needs, suppressing ourselves of basic needs in order to save 1/3 of the money we earn will have give us more negative gain than positive.  If we failed to nourish ourselves because we aimed to save 1/3 of our profit, we might end up spending it all to address our health problems and even can lead us to debt.

So before saying anything about how easy to save 1/3 of our savings, we must navigate and learn first the capability of every person.  Not because we are able to do it because we have parents that actually spend for our needs and we have our earnings all by ourselves doesn't apply to all people.

Then try to minimize your expenses like cutting some unnecessary bill(s) and use an alternative. It's not easy to save if you have too much in hands to pay but if you are in a situation like that then all you have to do is invest the amount you can afford to lose. Since you can't invest if you have too much expenses not to mention if you are living in a high cost of living city.

Saving isn't a problem if you are still single working in the high cost of living city because you have less responsibility compared to those married people.

Unlike the living location it is possible to save one third of the earning. All that required is the mind to limit ourselves in all activities. In specific going with the unwanted needs should be stopped. We can't expect the same every month, but most of the month this can be done. Man with a proper schedule and running on the right schedule along with his budget will easily attain it.

Sure, it is possible if you live here. Even you have 1-2 kids, you can fulfill monthly necessities with $2000 ($2000 = 31.xxx.xxx IDR). $700-$800 for renting a house, $500-$600 for food, $200 for electricity and internet, $200 for utilities, and $200 for others. So, $2000 is enough for monthly necessities in my town. However, it depends on how we manage the money. What we describe here is for average lifestyle. But, no matter how big our monthly income is, it won't be enough if we live an extravagant lifestyle.  ;D

For investment or saving, $1,000 is okay. It will be $12,000 if we consistently allocate $1,000 every month. In 3 years, you can buy a house here with 3 x $12,000 = $36,000.  ;)

3000 dollars is at least is a 8 months income in my location meaning that is a huge money   so I'm sure I can invest or save more than a thousand dollars as our cost of living is too cheap compared to that example.

but since I earn more a month (from crypto and regular job , so I am saving at least almost a thousand dollars monthly depending on how much I win in gambling .

If you know how I am living right now, you would be considering how hard it is to live with whatever you have already, let alone save some aside. I am super happy that I have a great boss that gives me extras, I put all those extras aside at all times, because that means I am not "earning" that.

I always assume that I am making less, and put that aside. But, that doesn't change the fact that I do not have a debt, I have a debt and if I sold all my crypto today, I would be able to not only cover all my debt, but also go to a great vacation (which I usually do every summer).

This means, I can't save money, I am both putting some aside but making that in debt instead of saving, different things.

Unfortunately, not everyone has that much income from work, the average resident in my area earns $ 256 from work, this is still somewhat difficult or not comparable to what you describe, $ 3000 income is usually obtained by government officials with incentives and incentives and entrepreneurs who have has a sizeable market capitulation, of course, this is not easy for every resident in my area who relies on his job.
but it's not impossible that I can save a third of my income, if from $ 256 I can save $ 85.3 of the needs that are minimized as investment funds.

In my opinion, it doesn't matter how much your income is, when you can minimize expenses and only prioritize basic needs, there must be money that you can save.

It is literally impossible to save one third what you earn monthly in the country I reside.  Here's the reason, the minimum wage in country is $45. This barely enough for a single person. Now the monthly cost of living for an individual in Nigeria an average of $60 (https://www.statista.com/statistics/1119133/monthly-minimum-wage-in-nigeria/). It is obvious that the cost of living is already higher than the monthly income. One ends up borrowing to survive. That is the current reality. It is just not possible where I live.

Well, I actually thought about adding health bill/insurance cost but withdrew. The reason was very simple: we consider to be young at that age range and if we don't execise and take care of our body, we won't survive any job because nowadays the competition is fierce. But back to my calculation, even you add this extra cost, let's say $100 per month, $1,000 can also be saved.

Based on where I live it is very possible to even save a larger percentage than what you mentioned is very possible, in my area with an income of only $ 500 per month you can live quite decently but saving a little is impossible especially with the current increase in prices which is quite unreasonable, but usually young people will have the same lifestyle with the higher the salary the higher the lifestyle unless they already have the awareness to save and invest

In my opinion, if it can leave $ 1000 per month is a big thing in my country, at this time I am still a home loan with a land size of around 120 meters and I have to pay around $ 170, and about 4 years will be paid off, investment must be forced so that we do not regret it on the day later.

Depends a lot on where you live , what country and especially what city   :'(. For me , in Romania , is kinda hard to put money away from a month to another and in this right moment I'm not able to make any savings lately and more than that , I might need a weekend job soon because everything is getting expensive and meanwhile , I have the same old salary. I'm not complaining but man , it really depends on what country you are , because even if you work in IT environment like myself , the salary is nowhere near vs other countries....

Hard to discuss OPs question or even to give an answer, since we are all different. Someone might be single, have good salary, but does spending spree every month and live from salary to salary. Other might be having a standard family of 3, manage to save every month and allow to go to a vacation every year. Salary levels are also different. Hard to achieve OPs goal when you earn $3k, but much easy when you have $10k monthly.

With me, each month is different. Sometimes I manage to save and invest, sometimes I spend more than I have earned this month, sometimes I have unexpected expenses.

Well yes and no.

Your argument that it is easy to save only applies to people who are single AND earning a decent amount of money with which they can save 1/3rd for investing. But the truth is that most of the time, people, even single people, earn way less than that and are forced to spend almost each and every penny for food, rent, clothes and so on. Most of us have families we have to take care of and extra expenditures that we have to pay. Furthermore, its better to set aside some savings for emergency reasons rather than investment opportunities.

So really, it depends on where you live and how much you earn.

It sounds easy but most people will trap into the lifestyle inflation, so they will be spending what they earn to show others about life style while very few can remain and focus on long term returns over these worthless pride statements. You can save 1000 or even 2000.too which solely depends on how we decide to live no matter how much we earn.

Basically, the cost savings for living are always different for each person because it is caused by the amount of income each person has is also different. So that savings arise when everyone has regular income at a certain level which then adds up each expenditure in each month so that they can find out how much money they can save to make savings in their life. Because the costs for health and accidents that can come unexpectedly must also be taken into account, because sickness and accidents never tell anyone when they come to someone

I will agree with this, it will all depend on your lifestyle. If you are someone who has a plan for the future and has a long-term plan right from the start, you will know how to save even if your salary is low. However, if you are a liberal, carefree person or like to show off your style, even making $ 10k / month will never be enough for you. Consciousness and lifestyle will determine everything, no matter what environment you live in.

I could save more than a $1000 a month if I'm earning $3,000 a month after tax every month, since I'm in a third world country, and I'm still single. $3,000 is like around 150,000+ PHP, rental here for example an apartment is like 10,000 PHP ($200) a month, food budget that won't let you starve is like 10,000 a month as well ($200), and for the wants I'll spend probably 5,000-10,000 PHP monthly if I really earn $3,000 monthly, and the rest was just for savings and emergency funds.

But it's too good to be true since here in our country, they have high set of standards for their employees yet their salary per month are just minimum, like 15,000-20,000 PHP a month ($300-$400). And the very pool people are just earning $5-10 per day.

It differs in every situation, if we’re single or a family mam. It’s easy to say we save some of our salary but it will depends on our priority and how much is our income and if it can be able to provide for the number of people included in the family. Some, no matter how thrift they are in budgeting was not able to save due to their circumstances and needs to provide for food, home, bills and school. Parents are good in budgeting that they were able to budget even a small amount to provide for their families. So we should plan ahead and think of if we are capable of providing for our family before we build one. And if already in that situation of not having savings try to find other means of income, have sidelines that can generate additional source of income.

An average guy that has a genotype AA will want to work his ass off to get that $3k per month job but unfortunately, you can't survive that way here in Nigeria because you will one way or the other suffer mosquitoes bite, I personally speak from experience. There is no month that goes by without treating Malaria, not because I'm careless, I take the necessary precaution, fleet my room but you know, a single bite of mosquito has enough plasmodium to break you down. What am I saying, not all exercise can make you healthy, there are some things you cannot avoid and should be taken into consideration if you want to talk about reality.

In my opinion this will depend on the country you live in, if you live in a country with low cost of living but high salary you will have a lot of money to save. But if you live in a country with high spending, with 3k $ is a salary that is just enough to spend and very difficult to save. And depending on how much you spend your money, if you are a thrifty person, it will be different from a wasteful eater.

Honestly it depends on your pay-grade. High-salary employees could of course be able to save a good portion of their pay after securing their living expenses, but low-wage earners to impoverished ones may not be so lucky in this regard. When you're worried about not having to eat anything for tomorrow, it's gonna be hard to consider saving a portion of your pay. Of course living conditions and pay-grade will depend on the country's state, which is directly correlated to the education quality, employment rate, and other factors that could affect someone's status in life. So no matter how we relinquish the notion that the government doesn't have any hold on our lives, it's very hard to believe especially if you're at the bottom of the social pyramid.

I'm not in my twenties or early thirties, and I am not single... but I remember that time! Mostly it was about fun and entertainment. I'm not sure how big a salary would be enough for all my wishes and plus to have some leftovers. I was always short, and still, I missed so many things...

I guess it's a dilemma we all have to deal with. To enjoy life or to suffer without anything until you get more money? But it's not like a clear choice we can make, there are no guarantees in life!

And in the end, we don't all have the same opportunities. Living conditions are different for many of us, not to mention our characters and knowledge. Simply there are many factors that affect us and our possibilities. And while some people can save a lot more than one-third of their monthly income, many others are struggling to get through the day.

The higher the income we earn the more responsibility we get to pay bill, but this shouldn't be an excuse to.give not to save money. Demands will always be their to handle but we need to be conscious how money is being spent unnecessary,  it takes discipline for one to be able to save. It is impossible to make up any goals without savings, savings is important as far as one gets income as salary .

Yes, you'll be serious with what you're about to do because that's going to be your money and not others and that's why it's really encouraging to do it when you have some plans in the future and thinking you're obliged on doing it.

I just can't, I only got few bills to pay but they're all necessary so that's hard to be cut because all of them are important. I agree to you that when I was still a single person, things are too easy for me including savings. But as you grow and you become a grown up man, you just can't be the same anymore.

Well, we are all different in terms of monthly income and where we live can also be affected by costs, including where we live, lifestyle can determine whether we are able to save or not.

But that can all be considered and according to his needs.
I myself can make investments every month even though I have a family with 3 people in it to meet the needs of a steady monthly income where I work is big enough for me, this is different from the others, so I say that.

Including other bills and rent, needs for a month, as long as life is not excessive meaning I don't buy luxury items if I don't need them then I can save and invest every month.

One more thing, in addition to being on the forum, with the payment for a signature campaign, you can also make investment capital or win, but according to your needs, it will definitely be different.

It seems like it might be an easy target but it's dependent on many individual circumstances - if you have kids to support then any spare cash might quickly disappear unless you're very careful with it. If you live alone and very frugally you might be able to save half or more. I'd say the more important thing is to learn about and choose to take on a bit of extra sensible risk by putting the money to work investing - for most people index funds would perform the best over individual company shares. Saving is unlikely to perform very well in times of low interest rates, as when rates were low you'd find it hard to find a bank paying out 2% or more, while the stock market was paying around 5-7%

This is excellent, but it cannot be applied everywhere. This will vary depending on the country and the location within the country. To earn at least $3000 after tax deductions, one must live in a wealthy neighborhood. Renting a place and other payments will be expensive, and you may not be able to save even a one third of that money. Especially if you have many family members who rely on your salary to make ends meet. The statistics are good and achievable, but it all depends on your financial life plan.

Unfortunately, from what I've observed in my proximity, especially with people in their 20s and 30s, people buy designer brands on clothing or electronic appliances in order to show off. I generally try to avoid unnecessary spending, but not to an extreme level. The largest expenses are usually rent, food or groceries, and fuel. Typically, before massive inflation hit somewhere around spring, there were months that I managed to save over 20–30% of my salary. In practice, saving varies from country to country, and expenses usually vary from month to month; there is rarely a standard fixed amount that is set aside, especially in our day and age.

Showing off and bragging on how expensive your cloths and things are is always been a common behavior nowadays.  :D When you are still on the situation or condition where you are still
dependent on your parents then pretty sure you wont be minding about saving or something minding about investment or whatsoever and on the time that you had
graduated college and have some degree, there are some people who arent that even minding on getting a job or does have the hardship on getting one,
and this is where problems do start.

On the time that you are planning to have a family then this is where struggle starts and things should be done as early as you could if
you are really that liking to have a good life in terms of finances.

Saving a portion out of your monthly income is always possible, but if you live in luxury and spends more than your monthly income, then its clear enough that you won't have any budget left for savings. Although the term SAVE sounds easy to do, but its actually hard for most of us considering we are living in this current high inflation. But if you instill discipline in yourself and yes, set a target goal, you will always find ways to save.

Well, what I just said was to find alternative but to necessarily remove your necessary bills and just like I said if you are in that situation already, just invest what you can afford to lose but if you really need more extra money, you have to find another job/extra job that will sustain and even lets you save somehow.

However, even if you are married you still can save even more if both of you are working and earning together but the problem will occur in if you have a child since it's a full responsibility to feed both that's why it's hard to earn if you are married.

Yeah, that's the reality of life these days. When we earn more, we're also increasing our spending habits and that's why we need to be at par of it. We need to meet our demands and at the same time if you've got some spare, put it on savings or in an investment.

It's a disciplined habit that one will discover to himself that he's good at saving. So, if one is spending a lot, it needs to be a priority to save too.

It's sad that there are people that do spend more than their income. That has became a habit to them, a bad habit that they should break or else they'll go broke.

In a third world country, $3k/month is a huge monthly income and you can spend like $1k or less for your overall monthly expenses and bills, that, if you're on a strict budget and you own your own house, I mean apartments are kinda expensive would probably be the highest share for your monthly expenses.
Regardless of the kind of your lifestyle, $3k/monthly is still huge and you'll always have something left for savings here in my country, that of course, if you're single.

The theory for investing with money sharing as above looks easy, but in life of course there are many challenges, I have been working for about 5 years and it is very difficult to leave money for saving, especially for those who are already married and have children, of course it will be difficult, and in my opinion the solution the best is an investment that can produce productively.

The importance of saving could be realized only at the need of money which is why most people do not prioritising it when earning enough. In my tradition, elder people do emphasise about saving more than 50% of earning. Also, we have a popular saying like this: "the first expense of your salary should be savings".

Means monthly $3k is huge only for singles? In my country, it is multifold higher than average nation wide salary hence even familyman could save more than $1000 if they do earn $3k monthly.

Yes, I don't know if in developed countries like Europe or the US, an income of 3k$ is called a lot but it is true that for 3rd world countries like my country, it is a huge income. If it was me, in this case, I could save 1k$ to 1.5k$ per month after deducting all daily living expenses, and I am a married person. In the case of unmarried people, if they have a sensible spending plan and have savings goals, they can save a lot more than that.

It's a great idea if we can make it happen, in my opinion it is very difficult to leave money for investment in the method or system above, there are many temptations to make the plan fail, if you are not married there will be many temptations to do pleasures such as traveling, trying various foods, and another hobby that makes easy money to run out.

You can save 30% or whatever amount you want to save if you stick with the intention of saving it. Yes due to inflation hike the certain percentage can be missed but some of the financial advisors gave advise for the working class people to have monthly and yearly budget separately. But many will have their monthly budget but they failed to calculate the yearly expenses like insurance, schooling fee or any such expenses which we don't normally spend every month but once or twice in a year.

You can save that amount easily depending on your lifestyle. If you are living a simple life and you are not an outgoing person who spends money just to mingle with your friends or if you don't have other expenses. But if you are an outgoing person who loves following the trend, then the temptation to spend too much will always exist. You need to focus only on your needs and not on your wants if you want to save bigger.

You're right but the question is can you invest with a one month salary? Definitely no! You have to save first before you invest in whatever you seems to be profitable for you. The important of savings is not only for investment but also for unexpected challenges. I actually don't know why people always attribute problems to married people and assume singles have less problems. Lol

Since we are going through different circumstances, I think minimizing the ratio OP have mentioned would be a better idea; try atleast 1/4 of your salary or monthly earned money. Take it easy and lightly because not all people here has privilege to do as they want with their earnings. Some are even accountable and responsible to give more than half of their monthly pay out, to their families which makes it hard to save. Especially nowadays wherein the market price of market goods are continuously increasing week after week.
Proper segregation and management of one's money would be the key. Try to atleast plan an amount for a certain bill; electicity, house rent, food, and such). If there will be remaining amount outside your dated bills, you are free to use it on investment or just save it in banks.

I don't have a monthly budget, to be honest. I practically just try to be a little careful with my finances and avoid spending on useless things or overpaying for junk food in the supermarket. Generally, it's vital to set a monthly budget and allocate your money accordingly, but it may not work for everyone. I'm not much of a schedule guy. I don't like to put myself into brackets regarding how much I can spend, and while it may be helpful, I prefer not to overthink about spending money. If I didn't have Bitcoin or any money aside, then perhaps I would have stricter budgets and rules to follow.

I wanted to read and leave when I realized the issue was specifically addressed to singles until I saw the rental thing. Let me quickly address that. If hypothetically someone on that salary scale decides to spend as much as what you've mapped out there, they should know they aren't getting it right. Your rentals shouldn't be more than 10% of your earnings. If you earn $3k monthly, it will be ok to limit your rentals to $250 – $300 monthly. Anything above that means living above one's means because other aspects of one's life will suffer it.

Having this lifestyle, you'll never that this person is thinking about saving but naturally enjoying his life while he/she is still alive. It is a very common reason why they do this  "we only live one's" and if we die, we can't do this stuff anymore and can't make use of our hard-earned money anymore. I got their point but for a responsible and not selfish person, they will always think about the future of their families, and giving them a comfortable and secured life is the best thing we can leave for them before we die. That is perhaps a good mindset, we work hard for the future, not just today.

When you dont think about your children or granddaughters or something like in talks of inheritance then you would really be thinking up this way but if you do mind about the future then you would really
be minding on having that investment or having that savings for future use.It doesnt mean that if you do live up this way, then you cant really be having a good life or something boring.
You could still live up on what you do wanted but having that restricted in terms of expending your money which i dont really see anything wrong with this.
You could save up some part of your income for future use which is something that you do really need to do rather than on going all in on spending
on everything that you do have in mind.

I have reviewed that many opinions of $3k income include high monthly income and the average person can save for the range of $1-1.5k after deducting all monthly expenses, but if my position is earning $3k monthly then $1k would be very worth to invest to Bitcoin for current prices for each month and we'll look at long term profits for the big news in 2024.

Our expenses should also be aligned to our monthly income and if the expenses are too much it will be hard for you to save some money. This is not easy at all especially if you have a limited budget just try to save a little monthly until it becomes a habit for you, this will be more easy if you get used to if.

in this case it's very easy but we have to remember this is just a supposition :D
In essence, this is still a little difficult to do when indeed we cannot have such a high salary in one month.
I personally get a basic monthly salary of only around $ 300-$ 400 per month and this is considered large in the country where I live because the needs are not too big, indeed in this case it can still be done to set aside a little profit for investment, but on the other hand I I think everyone's needs are different, especially if they have family responsibilities, so not everyone can do that because sometimes the salary they get can only support their daily life.

I think what you say is quite inspiring if you really see it from a glance.
But when contemplating a little longer with the realities of life clearly this will be very difficult.
$3000 is definitely a lot of money but I'm pretty sure only 1 in many people make this kind of salary and not everyone can make that kind of salary.
The division is quite real when indeed with a salary of that size so that we are still able to save after meeting our daily needs but we also have to be aware of the reality that sometimes the basic salary that we have is different.
On the other hand, I realize one thing in this case, because usually the bigger the salary, the more needs, so regardless of how much your salary is, your desires will actually be bigger.
Even though it's a good thing to do, I don't think everyone can do this to save money from their salary for several reasons.

Well, personally it's impossible for me to save one per third out of my salary. Since in my place most people didn't have that much salary and the cost of our goods is somewhat high then it's hard to save one per third. But every month I tried to save one per five or one per six as long as there were no emergency needs. It's really important to keep saving our money for emergencies and for investment since investment can give us passive income then we must struggle to get that.

It in fact, matters a whole lot on how much your income is in order to have some savings kept aside. With some extremely low income earners, they just can’t afford to save as they earn so little and would be obviously living hand to mouth.
If you could save some funds from your income after tax and expenses, that’s great for you. There are folks that, after working long hours, barely have enough fulfill their basic needs. How then could they put aside money to save when there isn’t any?

What you say is also true, there are many people who do not even meet their living needs, so it is difficult to think about saving, but if we are determined, I believe nothing is impossible. We don't need to save exactly 1/3 of our earnings each month, this amount should be adjusted to suit our circumstances. If you can't save 1/3 of your salary, saving 1/4 or 1/5 is also saving, stop spending on the most unnecessary things to save.

Definitely, I too will invest 1k dollars per month in all bitcoin, and only in bitcoin, if I have such a big income. Because in this case, with such a huge income, I will not have to worry too much about the risks I face. If things don't go as expected, such as bitcoin crashing, I can also afford to start over with my earnings. The biggest limitation of people when investing in bitcoin is capital, if this problem is solved, I believe more people will invest in bitcoin.

Many people complain because investing is very difficult, most people think that investments such as property, gold and so on require large capital, but we must be smart that currently there are many choices for investment even starting with a small value, cryptocurrencies are the best solution for us which is difficult to invest because we can start with a small value and also we can withdraw at any time.

Why not, someone who can organize good financial management is very likely to leave $ 1,000 of a real income of $ 3,000 every month.
The $3,000 can be split in three parts,
1. $1,000 for savings/investment as cold money.
2. $ 1,500 for personal needs in a month.
3. $500 for other contingencies.

With an income of $3,000 you can already enjoy a decent life and can still be saved as detailed above. Never improve your lifestyle because it will drain the money that has been allocated for savings/investments. Managing financial management properly can make life better and far from debt.

This of course depends on where you live and what the inflation rate is in your country. There are many countries where a top executive's salary is between $200 to $300 per month. And the cost of goods in that country is so high that all the money is exhausted to provide him with food and clothing. There is how a person will comply with your calculations. And how he can save some of his one third money

Of course, when you don't have money to save, it's not recommended that you save and don't think about investing. Just being able to survive is enough to live. I know that investing is important to diversify your income, but when your income is only enough for your daily needs should not force yourself to invest, but when you are a worker you will get bonuses when you work overtime and celebration bonuses on certain days, I think you can set aside your money little by little to invest even if it takes a long time.

Once we know that the economy is getting more difficult in the future, then it's time for us to change our mindset, if previously we left 10% of our salary for investment then from now on we should be able to leave 10% for needs and the rest for investment, because with investment we can hope to get a large profit so that when it is not productive then we have no regrets.

Yes, we should take important note of that, regarding expenses often surpassing income. This is where proper planning comes in. Those expenses that we don't have control of like food and healthcare should be made priority while those which are luxurious in nature should be jettisoned or reduced to the bearest minimum. That was why I talked about rentals not exceeding 10% of whatever one earns. Some people earn less but won't like living in environments they can easily pay rents. They want to be reminded or chased around by property owners before they renew their rents.

If I can earn that level of income, I will be more likely to save as you suggest. That's a huge amount of money in my country, very few people can achieve, and that's also the level of income I aim for. I hope I will get it soon next year and I will have a better investment plan when the income is 3k$ per month. I will focus on bitcoin as much as I can.

It is possible where I live since we are in a third-world country and the cost of living here is too low. That $3K is already huge. Even if you have a family and have one child, you can save much more if you are single as long as you have discipline and have to save first before you spend. You can live your life to the fullest and buy things you want with that monthly income. Also, it would help if you had friends that are not a bad influence on you because that could influence you into bad habits and you will lose your income.

very possible where I live, you can even save more than $ 1k because the cost of living in my place is very low.
but unfortunately i can't make $3k a month because my income from gardening in a month is only around $250. but even so I can still save and set aside at least $ 50 for savings and investment. because I am a farmer besides investing in crypto I also invest in land.

I'm not sure if that's a typo or not but I don't think there's any executive that has a salary range with that amount.

As for the OP's question, yes, it will vary depending on which country you live in as the cost of living differs for each country. In some countries, you might not be able to save anything with just the amount you've mentioned as the rent is too much to almost cover half of your salary and you will need to pay bills, food, and clothing which will just be enough for you to live in. However, if you're living on most Asian country, I guess that half of your salary will be more than enough to cover any bills and things you need to buy and/or support your leisure activities.

Here are a couple of things I do to really save one third what I earn monthly
1. I cancelled my gym membership and I now work out at home and as for a personal trainer.
2.I plan my meals ahead of time. So, know what I am eating day to day and week to week and so on.
3.I ensure that my pantry and freezer are properly stocked.
4. I practice buying things in bulk.
5. I cut down on eating out.

Actually, we have to do this from the start, even before we know the economy will get more difficult in the future. If we do that, when we know the economy will be difficult, I'm afraid this won't become a habit, you know, in other words, if the economy starts to recover, we will return to old habits that are not good at managing finances.
Saving and investing is not a difficult thing to do as long as we know how to manage our needs. But the fact is that we are human beings who sometimes forget that circumstances will not always be on our side. This is what makes it difficult for some people.

This is highly depend on which country you live. Saving one- third of your earning here in Nigeria may be difficult. Most Nigerians earn below $100 per month and this in most cases may not be enough for their monthly. expenses.

No matter how much one is collecting as salary. 10% savings should still be encouraged. I don't think this is too much. Although it may look too small but may go a long way in the future.

It is still not applicable to others because that 10% of their salary is too big, and the remaining 90% is not enough for daily needs. It is mostly debated that no matter what your salary is, you can still save, but again I've been into trying to save, but my salary is enough for our basic needs, and I can't purchase my wants. So all will go to the items for my children, bills, and rent. The only solution for this is to add a source of income. Then that is the time you can start saving.

It was not hard if you are determined to do that but if you just talk and do nothing, this is certainly impossible.
But there are a lot of factors why some people don't make it; like if you only have one source of income and a low salary, I don't think saving will be their priority. In fact, even saving at least 5% is too difficult for them, especially if they are in debt already. A lot of people have this situation, they grow old and are still broke. They keep working but have no chance to improve their status.

Good question, from the field of management and planning of finances and risks!
Putting aside part of the income, and turning them into some kind of stable fund, is very correct. The formation of a financial pillow is generally the right thing to do!
Many people, or rather the majority of ordinary people, very often spend all their money without creating some kind of "fund". Given the current situation, and indeed the likelihood of non-standard situations, saving part of the income is a mandatory process. The only question is scale. If your income allows, save! 10-20-30% You also need to transform them to get a multi-basket of assets. For example, divide into several parts - dollars, euros, gold, cryptocurrency. It is difficult to imagine a situation where everything depreciated at the same time. Something will lose in value, but the other will most likely rise.
Yes, part of the funds should be invested in your safety (weapons and training), sports, health - otherwise there is a chance not to use the reserves :)

If you want to achieve that then you have to start planning from now, the little you have now you should saved because if you don't create the habit now, it'll be hard in the future. Savings doesn't become easy with the more money you make instead it becomes hard. As you get more money so will your responsibility increase.

You will have demand for more luxury and having a comfortable life which will leave you with nothing at the end of the month. Start saving today or you won't be able to save in the future. After you master saving then you invest that money into assets like Bitcoin as you earlier mentioned.

To actually save funds over a long period of time requires a strong state of mind. That said, if you haven’t got the will power to save, there would be no savings. But there are various reasons like you indicated that would make any savings impossible.
Despite having only a single source of income and an extremely low one at that, people are more inclined to live a false life of luxury and affluence in order to feel socially accepted leading them to spend more than they earn thus leading further into debt. And an individual with a debt to his name cannot have any savings just yet.

150$ on phone and internet bills? In a month? What kind of operation are you running and where? I am paying like max $30 month for a high speed internet and phone.

But answer to your question, you left out electricity and water and at the moment where i live, electricity bills are insane.
So is the price of food, and for some reason everything else with that. I could manage third if i lived by myself in a tent and hunt your own food, but that would be tricky if you work in the city. It would be tricky in the country side as well. Right now i am pretty much living from hand to mouth.

No, in my country $3,000 a month is a very high salary. 

Many people dream of such a salary.  At the same time, the cost of living in my country is also less.  I am currently having a hard time putting money aside for investing.  I have very high inflation in my country and I prefer to buy goods and products today, knowing that next month they will cost more. 

At the same time, I am aware of the need for investment, as there is no hope for economic growth in my country. 

The government of my country is absolutely incompetent and by its managerial decisions endangers the life and well-being of the country's citizens.

It's not everyone that can manage to make at least some savings after the end of every thirty days monthly, but it will always be a good decision to start one if not in place because it will help to have something one can refer to in times of emergency and financial impromptu circumstances, savings also head have something left to fall back on later in life, it may seems difficult to be achieved but it has always been a decision  well good to take, because your savings is what saves you ftom lending money around from people and be i debt.

if I earn $3000 then even though I have many children they will have no problem because the majority of the income of citizens in my city/country is $200 - $400 per month (depending on where you live). 


here, the average home mortgage fee is only around $300, so having an income of $3k certainly makes it easier to have several houses even though using the installment banking system.

For people who are in debt is likely impossible to do it.
But there is one reason why I'd see people have difficulties in doing this in real life - there is no motivation. Mostly we have been influenced by our friends, our environment, and sometimes by our pride. Most people change their lifestyle when earning more money which makes them difficult to set aside some money for savings, and sometimes it becomes a reason to be in debt.

Yep, that's right, it shows wasteful nature, of course, it will destroy the dream of saving money, this doesn't matter how much salary you have, whether big or small, people who can't manage their finances or are wasteful, they can't save money because often their hands itch to spend it. Debt is a bad thing that can lead to division, especially if the money is used for everyday consumption.


One third in my opinion is too big when compared to my income, of course, I have to meet the needs that are my priority in everyday life and one month of work, maybe the most important thing for me from this thread is saving money is better than spending it because basically, we will not know what is happening to us, apart from that the money we save can also be used for investment or income diversification.

The real challenge of saving is getting started. I used to feel that way. it was very difficult when I was about to start saving at that time. even though the income is sufficient, sometimes there is money left over every month. But always spent on things that are not really needed. until finally I wanted to start saving and at first it was very difficult. but when it's started it turns out that saving becomes easy and we even become motivated to increase the amount of money to be saved. do not have to start with a large amount. can start by saving a small amount like 1% of our income. and continues to increase over time.

This is a great topic and one everyone should be taking very seriously.  As a financial advisor this is a conversation I have with my clients every single day.  

A few things I would like to share with you guys.  First off, here's a great page of financial calculators that can help with your planning and savings - https://www.empower.com/learning_center/calculators/index.shtml?_gl=1


Now here is one of the absolute best tools that EVERYONE should be doing at least once a year.  Run a monthly budget calculator to make sure you are truly saving what you could be.  This also helps potentially expose thing you really are spending too much money on.  Run this once a year, I can't stress this enough. Save your results so you can compare year to year- https://www.empower.com/learning_center/calculators/managing-monthly-budget.shtml#/

3000$ a month is a lot for many people, with the way I was brought up I will save more than one third of the money every month even now that I am married, saving money is like a piece of cake to me due to how I was trained by my parents.

It's better to have more sources of income than to stick with your monthly payout even if it's big because you can never tell what will happen tomorrow, do not feel comfortable with one source of income.

Yeah, if one gets too comfortable with a single source of income, the individual would likely face financial issues later on. Hence, the urgent and continuous need to diversify on your income and on your investments so there would be less chance of incurring a loss.
Having several sources of income would making saving easier and less hard to do. Savings doesn’t come easy to everyone. I know folks who are bad at saving so I guess you’re one of the lucky ones.

True that 3000$ is a big amount for many people and there is a reason for that Especially in third world countries this amount will be very huge for there people because their renting cost, gass and Electric bill and transporting system is much less costly than first and second world countries. So I think this $3000 savings will vary from region to region.

There are lots of members on this forum who come from 3rd world countries and earning $3k a month (with or without paying tax) is just a dream for them. Not everyone in this world can achieve that position, however, they can save what they want to if they believe in crypto. ATM my best choice would be to save in USDT and keep it safe for the time being till I see some movement in major crypto coins and I'm also looking out for projects to invest during these bear times to give me the best returns so that I may buy more and more BTC and alts once they reach their bottom.

The problem lies in everyone's lifestyle and power in managing their finances.
Indeed, in this case, saving is quite good, but with the current economic conditions, to be honest, I prefer to invest rather than save.
On the other hand, lifestyle also determines this, because sometimes a person's hedonistic nature actually destroys themselves, so I really think that in terms of being wasteful or not, this depends on perspective, because sometimes many people do not realize that they spend their money on things that are not really important, but they do that because their self-control is very low.

Earning big and then saving or investing it are two different things, but both of them are hard to maintain.
If you earn $3k, diversifying your expenses the way you did is good and possible as well, but actually putting it into action and maintaining those expenses (without any miscellaneous expenses taking place each month) is not easily possible. If you think that you will put $300 on stocks, but you are a gambler, then you will go and gamble them without any doubt and can even lose them. This shows that the greed towards anything, whether it is your lifestyle, how you spend your money, addictions, etc. decides whether you can save or invest for a long time or not.

Agree on this one which we do  really see different scenarios or conditions basing up on how someone do manage out their finances specially on having some savings or investment.Not all would really be having that kind

of self control when it comes to their money which there are several common factors which would really affecting out their saving behavior which you had mentioned about lifestyle.

If you are that someone who do have that type of lavish or something like that kind of lifestyle or standards then it is really that hard for you
to have those savings on having that 1/3 partition.

It is hard to save mostly when one is not in the habit of doing it, me alone saving up to a third of what one earns monthly. Expenses these days be it planned or unplanned is on a high side, and as such one may spend on occasions that are necessary to avoid begging or borrowing.
If one is determined to save a third or more for a goal that is set, I believe it is quite plausible to save up to a third of what one earns.

if not third, at least save something. i can understand that most can't save a third as the income is just enough to cater the basic needs. check your expenses and see where can you save a little. for example, if you used to buying food outside, why not make your own packed lunch or snacks? small strategies will give you some breathing room at the end of the month. and you won't know it, you already stack a big chunk from those savings.

Is $3,000 a month's income or a year's income?

First: Place of residence affects the amount of money you mentioned, for example in some areas an income of $3000 is quite a lot.

Second: If the money is obtained in a month, then I make sure that in the Asian region in particular it can meet the needs of life and you can even save or invest larger amounts.

Third: Income qualifications are actually very diverse, if people are unable to save money and even if they earn any amount of income, it will never be enough to cover their needs.

For some people, whatever income they earn each month will definitely be enough to support their lives. Because they have a simple lifestyle, are not extravagant, and are able to use money wisely according to their needs. If one were to use money according to one's own style, then how much you earn would definitely be enough.

It's big and could be even bigger

saving is not about habits but about one's commitment to saving with a purpose.
for example, someone working in a company earns a salary of $ 3000 and after that he always saves $ 1000 every month. he always does the same thing every month with the aim of investing in the future.
like saving 1000$ in crypto (bitcoin) every month buy with a set amount. instead like DCA strategy investment and aim to wait for next ATH price.
and when someone has an urgent need and must choose to sell their savings or borrow from another person or the bank, surely that person prefers to borrow from someone else rather than having to sell his savings.

well, from the description that I wrote, saving is not a habit but about willingness and commitment to the initial goal of saving

Income diversification is very important!
A stable income of their "one point" is risky... Even if it is not risky - what prevents you from having additional income or a lot of additional income? Diversification always reduces the risks that are described as "all eggs in one basket". Having multiple sources of income makes you less "vulnerable" or at risk of losing your job. Plus - multiple sources of income push you to develop in more than one direction

10% is also good for saving if our money wouldn't enough. He mostly spends on wants which is why it is not enough and also he formed a habit that is spending huge money on things. You just need the discipline to correct that habit, try to record your expenses on daily bases and start eliminating those you need to spend more you are going to expensive restaurants every week, so try to minimize it slowly by going to an expensive restaurant every 2 weeks so you already saved money on it, so that would be savings. But again it would be easy for us to say but it is difficult to do, try to do your best since it is for your good.

Theory for saving one third looks easy, but I have to say to me it is a difficult thing, of course our hope is to be able to save at least one third of income so that it can make our future better, the hardest thing because the salary I receive is still small and of course The cost factor continues to increase.

With the salary we get today of course we have certain expenses that we have to spend, so for the problem of saving depending on the way we manage our finances, with a large income, of course, the expenses we spend are also large, so we must be good at managing finances so that we have a little savings for the future, and the explanation you said is very likely for us to run because one-third of our income is certainly very meaningful  Later.

I am inclined to believe that we should maintain our usual comfortable lifestyle. It is better to learn how to earn more and invest the saved money. If we begin to limit ourselves in something, then sooner or later we will get tired of it and we can stop doing it, so it is so important to maintain comfort. Of course, it is important to be prudent in your spending, but everything should be in balance, you do not need to buy expensive things that you do not need.

Most people nowadays look more at prestige so that when they buy something branded it can be a source of pride for them and this is what actually gets them into trouble.
It doesn't mean that buying something branded is wrong, but maybe we also have to adjust whether we can afford to do that or not because if later it seems forced I think it's better to look for alternatives regarding function rather than prestige.
Sometimes the main problem in investing is not choosing what to invest, but when we have more money, we forget ourselves.

You should really be having that everything should be balanced, its not really that bad on buying something branded or known or expensive as long you do know on how to budget up your money and wont still
forget about your priorities.Some cant really just able to bare on saving up and instead they would really be spending on things on what they do have in mind which is really that a very behavior of someone.
You cant really be able to save up money on that case because you would really be that eager on spending or buying once you do know that you have money to used on.
Savings does really play a crucial part not only on investment but also for emergencies too.

Saving here doesn't mean piling up money in your cupboard right? this can mean saving in the form of investments such as stocks, bitcoins or something else that can provide returns to you in the long term.

From the statement you gave, of course, you understand why it's difficult for people to save, that's because of the hedonic nature of lifestyle, then what makes it difficult for you to save? Don't you want to give up such an extravagant lifestyle and save your money for a better old age?
You don't need to think about other people like that, if they are around you, you should be able to provide an understanding of what you understand in this thread.

"After discussing here it depends on how self-awareness"

Nothing is difficult to do as long as you have the desire, saving is not a demand that must be done every week or month. As long as you don't add to your lifestyle and can manage your finances well, you can save a little from your monthly income. Side jobs need attention to increase the amount of your income, one that you do on the forum as a side job that can help increase the amount of monthly income.
Never wait for a big salary to save, you can do it anytime if you have the will.

You are right. I haven't been able to save much lately. only about 10-20% that I can set aside for savings and investment. the cause is the price of our daily needs to go up. so we have to spend more money than before inflation occurred. However, I think I am one of the lucky ones, even though I can only save around 10-20%. because I recently also chatted with my neighbor. that they can't even save at all. their income and expenses balance out due to inflation. some even complained about shortages or their salary was not enough to meet one month's needs. It seems that whatever percentage we are able to save is still a positive thing in the midst of the ongoing economic crisis. at least we are lucky to still be able to meet our daily needs.

Even if you only have spare $1 you can still save it because if we say you have $1 spare every day and you will save it in a whole month then it is $31 so it is big when it accumulates, how much more if it would be a year. It is about discipline to us on how we save since most of us if we are thinking of saving, think immediately 30% or bigger so that we can save big by the end of the month it turns out that we will not save because it's too big. So it is better to save small amounts than big amounts that you can't afford.

It depends on your income and not the theory of saving 1/3 or 1/2 of your salary. In OP's case, he is talking about a 3k income. Then if you are living in 3rd country or you are not married, it is super easy to save 1/3 of that income. But if your income is 1k$ or 500$ and you are married, then it must not be easy. However, if we really want to save money, I think we will always find a way to do so, it's up to us whether we do it or not.

If you track your expenses and create a solid budget to help you reach your financial goals. Also, the higher the salary, the better amount you can save.

For example, you can still live the life you spend for 2k and save or invest the remaining 8k if you are earning 10k a month.

On the other hand, if you are earning 2k and the life standards do not allow you to live below that amount, you might be able to save none.

As I said before, it's not wrong to buy branded goods there, but when we tend to force it, it will actually be very burdensome, so I think prioritizing function over prestige will definitely be better in this case.
We must know the limits and we must know the priorities that must be prioritized so that later you will not feel that your choice was wrong.
In this case there may be many perspectives but I think investing is certainly far better than forcing a glamorous life when we are in trouble. Even though we only live once and make the best use of time, of course we also have to think further for the future.

There's no excuses not to save no matter how low your salary is as long as you are determined to save. Yes, self-discipline and focus on your goal will make it work. However, if you just make a plan but without action plans, then it will remain a plan forever. Saving is hard, yes it is, but you can always make it happen if you have the high desires to work for it.

Yes, as lng as you have something to save and use either for  future savings or investment the amount still count since like you mentioned inflation really affecting people all around, those who are earning minimum will be affected that hard since the amount they are getting from thier regular job ain't enough with the fast growth of every expense they need to cater each month.


Indeed, you need to work harder or to find extra side job to cater your savings or investment, leaning with what you already have now if it's only a minimum salary then you can't save any as it will cover your daily needs.

Agreed, everything is upto the users self perseverance. Only very few have the dedication to do that is being planned. Majority take it strong for the first few weeks and then things change completely. Such scenario should not happen. As mentioned saving is hard, but anyone can make it happen. Once used to it, automatically this continues forever.

A dream will always remain a dream if you don't turn it into a goal. The goal must have a clear execution plan, otherwise it will not be achievable, and money is just a means to achieve our goal, money cannot be a valuable goal, because owning money will not make you happy, you need to understand why you need it. Therefore, it is important to understand why you save and then everything will work out, otherwise it will be a tedious process that you will soon abandon.

There are also dreams that are unreachable or very difficult to achieve since we are always thinking that if we dream, we should dream big and those tend to be unachievable, which is not so good. We should dream that we can achieve it, or we should work on it even though it is very difficult and let it be a goal. I also not dreaming that i cant achieve since i really work hard just to achieve it

That can happen, dude, the 1000$ that can be saved every month is a lot for me, but saving money is not based on the size of a person's salary whether he is an employee or not as long as you are strategic even Even if your profit is small every month, there is and you can save as long as you are determined and dedicated to what you do.

And a lot of people do what I'm saying, even if I have a debt, even if I save money even if it's just a small amount.

I can vouch for the fact that anything a grand or lower in a third world country doesn't give you the freedom to save one third of your salary. First of all, we are living in such poverty as nations that some things are luxury to us to begin with, such as cars or the brand new iphone, or drinking starbucks everyday, these are all luxury.

The regular life stuff could be cheaper, the price of bread or rice or pasta or whatever, the life stuff, making a fettucini alfredo could be cheaper, but if I want to get the new playstation I would have to work over a month to pay for it. So we always spend more when we get some extra cash, in order to reach the western worlds life standards, and can't save.

The problem with third world countries is that importation fees are too expensive. And luxury goods like a PlayStation which is relatively cheap in first world countries where they are manufactured, become too expensive for us. Every electronical related goods fall under this category in my case, as they are imported goods and not considered basic need items.

Besides that, there is also the voracious inflation which decreases your purchasing power faster than in first world countries. You can save some money every month, but since we can't save a lot, until we reach a decent amount of money saved (after several months), the initial goal we had in mind will have to be calculated again, taking into consideration how much the currency has been weaken on that time period.

That is not always the case.  With the increasing price of commodities, the minimum salary now a day isn't enough to feed a family which is why both parents are working to at least give their family decent food on the table.  Most families can't afford a decent meal, what more to save 1/3 of their income. 


You cannot save money if you have debt.  Because at the end of the day your saved money will be used to pay for your debt.  You are not saving but accumulating funds to pay for your debt.

How can a person save money if he has negative return?  You can only save money if you have extra and that is it.  Saving money while you end up in a debt is not saving at all.

This is easier said than done. It also depends on where you live. The cost of living of where you are may be high, but if it's relatively low and $3k after tax, that should be a lot. Still, you'll still need a lot of discipline to save. The more money you make, the more responsibilities. It all depends on a lot of things really.

It sounds easy, but few people are able to save a fixed amount every month. Because everyone has different living conditions, different abilities and different incomes, not everyone has enough money to save. When the income earned can only cover our daily needs, we have no extra funds to save.

It is easy to say that - but it is hard to do
At least for me it is very difficult to do - I have almost zero balance in my account at the month end and I am praying to God all the time to have mercy on me me and send me some money, then when I receive some funds - I go mad again and finish it. That is my routine.

The thing about humans is - our desire is unsatiable, the more we earn the more will our needs and desire increases. One can easily believe they can save 1k or more monthly when they earn up to 3k a month. The only way to be able to achieve this is to be self-disciplined and determined, once anyone is able to implement this, this goal can be achieved.   

Human wants are insatiable and very numerous. Humans can’t just be satisfied and would always want more. And that’s why we should always have some sort of savings that should be kept aside for emergencies.
I also believe discipline in the manner an individual spends matters a lot also. Someone must be disciplined in order to minimize the way money is spent. If an individual is disciplined in the way he spends, then and only then would there would be room for savings to commence.

Everything lies on how you handle your life determines whether you can save or not. Because it’s very easy to say about earning and saving after, but when you put it into action, that becomes hard and difficult. But if you have the proper mindset to work on it, and set your own goal before taking such action, for sure you will slowly achieve your goal of saving and benefit from them when it’s time for you to reap them all.

This is situational because there are things which you cant really be able to do so just because of some circumstances.What if you do only have just enough money or salary just only good enough for that part?
There's no way that you could be able to save up even on that 1/3 but sensibly speaking which it would really be that ideal if you do really tend to save not necessarily on having that 1/3 but something
at least you should set aside some amounts for emergency funds or something like that.We wont be able to know on what would gonna happen ahead considering  that there would really be those
emergencies which comes unexpected.If you dont have the money that had been saved up then it is really hard to be put up into that situation. Emergency funds or investment
then its up to you on which one you would be focusing or having that both.

As long as you make a living, regardless of your income, if you have the highest desire to save, you will always make things possible so you can really save. That is the mindset of all successful people that have gone a long way of saving even if they are not making such huge income from their own respective jobs. But we all know saving is a must, it’s just that people are more on spending than saving, the reason why they have no left penny anymore for saving.

It is upto the user, if he/she have got the desire to save then it is really possible even when the job is paying low. Till certain generation the savings is the one that have lifted the lifestyle. Slowly this turned towards investment, but everyone wasn't ready to take the risk. This is where the investors took lead to the next level of living whereas person who just save got delayed in his transition process. However savings is the base for all sort of investment.

If you are really that interested to save then you could eventually do this, you would really be making yourself that obliged on saving up money just because you do have in mind that having
savings does really helpful on every aspect like for emergencies or times you do need up some funds or making out some investment just like the rest on what they are pointing and saying up on this
thread.This might sounds really that easy and there are things which had already point out above which cant really be able to make you save up because of some common
circumstances which it is really that situational.

Yes, I divided my money into four. One is for daily necessities, one is for eating, drinking and having fun, one is for investing, and the other is for saving money.
I think we must do something in a planned way, and don't just do something as soon as you think of it. Plan your money. With more money comes more choices.

Yes, here many have objectively noted that it is unrealistic to set aside $1,000 from income if your income is approximately equal to this amount. It's stupid to disagree. But probably the question is not in a specific amount of money, but in the share that can be set aside. There is another way - to reduce unreasonable spending or reduce unreasonable consumption of products. I just know one thing - for many residents, up to 30% of the purchased food products then end up in the trash. Exit - do not buy more than you REALLY consume. It is not necessary to buy a new iPhone if you have a model from the year before last. This is a waste of money. Etc. If you briefly describe such a process "Saved - additionally earned", but these saved funds can be used as a reserve ...

Situational indeed, and more on people's mindset. If you can manage your finances and you can limit your expenses then it will be good for you, saving is good if you are looking for better future ahead, but it's also good to think about growing your money aside from saving it, it's a another step for having a better finances, if you can do both saving and investing that will help you to grow your money and not just being stuck inside the bank or whatever platform you choose to save.

In my own part of the world if I should be earning $3k I am a big shot as it rather runs in seven figures when converted and with that I can save beyond $1k a month  and curtail certain expenses based on my scales of preference I will regard as not necessary or pressing.

I am sure there are a lot of people that their lives will turn a good leave tremendously just earning $3k for a month, I think all this boil down to geographical location and the currency value in the change market.

depends on a person's principles and expenses and also the main factors due to the negative things that hit them. let's say they earn $3k a month and if someone is addicted to sex and gambling I don't think he will be able to save a third of the salary he earns. Maybe for those who can save expenses and can save are those who are not addicted to gambling or anything.

I say that because I experienced something similar, namely my income could reach $ 2k per month and it could be more, but I couldn't save $ 500 every month because I was already in gambling.

maybe I have to change the bad side of my life to be able to remember the future and save a little to be able to buy something in the future.

thanks for providing an example and this thread is very useful.

It all depends on the person lifestyle, someone with a flamboyant lifestyle will not be able to save $1K,the more money you get,you more problems you have,so earning $3K will have so many stuffs to settle. Someone can also see that is money is coming constantly and get carried away with spending without saving or have a budget for the money. I love saving, why ? when we were in high school, my mom will give some money to buy chocolates,I will only buy few and keep the rest money and this was how I started learning the habit of saving.

If you are that someone who doesnt really think about your future or something about financial then you wont really be that mindful about your spending but rather you would really be minding on the current stuff.
Its true that not all the times we are really that in good shape or someone who cant face up problems which in related to money or something you do need and if you dont have that savings then you would
really be finding yourself into that extreme problem or trouble that someone couldnt really be able to solve it out.Its not just for investment purposes but also for emergency stuffs which is something
you do really need to do so.

It depends on each individual's income conditions and lifestyle. Some people make money because they want to live a luxurious and comfortable life now, while some people really want to save money for the future for a long time.

1/3 of total monthly income going to savings? This is a subjective topic because people are living differently.

There are some people who are living on cities which earns a daily minimum wage and, in our country, if you are living in a city and you're a minimum wage earner, you'll be having a hard time saving money because your monthly income might just be enough for your needs and bills. On the other hand, if you are living outside the city (let's say in a province) and your monthly income is higher than that of a minimum wage earner then obviously saving 1/3 is possible.

Aside from the place where you are living, maybe you can consider too the monthly expenses and their kind of life. A person who doesn't have any family yet and has a higher income obviously can save 1/3 of their monthly salary. Now a person who already has a family might be having a hard time saving 1/3 because of the expenses.

Overall, saving 1/3 of the total monthly income depends on the life of a person. Some can do it which is very good, and some are not for some reasons. As for me, I don't have a family yet so I can still save 25% of my total monthly income.

Are you implying only single people are invested in this technology because i dont think this is true... And the one third savings target in crypto is definitely not possible for a family person because so many commitments involved unless your paycheck is above average for you to put aside this much. Btw instead of 1/3 going to savings, maybe saving not less than $100 every month will definitely make a difference to your portfolio.

From my perspective, savings really depend on some factors, but I'll mention two below.

: decipling

: What you are saving for (your goal)

Probably, if someone is earning up to $3000 in a month, they will definitely be able to save $1000 per month, but it all depends on where they live and how they live their lives. 
The ability to save is determined by self-discipline, goals for saving, and more. There are people who cannot save anything despite the amount they earn, not because they don't have a goal to save for but because they end up spending lavishly until the whole money is gone.

I learned that human needs are insatiable, and that is why some say that no matter how much a young person (single, age 20–30) earns, his or her needs are voluminous, and once the person lacks discipline, they spend lavishly, even on what they ought not to. 

There is this common saying in my place that "if you earn a lot, you will also have a lot to spend all the money on." But no matter how little you earn, if self-discipline is practiced, it will make you save (even if not up to one third of salary). 

Actually things like this come back to me too I think.
If they are able to make an investment of 30% of their income and they are able to do that (without any problems) why not for their daily living conditions, basically this returns to themselves as long as there is no compulsion to do so, I think it can just to make an investment of that size even though it can be said this is still quite large.

Of course, with those numbers anyone could save not just 30% but probably 50% if that were the objective. The problem of people who do not save is, most of the times, that their income is not great. I am not saying that earning a lot means you'll save, because you can manage to spend it, I am saying that many people out there have just enough for the basic needs.

Agree, although it is pretty difficult for low-income people to save, but if they really have a plan and determination, I think it can be done. They don't have to save every month or exactly 1/3 of their income, they can save every time they earn a little more, or during that month, they can cut their spending and save. I mean, save according to your circumstances, and don't be so stereotyped as people with higher incomes. Do not compare with them, make a plan that suits our situation.

If our income is sufficient and always stable then saving from one-third of the income is very possible, and it is indeed our obligation to invest in the future, but this all depends on the way we each manage our finances, there are some people who find it difficult to save money and they spend all their salary without any leftovers to save, of course this is a mistake that must be corrected, because we all have a greater desire for the future and that we have to design from the age of 20-30 years, so that our old age will live happily.

I am not sure about anyone else. But we are here going through the extreme tough times of our lives. The flour which is basic need of every home is triple the price than last year. So what would people do - spend money on entertainment or buy basic needful items.
Here on christmas many people wore old cloth and made food at home. To save money. And that is a simple and joyful way to spend christmas.

Not been conscious how money is been spent is bad. The reason why savings is important is because no one knows what will happen in the future, if the opportunity of earning money will still be permanent after now. but if things change and money is not coming like the way it used to come the little money that have been saved before now will go a long for someone to do something good with it. Savings is just too important for future purposes.

The very idea of saving money is beautiful. But I could never set aside a certain amount of money for later. I can live on a limited amount of money just fine. But as soon as I manage to earn more, my expenses immediately increase, I stop counting my expenses and they increase exponentially. Although when difficulties with finances arise, I can easily save and reduce my material needs (this was often the case when I was a junior student).

Right. If you find it hard to save a third from your income, then just save any amount that would be fine. It’s not really necessary to hit your goal, what is important is that you are really making an action out of your target goal. In the end, you will be surprise that what you save is already big enough, even when you started it from cents. Even myself, I would really admit saving today seems really hard to do, but if you will think that you can also benefit it in the future, then I have to do because it’s a must.

it seems when you see your income has increased, you feel confortable in spending more money, so you have difficults saving funds when you have the option to do so. I believe you can control your desire for purchases in order to revert this reality. When you feel that urge for buying something, wait for a while, think again about what you are doing, ask yourself if you really need that product or service you are going to acquire or if it would be more worthful for you to save that money instead of spending it. Draw long term goals for your money and make it important for you, then the impulse for daily purchases will fade out within time.

You can save all you want provided that life doesn't bring you unforeseen circumstances or what you don't expect, we have seen people who have enough wealth through their hard work and dedication only to be wiped out by a sickness they don't expect. Some people save money without checking on their health status, they think they are been dedicated and discipline not knowing they are even saving money that will end up being used to treat their health because they don't even bother to check their health status, they don't know that have cancer, they don't know they have a brain tumour, they don't know they have diabetes and these health challenges kills the purpose of saving.

Well just like you have explained it, this is for a bachelor that doesn't have may responsibility either from family or girlfriend. This is possible if the person does not have a girlfriend or family responsibility. When I was a younger I could make better savings while spending less funds on food and shelter. This is easy to achieve although it all depends on the location and the lifestyle of the person involved. Since there is no external responsibility attached then this is very possible to save even more than this or lesser.

I mean it depends on the lifestyle of some people. 33% of your income almost close to half of your savings if we're going to look at it. If there's no reason to spend on that PC upgrade that you're looking for, then just don't do it.
I can recall upgrading my CPU back then but then realizing that it was not worth it since I was not CPU bottlenecked anyway. Sure it could be future-proof, but I could have done it either way once I have more of my savings that are really what you call "extra" and something worth losing regardless of what happens.

Very possible. I would even save and buy properties.

From where I come from, $3k is a substantial sum of money.

However, the higher pay will naturally result in higher expenses for a person. I can recall that when I had a lower salary, I was still able to take care of myself by living on less of a budget. However, as I start to make a lot of money at work, I find that I am spending more than I did when I was receiving a smaller salary. Now that I have numerous bills to pay, even the large salary I was previously paid is insufficient.

that is correct the higher the pay - the higher the expenses are. the same happened to me too .. but I think with the passage of time the price of the things have increased dramatically - and that is one of the reasons we are unable to take care of the things in higher salary as well.

Not really, I am a married person with children, but with an income of 3k$, I can still say that I can still save a huge amount, and I can still save 1k$/month. I think depending on the area you live in, like my area, an income of 3k $ is a huge income, this is an income not many people can achieve. In my area the average worker's salary is $500 and with this income they can feed at least 2 people. So if a person has an income of 3k dollars, they can save and get more done.

Yeah, depends from a cost of living in your location, you can save a huge amount of money if you have that kind of salary. The fact that you can support your family needs as well with your personal needs, the other portions of your money can be saved or can be invested to grow more. But, if you are just a minimum wager the chance of saving is really tough, maximizing all your generated income and trying to minimize everything for the sake of saving some little portions of your monthly salary, most of the time it's just by chance that minimum earners can save up.

Depends on how much you do earn because you cant really make out savings if you do earn which is only sufficient on your daily living needs which you wont really be having the chance on saving up just because  you

do only earn ample amount just enough for you to survive this is why you should really be mindful on how to make out some budget plus trying out to make or find for another source of income which it could possibly
make you things to save up for later.It might sound so simple but this is something that you cant really just do because there are things in life which is really something inevitable.
Some people are really just good on criticizing other peoples actions without minding that it isnt really that very easy to do so.

I desperately try saving money - but due to inflation this is not possible.
I am very upset and depressed because I am the sole breadwinner - and I am unable to cope up with the upcoming finances.

Much depends on the needs and the ability to save money, because often with the growth of earnings, expenses also grow. My friend tells me that he does not like to save, he has his own small business and he is constantly striving to earn more, he is doing well, his income is growing, but at the same time he is spending more and more. He wants to buy his own house, but I don't know how he can do it, since he constantly spends almost everything.

How did your expenses increase greatly with the growth of income, do you manage to save money consistently?

you are lucky person that you save and run your family too. your income is good and I hope and pray that you don't meet a bad and looter in 2023
I saved some money and has been scammed and looted. It took me to get out of the depression.
May God keep us protected in 2023

I get your point and there are people who really can't just go and do things the way others think that they should be doing, there are factors and a kind of mindsets that they are not good in doing, though it will be depends from how you as individual see about it and think about saving, the eager you are the better you will find ways to establish your future financial capabilities.

Saving portions of your salaries will give you a decent amount in the future, if you can really work on it and make sure
to yourself that you will aim for that to happen. The outcome is always in favor of you.

Firstly where I live wouldn't be possible to earn upto such amount of money and tye cost of living now is something really crazy and I don't think it will be anywhere close to easy saving upto $1000 even if one earns upto $3000 in my country because there are alot of thi GS that would demand that $1000 along the line of saving.

It takes a very serious dedication and commitment to be able to save money and never touch it in my country and I could remember when I still earn less than $50 a month and I tried so had to save upto $15 but always ended up using it before the next pay day and I always use a slogan then that we should always save money so money can save us.
From my perspective, saving isn't easy not for anyone but with the right mindset and training, one can be able to save no matter how much your salary is.

There have been times in my life where I was able and did save at least a third of what I made, but the answer to the question as to whether anyone is able to do that is that it depends on how much you're making and what your standard of living is (and also how expensive things are in your area).

Damn, how I wish I was in the position to take 1/3 of my income and invest it in either crypto or the stock market.  I'd be back to the ballin' stage--I wouldn't be a bitcoin whale by any means, but I'd at least have a decent stash.

And oh how I regret that I didn't buy and save bitcoin when it was just $200.  Even $1000.  Life is so hard when you can't see into the future, ya know?

Bitcoin and Cryptocurrencies still early for anyone to invest and it's only fourteen good years past since it was created, that equally says you still have all it takes to invest in, get a solid plan for accumulation, be discipline and them take action

You taking a view of the past is no bad move but you should kindly forged forward and think of no past that brings you pain and regrets

My biggest regrets has to be not able to mine a single coin but we move. I will advise you do same, $1000 every week henceforth will be marvelous idea if you are interested.

A lot can't afford to save something from their earnings as it depends on your income and basic needs.
But if you can, save a lil bit every once in a while, and before you know it, it is already significant amount of money that you can use later on.
Saving sometimes depends on the person himself. Some can save money even if they have small income.
Look for unnecessary items that you usually buy and instead of buying it next time, keep the money as savings.
You can also track where your money goes if you list your daily expenses, though a tedious job but you can pinpoint where you are just wasting your money.

Unfortunately 2022 was a year of great upheaval, just as it looked like the world was getting out from the shadow of Covid and on the path to recovery, Russia decided to create the first war in Europe since WW2. This seriously impacted on peoples ability to save, especially those on the lowest wages who were getting squeezed from all sides - fuel costs, housing costs, food costs, etc. In stable times the breakdown you gave might work, but in great inflationary times it can often be hard for salaries to keep up with all the external cost pressures. Hopefully Putin is overthrown and peace can once again be brought back, which fosters creativity instead of destruction for old men.

Even if War would be over it couldnt still able to resolved out about these inflation and other economic problems but somehow at least it is really that being lessen and make things a bit lighter but it doesnt
meant that it would be already solved out and this problem would still exist.Its true that if you are that someone who do solely rely on income or salary on a day job which those amounts are already
sufficient for your daily living then saving up some money is close to impossible or something that cant really be done.It might not be hard on some people to save up but in most people then its
a challenging one.

as mentioned above 2022 was a year of challenge and trouble
We have faced the worse inflation ever and they said the peak is yet to come - so brace yourself for the worse days ahead.

We should really make ourselves prepared for whatever things that might come along the way and its true that inflation is something that can be avoided and do becomes worst on every year is passing.

Just like on what fatunad said above that it would really be that ideal if you do find for another source of income if you do struggle on the current earning that you do have as of this moment.

There are ways if you wanted to but most of the time people do make out excuses like it cant be possible or cant be done or something this or like that
which are just purely reasons.

Earning $3,000 a month is already quite a bit in our country. You are able to purchase a vehicle, a respectable rental home, wholesome food, and other items. If I were to earn that much money, I would definitely set aside a portion of it for savings, invest in businesses that generate passive income, gradually purchase assets, and set aside cash for emergency funds.

Saving money is a very simple matter. It's hard to hold on. Twenty-one days to form a good habit. But saving money is something to do every month, treat it as your hobby. At the beginning, it can be regarded as a task to do, and then it gradually becomes a habit. The advantage of saving money is that when you are in a hurry to use the money, you can take it out without stress. No need to borrow money from friends and family.

You don't say it. It is actually very hard for me. I am always exhausting my balance because I really need to survive and make my family live better life tbh. The money that I am earning is not much to live on considering the no minimum wager limit style in my country. This means even though I have pursued higher degree education it won't be counted towards my high paying job. I will still have to start from the scratch, from the shop floor and keep myself engaged in adopting the work culture and get paid lowest wager they could give it to me. If not, then they will simply higher another talent in the process and forget about me. We always have settling time of around 10-12 years from the date we start our jobs and stay consistent. So no, not every one is lucky enough to save the money all the time.

Thank you very much. Comments like yours let me know more about different situations out there in the world. Everyone has their own circumstances and problems. I can feel your great hopes for a better life and do believe  one day you can live the life you always dreamed of. Keep up your hard work and a prosperous future is awaiting you !

I think it's just about adjustments because indeed we also can't force it and it's possible that the OP is in a big country with that much income so that $3000 in his country looks small but this really depends on where you live and what is your average basic salary for 1 months so this is indeed adjusted in my opinion.
But the point I see is that 1/3 of the income we have for 1 month means this is about 30% of our income, can we really do that. Actually I think it's a little difficult but depending on what we want to go for when we really want to be consistent with 30 percent to save I think it can be but I would probably save less than that because for me the remaining 70% is for my daily life and other windfall funds will not be enough.

Yeah we should also consider the region stuffs since dollar value is different. $3000 here in my country would be like a wonderful amount to have and you could just live in the metropolitan area living a comfort life for sure. Sometimes that 1/3 might be enough already depending on how you spend your money anyway. Are you buying unnecessary stuff daily? Some people can save more than that if their electricity is not high up in the ceiling since some countries just have the worst electricity cost.

Considering electricity cost is painful right now in my country I can understand that some would be just go for lower.

I will not say this is hard or is not hard because for anybody to save be it one third or half of what you earn you have to be decipline as a person in your expenses, you should plan your expenditure be it daily, weekly and monthly and always cut cost in other to achieve this savings, saving one third of what we earn most times wouldn't work because when you earn little and much is expected of you from people that depends on you how will this stand but for an economist and a calculative person this will be the best saving option but it solely depends on how much he or she earns monthly.

In a third world country, it is definitely hard. Beside the fact that we have a very low salary range here, but also the products and necessities' price are constantly rising, putting the thoughts of saving aside. So, it's almost impossible for you to have at least the third half of your income not intended for something like bills and other necessary expenses. We literally are working to survive here, If you don't have enough guts to look for another way to earn, you'd probably going to end up broke and homeless once you lost your only job.

This also depends on your country. It easy to do such in some countries but very hard in some. I will just simply advice we maintain a simple lifestyle that will enable saving

This is in fact the reality on which you cant really be able to save up no matter how you do like on considering it out that you are even struggling yourself on daily living out of those salary you do
gain on monthly basis which is something that couldnt really be avoid out and this is why we cant really just make out some degradation or criticisms that people are insensitive when it comes to
this matter on which there are really things which you cant do it all even if you wanted to.

It is really just that hard on doing but it i do agree on some words that there are really ones who dont really care at all and dont put up much effort instead.

The low salary they get does not allow them to allocate money for savings, after inflation in some countries but the government does not increase the minimum wage for workers so that the salary is only enough for monthly needs to survive, so they have to find alternative jobs for savings and now many jobs for couriers and online driver jobs that pay higher than normal jobs.

Let alone people who have a steady income with a permanent salary, if you talk about saving from the income of a bedic driver, they can and can do it, the important thing is, there is a will, patience and determination.

Save/invest part of their economy, that's a thing to do for those who know it, I once read one of the sources, but forgot where I read it, with the title of a successful farmer and became a billionaire due to crypto investment, it's one of the historical things that investing/saving doesn't have to be for people who have a steady income, farmers can do that too, if they want to be successful in terms of their own economy.

I believe that some percent of our income is invested in crypto, in the next 1-5 years whoever does it they will reap the rewards of their investment, believe and belief do, that's the key.

Different countries have different needs, but for me $ 3,000 is enough if it is used properly and not excessive in any expenses, with rental fees etc. This must be taken into account, including vehicles, many variations in price, so it is smarter to manage income every month to set aside in investment as a long-term asset.

At least don't put it in one investment we have to be able to diversify into other assets which may be stable investments and that needs strong consideration and with a little money set aside for other investments or businesses we will get more profit this is not easy but by starting the process long one we will enjoy good result.

As well as one thing we need to know that good financial management will grow a good investment as well, as I did that and $ 3,000 for me is enough to arrange all that is needed a month as our fees including rent paid and the rest can still be invested in several diversified assets including bitcoin as well.

I appreciate all those people who are making their life better by working hard.
They are the real survivor - I read what the OP has mentioned. Best of luck and keep up the good work.

I many country people dont earn $3000 - for them it is quite a money.
But even our house help knows how to save money. They save and deposit some amount to their friend and get a total amount in full after few months. I will also save some money this year - this is my biggest goal

saving some of the funds is very important. One should try to save as much as one could.
And finding a side hustle and alternative jobs is very important. I have stopped all my entertainments and started saving all my hangout and dining out funds.

Haha, if i earn up to $3000 after tax in my country, I am sure that I will able to safe up to $2000 monthly even as a family man that I am, Saving is easy, but most times, we are the ones that make look like a big deal.

If for example i earn $500 per month and i am still able to save $200 after all the expenses as a family man, earning $3000 per month means i can still save up to $2000 or $2500 if i want to,

How is this possible?

Its simple, Don't introduce or bring in new expenditures just because you now earn higher, just continue to maintain the previous expenditures, its not easy but discipline yourself to do it, at least, until you have saved more than enough.
 

   - That's a big amount here in my country, When I earn like that every month, I am pretty sure I can save 2000$ every month.

In just one year of savings, I can buy a brand new house and lot and a second-hand car with that kind of salary, if it's here in my country of birth. But if I'm in another country like the US, Canada, or Europe, I'll probably only be able to save around 1000$ per month.

You don't say it. It is actually very hard for me. I am always exhausting my balance because I
really need to survive and make my family live better life tbh. The money that I am earning is not
much to live on considering the no minimum wager limit style in my country. This means even
though I have pursued higher degree education it won't be counted towards my high paying job.
I will still have to start from the scratch, from the shop floor and keep myself engaged in
adopting the work culture and get paid lowest wager they could give it to me. If not, then they
will simply higher another talent in the process and forget about me. We always have settling
time of around 10-12 years from the date we start our jobs and stay consistent. So no, not every one is lucky enough to save the money all the time.

In my country it is possible to save third of monthly earning only if a person is an ascetic. Or if a person does not have dreams or life goals. I will explain why. You earn low - you spend all the money during month. You earn average, you manage to save couple of hundreds. But that is not a third. You will be lucky if you manage to save during a year for a 7-day summer vacation somewhere abroad. You earn a lot - you want to have a lot. You start to buy expensive things, live expensive life. You still spend a lot.

It all depends on where you live, 1/3 is a stretch for most of the population, and 1/4 is much more realistic. For example, where I live 1/3 of a salary is the minimum for rent.

The thing is that you have to have a buffer for unexpected expenses too, you can't have all invested right away.

Wow... If I earn $3000 of income and still be 20 years old, that is already a very big achievement in my country even maybe it is almost the same as my father's income for 10 months working.
But maybe what OP meant was more precisely saving to invest regardless of income because basically the minimum wage for each country has its own variance according to regional standardization. Now I may not be able to get a steady income for a month but I can still save even though it's not 1/3 of my income because for me if you want to get better, no matter how small the money you invest, if you do it continuously, you will get the expected return.

If I am one of the people who wages 3000$ monthly, I could save probably around 1500$ every month.
And I could live progessively. Aside from that, I can also give support to my parents as well aside for my own family
being as a Family man.

So 1/3 is just very easy to apply monthly as an employee to separate it as a savings, it is true that's not hard
to do it anyway.

When it comes to determining if it's possible to save as much it all depends on the cost of living in your country.

For example sounds like your rent and other expenses isn't taking much from your salary.

In where i live $500 wouldn't cover 1 bedroom apartment. Not to mention insurance, water and electric bills that come to top of that. And i am talking about apartments that are considered as cheap.

There is nothing wrong with working as a courier or online driver at this time because with the increase in shipping companies in several countries, new opportunities have opened up for workers who are looking for additional work to achieve a better income. But jobs such as couriers or online drivers always make everyone bound for each day so they also can't do two jobs at the same time every day even though the salary at the shipping company is slightly higher than the salary of ordinary employees in other places.

Saving is one way to fight poverty in yourself because it is something that will really help yourself when one day you need more money as soon as possible. So it is very feasible to look for additional work so that someone is always far from poverty or distress because they do not have enough money for their life. But everyone also needs to see another job that is more suitable for himself so as not to disturb himself with the main job he has been doing for years.

With a salary of $ 3000 per month that is big enough maybe we can save more if the income is big like that but it is difficult to reach for me with a high salary but it will make it easier for us to win and the investment that generates income every month.

I can't imagine just 1/2 of it being saved/invested is more than enough and the rest is for family needs with expenses that can be managed even better, maybe for rent payments etc it won't reach $1000 and there is still some left over for other needs so obviously with big income it will be easy for us to talk about managing it. LOL but its hard to get.  :D

It's just that with any monthly income, we must be disciplined in order to be able to share between investment and expenses as the head of the family.

Theorizing will be easier than direct practice. I have several friends who also said the exact same thing as you said, yes, before they had income they said that they would be able to set aside from their work (from the average salary in my country). But in reality in the years they've been working, they can't do that. Maybe they have items like vehicles that they didn't originally have. However, it seems that saving is not that easy for them to do, and they also often complain that it is difficult for them to save due to certain circumstances.
I'm not here not believing that you did that, but my point here is that doing it will be more difficult for several reasons that I see from my friends.

Basically, 18 years old is the standard legal age, so if only you start applying for work and get your own job at this age, then you can be able to save up even above 3k dollars for 2 years of working or by the time you hit 20 years old. You shouldn't also under estimate the income of your father.

So, what if he took him 3 months of working only to earn it? What is still important is that the source of money is clean and not came from doing illegal activities. What is you current job now by the way? Maybe you are only relying in cryptos. It's normal that it won't be stable but you can try to look for a real job outside, if you want something stable.

When you are in a situation which you do have a family and the expenses are really that big due to lots of children then it would really be that hard to make up some savings.
I do know someone who is really that reliant with his crypto earnings which is surprising and its been several years on which he had able to make money still despite on having no job
physically.It might really sounds easy to say that saving up some one third of your income but its actually that hard for it to be done when you are on such situation.
Unless if you do have other sources of income then it would really be able to patch up.

It isn't hard if you're living alone, but it becomes a problem when you have a lot if mouths to feed and bills to pay. Saving isn't for everyone obviously, and before you can start to save you need to have some form of safety net in the event that your salary won't allow you to pay all the bills and put some food on the table. This is why a lot of people nowadays opt to take two jobs just to get by. After everything is paid for, there still wouldn't be enough to keep as a decent savings. Just imagine getting $4000 a month, and $2500 already goes to bills and rent/mortgage, how can you live off of $1500 for food and transportation with a family of 4? That's not including education funds too.

If wages can br increased then perhaps we can encourage a lot of people to save. But in reality, even single people cannot live off of minimum wage and still have some decent money left for anything that they want nowadays.

Yes, on the time that you do have some mouths to feed then it would really be hard for you to save up and you would really be prioritizing those who are in need specially your family and this is the sad truth.
You wont be minding if you do have some savings as long you do make your family do able to eat for a particular day and this would really be your priority rather than on having a savings.
So we cant really blame out people for them not to save up because this is situational and there are things which we cant really be able to stop or to avoid
and that what makes the situation hard.

Other sources of income can give you that chance to save more, but the concern of having too much expenses means that you won't be able to work with it, unless you can really take things  seriously and plan all your expenses, most of the time there are emergency that you need to use your save money, things that is not part of the plan but it happen and there's nothing that you can do.

many people don't realize that what they have to do to achieve financial freedom is to increase their income and that can only be achieved if someone is willing to do a lot of side jobs.  i myself am able to save more than $ 1k / month ^{(already deducted my expenses/month)} because i have many sources of income, besides that i also have my own home and i get this money from a lot of work that i do.

when you are still single, it is at a time like that that you have to learn about financial management so that you are not surprised by the costs that you will have to incur when you are married later ^{(to be honest, many unexpected expenses will arise)}.  but rest assured that as long as you and your partner stay in one vision and mission then all the obstacles that arise in your new little family will be completed easily.

during this time when inflation is high it is so hard to save particularly when there are other people attached with your as well.
I try to hard but I never got a chance to do it.
But this brings be depression and anxiety to an extreme

sometime you work so hard and the money you save goes in the pocket of scammer and looters in no time.
It happened with me too - in fact I didn't have have money but the scammer fooled and tricked me. It been a year now but I can't forget what has happened to me. I don't feel like saving much.

Its not the end of the world because even if you've been scammed doesnt mean that you shouldn't save.Just take those things as a lesson for you and move on.Thing here is that you do really make yourself wise

and wont really be able to commit on the same mistakes ever again since you are already that fully aware.Just continue and save up because its not really just meant for investment purposes but also for emergencies which we know that this is really that crucial for someone to have that kind of savings which you would really be that needing up if time comes. Saving up is hard if you do have that ample amount of income
source but if you do really meant or really that eager on saving up something then you would definitely do that without any problems because it would really be just be done even on small amounts
but at least you had made out some action.

Being aware to your cashflow can help you manage your fund. If you know how much money that is entering your cashflow and the money going out from your cashflow; it can help you to make a better financial decision. If you have a high lifestyle, saving one third is not possible and that's why I preach to have a lifestyle that can help you to save more than 60% of your income that you can use to invest it not only in assets but also in yourself that can help you to make more money. Right now, I'm saving the 70% of my income and I put it on my investment where I can reap it in the near future.

Saving is important - but for me saving a one third of the money is not even possible. I am so bad at it - I try doing it and fail all the time.
Neither do I have an emergency fund.

True - if you are living alone and your dont have a bunch of loser friends who thinks since you are alone and single so you have not responsibility but to buy them food and cinema ticket all the time - I am alone but I have a bunch of loser friends - who have been stealing my things and money and I am so looser that I didnot know what is happening with me.

Whatever amount of money you can save, if placed correctly it is sure to generate a suitable return. In some countries, $1,000 is considered a large amount to save or invest, because each country has a different exchange rate. If $1,000 invested in bitcoins regularly and consistently will bring you great returns, many people even make investments far less than the money you have saved.

So it can be said that that much money would be quite appropriate if placed in an investment in bitcoin, but the rest depends on how a person places the money they have, but for me the steps to buy bitcoin slowly are much better, because if done regularly over time it will become big.

Not is not that hard not when you have a lots of bills to pay. There are some people that would love to make savings buy with the way things are going, life is becoming more difficult since salary of workers is not increasing and the price of food is increasing everyday so we need to be more vigilant to do and put more effort in what we do so that we can live a god lifestyle.

good calculation - I am very poor in saving funds - I suffer so much since I am the sole breadwinner.
The money management has given me so much crisis and ups and down in my life. I wish I can save some money and make it my habit  and my monthly ritual

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.

Its hard to live on far less in a totally disciplined way sure it is.  Also there is little encouragement to do so, we are living in a consumer society and many will look down on you for not keeping up with your colleagues or friends in their spending on various things.  You may be restricted in socializing by doing so, I'd say the majority will never do this or consider it a failure even.  The closest people get is when saving for a house I think, just temporary and then back to norm of full spend.

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.

I have a friend that's unable to keep money aside for saving since he gets married, expenses have grown higher and his job paycheck is not keeping up, now he is planning to go for another job just to be able to provide for his family, savings is not that easy unless it's just you alone with no family to look after.

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.

i dont believe money was created to be saved it was created to revolve thats why its called currency... anything that stays stagant for too long either stinks or looses its value, its okay to save for a short while but make sure youre reinvesting in a profitable venture. for those of us that believe in the bible there was a servant that was given 1 pound and when he returned that exact pound His master which is God was displeased with hin but rather those that traded theirs where blessed with more and promoted so i think its Gods mindset that money musnt be saved but invested for a profit i would also advise from the same book that you must calculate the cost of any venture before investing to avoid severe loss....

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.

if for singles in my area 1000$ is enough for living expenses in 1 month or more, and you can invest 2000$ each month, indeed the level of life for each country is different so you can say that the way to manage expenses will not be the same

This is true, before you start investing you need to make reserve savings, which will always be available, and only after that it will be wise to start investing. After all, if you want to invest all the money that you save, then in the event that you may need funds, you will have to sell part of your investment and you may have to do this at a loss.

That is why it is so important to have a certain amount, for unforeseen circumstances. And after that, you can safely start investing, and you should not worry that this reserve does not generate income, it has a different function, it provides you with financial confidence, which is also very important.

Before anyone would go into investing into anything, it is always advisable to have some savings. You do not have all your eggs into one basket. You do not put all your money into investing into one or more projects. There is a huge need to have some savings left aside.
Do not go into investing if you do not have a comfortable source of income also( working two jobs would be better to be able to save more).

Though most of us will say 1000$ it as the value on the country it is still low or not enough in this third world country as the living expenses in those area are big that needs huge amount of money. There are ton of people earning big that still cant afford on renting house and they are just living in a streets. Let's also base our monthly income on what country we are living in as others will say it was big but if you are living in first world countries it isn't enough.

Actually that $1000 is the total of my corporate job plus all my side hustle because I'm living in 3rd world country. Right now I only can afford 100$ max for savings, why? because of other responsibilities I really want to save more and invest more but inflation really hurt us and it broke my budgeting, yes it is not hard it you have less priorities but if you have then it is kinda hard honestly. But it will not end there, I will look for a job with $1000 salary and my earning in side hustle will be my investment.

At this time maybe many people no longer have mandatory savings standards that must be applied, especially for some people who are familiar with the term bitcoin investment and most people now allocate more of their money for investment. A person's financial capabilities are indeed different, therefore the standard of savings can be different for each individual, but savings should not be neglected to prepare for urgent needs.

If someone says it's better to allocate for investment and sell these assets if needed, then what if bitcoin experiences a severe correction and at the same time we need money, will we sacrifice bitcoin to cover that need?

If we have savings, then our family life will be much more secure. There are times when everyone experiences the worst moments in their life, when facing natural disasters, accidents and health, this is where the role of savings can be used. Savings can also be used when bitcoin conditions experience a severe correction, because the money can be used to buy them.

The most important thing is that savings are made consistently, even if the value is small and should always be on hand just in case. Like the saying that we often hear from ancient people "Saving is a source of wealth". Is it true?

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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

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.

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.

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.

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.

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.

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 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.

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

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...

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.

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.

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.

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.

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

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.

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.

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.

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.

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.

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.

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.

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.

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"

$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.

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 :)

Sorry for my previous reply. You are right that I did not get your point previously. I was on a business trip and lost some sleep for transit. Apologies for the  misunderstanding. Well, not everyone can save 1/3 and this is a brutal fact, but I assumed that for some people, at least for those on this forum, monthly income will not be that low and savings must be an option because if not, how come many of us are discussing investment on the forum ? Therefore, I started this thread to talk about the possibility of saving that much. It is OK if people disagree as I know this only applies to some certain people. By the way, glad to hear that you’ve made plentiful savings. I am also in the category  ;D

at least actively look at the condition of crypto news in order to avoid big risks, risks must follow life. and I also don't commit all the money in the portfolio to the coin stable usdt, busd. there must be half of it being used like an airdrop that uses money so that money grows not just standing still, and potential short-term coin investments. if it makes a profit it is added to the stable portfolio

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

LOL... these things are easier to say. But very difficult when implemented in real life. As of now, I am having a comfortable job and I am able to save 1/3rd of my salary (almost 1/3rd is taken away by the government in the form of taxes). But that is because I don't suffer from any health ailments, and also because I have a comfortable job in hand. A few years ago, I was really struggling to even meet the monthly expenses. Forget about saving money, back then it was a big challenge even to make sure that the expenses stay at the same level as take-home salary.

I wouldn't call saving important, I would consider it extremely important that anyone should have it at all costs. Because life is full of surprises, and if we don't prepare in advance, we will likely have a crisis when the unexpected happens. A lot of people complain that they can't save because their income is so low, that can be a real problem, but if we really want to do it, then we will find a way. But when we don't want to, there will always be a thousand reasons. Investing and saving are two things that everyone should have because they will be the premise for us to have a better future.

It is very nice to communicate with a cultured person, thank you!
Fatigue and insomnia sometimes give such special effects, with perception ... In general, the situation is very familiar :)

Yes, I will repeat once again - yes, unfortunately, our world is not organized very correctly ... I have visited many countries, almost all continents, and unfortunately, I have often seen that people's lives can hardly be called secure ... This very unpleasant to see. And the saddest thing is that I do not see a real and global solution to the problem of poverty.

Thanks for your kind reply. Well, I’ve also traveled almost all continents and do share your view on poverty. Poverty is indeed a global issue faced by all governments and their citizens but the worse part is that the gap between the rich and poor deepens the poverty issue. In many countries, the rich and ultra-rich people enjoy an insanely lavish lifestyle while the poor are barely having food on table. We always picture a nation using its bright and prosperous image but how about those poor and dark sides ? The more I travel, the more I cherish my own life. As an individual, I can do nothing with eliminating poverty but will try my best to help those who are less fortunate as much as I can.

You can always find an opportunity to postpone, but if you deny yourself something to postpone, this is not the best way. It is better not to postpone during such periods, but think about what you can do to increase your income, then after the usual spending you will have money left that you can save, and you will not have to deny yourself anything. And when the saved money starts to work and bring you profit, it will bring more additional income.

A man can never accumulate as much money as he can save without saving. In the area where I live, some relatively poor people save some money as a few members every month for a particular festival. Eevery month they make a rule to save that money, after a year they divide the money equally among all, as a result of which it can be seen that at the end of the year they accumulate a very good amount of savings and the festival they save is very good.
I can observe  That is, I liked their communication medium very much and then I realized that it is possible to accumulate a lot of money by saving. 

In your case also, if you save a part of your monthly salary, it will be seen that after a certain period of time, you will have accumulated a lot of money in your savings account.

Saving is part of my life and I have never seen it as an impossible task that needs to be done with efforts. It just flows so naturally in my life so of course, I have saved a lot of money over the years. What most people don't understand is not the amount of money that one can save, it is the discipline that guides me to save that really makes me feel great. I hope more people will understand what I am talking about.

It is applicable to you according to the cost of your country which you have calculated here. If I spend here according to the customs of the country I live in, I will spend only $1500 of the $3000 per month. Now everything is going up in price. Living now has changed a lot compared to the previous life. If everything had not gone up in price, maybe I could have saved $2,000 out of $3,000 based on my country's cost. So I think right now there is not much difference in cost as per your country as well as in my country.

That's totally depends on your pay scales your country is offering and the inflation rate in that country  .
Where I live the wages are low and inflation is high so saving is impossible,  you hardly meet your expenses to provide food and basic facilities to your family .

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.

You are right - life without a goal is a wasted life
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.

Financial planning is the basic preparation for our future life. if we realize again the value of money in the past will not be the same as now, there are many reasons for not starting financial planning, usually the classic reason that is most often found is not knowing the knowledge and having no capital but nowadays there are still reasons not to be able to learn, it should be with the use of technology those who have access to self-education on financial planning topics are easily available and don't forget that the most important thing is willingness.

If you think about it, it's a shame if you haven't started yet, because starting is really simple, realize and calculate various needs in the future as well as your current financial condition, don't forget to routinely check the allocation of expenses and financial income every month according to the determined posts. Are the expenses more than our income? Are there debts? Are the funds we spend in accordance with what we have, usually we are not aware of the separation of wants and needs.

In fact, if only we were aware of the existing income, we would immediately set it aside for saving or investing before moving on to other posts. This is called the pay yourself strategy so that when we are preparing for our children's education costs and we are aware of inflation, we can make preparations earlier so we can be better prepared to face future needs. In essence, we must have Budget Rules:
- 50% Family Monthly Consumption;
- 30% investment
- 20% savings

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.

If you really wanted to save money from any amount of salary, do it after you budget your salary, always prioritize the budget for rent, food, water, electricity, etc. and the amount of money that's gonna left, save it. Some people failed to save any amount of money because they don't know their priorities, or does a lot of overspending it to anything they want, which is very irresponsible as an adult.

Nice to keep up the conversation with you, thanks :)
I'm talking about super wealth, and poverty now I'll say more. The topic is not very pleasant, but it is a reality.

We can discard the SUPER-RICH, of which there are conditionally thousands on earth. By the way, many of them donate HUGE funds for many humanitarian programs, assistance to the same developing countries and poor regions.

Let's talk about the "medians" of our lives - the middle class, the poor, and the very poor.
The middle class, according to my observations, in most cases these are people who were able to "arrange" and "find themselves in life." This is the result of their WORK. And I know a lot of examples when they came from either low-income or even poor families.
The second part is the poor/low-income people. There is a layer of people, I would say this - those who are not used to straining a lot, who are tripled by their standard of living (as, for example, they lived in the USSR with the idea - nothing is poor, but stable). People-losers, people "rolled down" from the middle class. People who talk more about what they want than actually do to achieve what they want.
The third is the poor. This is the saddest group ever. They became so for many reasons, but as a rule, the main ones are: class division in the country / nation, victims of religious "traditions", residents of countries where totalitarian rulers are either ruled by religious fanatics, or where the head of the country for many decades is simply deeply corrupt power. Other reasons are already fractions of a percent of the reasons. And the biggest problem is that the last 2 levels are the reasons, in general, the people themselves. They do not want to strain, they choose the power of thieves or totalitarian rulers, they do not want to learn, think and develop, but they just want help to be brought to them .... And no matter how much the middle class and the super-rich allocate money to meet the needs of the poorest and low-income, the will only increase the scale of the requirements. It does not look very humane, but such is human nature.
For example, I said for a long time - instead of "humanitarian missions" and constant "feeding" people - build factories for them, train them - let them earn their own living.
This concept is more correct and not nearly more costly than simple "content". Plus, it is closer to "biblical" models - it's better not to feed the little man by giving him fish, but to teach him how to make a fishing rod and fish, so that he can constantly get his own fish!

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.

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.

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.

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.

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.

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.

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.

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.

We try to increase our income in order to improve our standard of living and it is normal that our expenses will increase as our income increases. But at the same time, you need to make sure that these expenses are really necessary, as you said, you don’t need to go to a restaurant to eat, but improve only the most necessary. The rest we should save and, if possible, invest so that they work and generate income.

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.

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.

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.

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.

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.

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.

saving is very important for everyone regardless of whether it's for a brighter future or preparing for emergency funds.
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.

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.

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.

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.

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.

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.

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 :)

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!

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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


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

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

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

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

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

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

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

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

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

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

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

Managing your "wants" is one of the hardest things in our lives, I agree, I know it myself :)
But believe me - if you learn to control your desires, the rest won't be a problem for you :)

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

I agree, but with that huge amount of income you need to be in a top position or you have a good business to earn such amount, it's doable I mean saving good portions of your monthly salary will be depends from your needs and not from your wants, I see the point where if you can control your finances your savings can be turn to a good investment.

It's more about how good is your will in fulfilling your goals and how good are you in controlling your finances.

In fact, it is difficult to end a desire because it always follows the times. Sometimes it is difficult for a person to distinguish between a need and a desire. When I asked them, they always defended themselves and said that it was a necessity, even though on the other hand it was clear that they didn't need it. No matter how much money we have, it will never be enough if we always pursue more and more desires. I often see many rich people who feel unhappy in their lives, because maybe they are always chasing something that they don't really need. One of the best ways is to be grateful for what we have, buy the things we need, and start living a simple life by not chasing something that is beyond our means or something that is not very useful.

That is correct - one should learn to manage between wants and needs but man is selfish by nature. The more you earn the more material they feel like having for better living style.

Saving a third of your income can be a challenge for many people. After all, everyone's financial situation is different. Factors such as rent or mortgage payments, debt obligations, health care costs, child care costs, and supporting family members can significantly affect your ability to save a substantial portion of a person's income. So consider the full financial picture when setting a savings goal. Instead of focusing only on a specific percentage, each person should evaluate his or her income, expenses, and financial priorities to determine a viable savings amount that is appropriate for his or her own circumstances.

One tenth for charity is the measure some have in some parts of the world or in some faiths.  Regardless of intentions for those savings to give away or to add to your own long term security via savings or investment, we can compare one third to that very long term rule of always one tenth when rich and in good health to cover those unwell etc.    Some only would regard saving for family or very close friends in this way but its all the same kind of thing, never spend all your money because it makes you vulnerable to do so and one day you will over extend past your long term capabilities; we can all get ill of course and require rest not able to work so save at least one tenth is sensible by any measure.
   One third I dont think most will do, Ive heard of a few who aim to save live frugally and then retire to leave horrible stress filled jobs and switch to nicer lower paid out of city jobs.  Thats rare, we live in a consumerism based society and it is encouraged by most political strategies to stoke GDP growth and the election cycle vs recession etc.   This whole dynamic is actually very relevant to BTC, they wont reverse QE, they wont repay the debt and sensible economics of saving properly wont exist any time in recent years and I hear this every day.  Next year is the US election so they wont entertain the idea of not boosting an economy to win that election etc.  its definitely a factor in BTC price year to year.

well the amount mentioned by the OP is indeed quite large when viewed and compared to normal income in developing countries which rarely even approaches $1000 usd. But the important thing to remember is whether our basic needs for one month are far less than income or even far greater than income or maybe it's balanced. These points may not be the same between one another who even live in the same country. because the salary of everyone who is different profession is certainly not the same. but the price of the necessities of life may be the same. it's just that a luxurious lifestyle or a simple lifestyle may also be the difference.

I live in a developing country. but sometimes I can still save 1/3 of my money. but it is not fixed every month. because sometimes the necessities of life can go down and up. or many unexpected needs arise. the point is saving 1/3 can be done for some people but also not for others. but it would be great if we could do that. and can continue to invest and save consistently every month. But reality is sometimes not as easy as planned.

Hey, high-five for shedding light on this crucial adulting thing - the art of managing the green and avoiding the credit abyss. It's a cold shower for those of us spiraling in the vicious cycle of borrow-to-spend. The salvation lies in a simple two-step: get more ka-ching, splash less. Now, revving up the cash engine isn't rocket science. Got a knack for something? The gig economy is a goldmine! Websites like Upwork, Fiverr, Etsy are like your personal online marketplace. Put your skills on the digital catwalk and let them strut their stuff!

But, the dough ain't gonna last if you keep draining it like a leaky faucet. Time to adult-up and manage that spending. Trusty sidekicks like Mint, YNAB, and Personal Capital are here to help. They're like your personal finance Jedi, keeping the spendthrift Sith at bay. Talking about that "financial cushion" - size matters! And it's custom-fit, baby - based on your lifestyle and how heavy your paycheck weighs. Passive income? We got you covered. Peer-to-peer lending, stock dividends, REITs - might sound a bit "Matrix-y", but once you take the red pill and understand the basics, it's all about cruising on the highway of financial stability.

Saving a third of your monthly income can be a realistic goal, but it depends on factors such as where you live and your expenses. If you earn $3,000 per month and have moderate expenses such as rent, food, utilities, phone bills, travel, and occasional entertainment, it's possible to save $1,000.

However, it's important to consider the cost of living in your area and your personal financial obligations. It also requires budgeting and the discipline to save consistently to create a viable savings plan.

spending to meet basic needs is a very important thing to pay attention to and if it has been fulfilled then saving is something that must be done regardless of how much income you get per month and if expenses are higher or just barely with your income then you can't be silent, you have to get out of it and look for additional income to be able to save.
saving is very important for future life and if someone knows the benefits of saving then he will do anything to be able to fulfill it, the important thing is there is a desire to save then it won't be difficult.

I may not have conveyed my thought very accurately, but I meant exactly what you said - if you want improvement - change, become different, change your habits, improve your knowledge and skills. Without changing yourself, your life will not change.


Regarding desires, which influence our behavior, first of all, as a consumer.  Yes, there is such a flaw in people. And it's hard to deal with. But there is an option. There is a good method, the "5 Why method. Only a little adapted - "the method of 5 WHY I want it" :) I'm sure many people are familiar with the "5 Why method" or can easily learn it. If you make an impulsive decision to buy something new, such as a new model of phone, then about 3-4, and certainly on the fifth answer "why do I need it" you will come to the conclusion that it is not really necessary, but is simply an impulse associated with advertising or other method of manipulating your mind buyer.

We have to try to apply for new jobs to earn extra income when we are still productive for any job, we have to take advantage of our young age to work hard for savings needs because when we are old we are no longer able to work and have to rest a lot to maintain our health. Many people do not prepare themselves for old age so that financial management is not organized because they have to work hard at old age.

Personal preferences, expenses, and personal circumstances play an important role in determining their ability to save money. So changing negative habits and replacing them with positive ones can dramatically improve your financial situation and allow you to save for the future. Seeking professional help or support groups can be helpful in getting through tough times and developing healthier financial habits. Recognizing negative effects and taking steps to address and overcome such habits is an important part of regaining control of your finances and working towards your savings goals.

Total - combine two answers, publish a methodical material on "how to start living reasonably and get rich," earn extra profits! An additional source of income - the sale of an exclusive copy of the manual with autographs of the authors - slapper and DrBeer!
Then we'll open courses all over the world.... Man... there's a problem... Where to keep the money from this business?  ;D
How about a business plan?  :)

The prevailing pattern of society is that middle income people save more. And for exactly the opposite reason, low and high income people save relatively less. High income people have high consumption and investment rates, so savings are low, and low income people face a challenge in daily living. But you are right, no one can work in old age they need rest. That is why it is important to save something for the future at a young age which will provide security in old age.

The point in this case is that we indirectly have to identify ourselves before deciding where we are going to plan in financial management.
Financial management is indeed important, but besides that, there is a plan that must be carefully prepared so that something like this can happen. Because indeed everything starts with planning and when talking about plans, we really have to recognize our own condition further so that we can know our own condition.
Most people fail because they cannot recognize themselves and seem to be forcing their will which actually backfires which destroys the plans they are building.
Apart from all these factors, there is also ego and prestige which must be reduced a bit because indeed this can also be one of the conditions where planning and money management are disrupted.

Not hard to say but hard to do. Everyone's income is different as well as their needs are also different. It's hard to start saving, let alone saving from a third of my income every month. What happens is that sometimes my income for one month cannot meet my needs for the next month, so I have to borrow money to just survive.

maybe in the future I will try to manage my finances and set aside some of my income every month to start saving. And trying to find additional income to add to my savings. to answer future problems such as unexpected events (accidents) and to prepare for old age.

You need to find those ways to achieve your goals it is important to seek for more possible earning generating side jobs, though from how you percept the possibility middle-income people are also good in balancing their expenses, with good control of their spending they can manage to save more compared with low and high-income people, using that same argument,

With high income, the maintenance of their expenses is most of the time level to how they earned and same deal with low income. They are stuck with what they've got and it will just repeat the cycle of life for them.

Making preparations early from a young age is indeed a step that we must take if we want to get financial comfort in our old age. It's just that not all people can do it. such as low-income groups for example. usually the income they get is just enough to cover all basic needs. And to be able to save, they usually have to work extra to get additional income. And this can indeed be done if we have a young age and a healthy body.

So it is true that we should make the best use of our youth to work hard and try to increase our level of financial well-being. And prepare for old age by investing more in safe assets for the long term. have savings for a reserve fund and the rest i prefer to invest it. because with investment we can see our assets continue to grow by themselves. an example is in land property investment and the like.

this is like a mindset that has been instilled for generations, therefore even though we have low income, we also have to suppress our needs so that we can set aside money to invest, moreover investing in bitcoin is very easy with whatever money we have we can invest. that way we will get a greater return and of course after that we can expand our money so that we can enter the middle class, and the rest we will become rich. but we have to go through the struggle even though we are looking for additional income from other work. especially if we are still in our productive age, so we have to try to change our destiny

whatever income we get, we can save it if we have the desire to do that.
actually saving is something that must be done regardless if the savings will be used for investment or other things, but what is certain is that it will be useful for the future.
and also to change one's destiny it takes hard work and also consistency, not everyone will remain in poverty if he has great determination to get out of it.

Since we didn't have time to get financial literacy ourselves, it's worth not repeating the mistake and teaching it to our children.

Financial education should, in my opinion, be compulsory in elementary school, like arithmetic and English :) Without it it would be difficult to live in the modern world... In fact, we are now seeing the result of the lack of financial literacy of the population - unbridled consumption, buying unnecessary goods and things, as well as the reckless use of credit ... So we teach our children, than we save from problems in the future! :)

Lifestyle choices and personal priorities play an important role in determining how much a person can save. Know how to distinguish between needs and wants and make informed decisions about spending. Assessing whether a purchase aligns with your long-term financial goals and delivers real value can help prioritize savings over immediate gratification. In addition to paying attention to your spending habits and focusing on prioritizing your savings, you can make more deliberate choices about how your income is distributed. This approach allows you to build a strong financial foundation and create a safety net for the future.

that is not an easy task esp at this point of time! since we are not a CEO of a fancy firm or earning a lot. But we can try manainting some goals and saving some funds to either have a vacation or to charity

If you are lucky to have been getting the right advise from the right person and you do the right decision for the best of your financial health then surly the prospirity would folllow you!

well, other than that, another important point is limited income. even outside of lifestyle and priorities, another important thing is how much a person earns each month. there are still very many people who have only enough monthly income to meet their daily needs, or even less. so, if you want to save, we should try to increase the income we have.
Apart from that, looking for additional work as well as investing is a very good thing to do. if someone is young, maybe focusing on saving and investing is the right choice. If there is more than $100 left to save from remaining expenses, then it would be better to choose $50 to invest and $50 to save. it aims to increase income, and can also be a future asset.

Lifestyle is crucial, and indeed, everyone requires a lifestyle that enables them to position themselves within a more fitting environment. It is not merely about squandering money on frivolous needs; rather, it pertains to establishing positive connections with individuals who possess the potential to mutually support and advance one another's economic prospects.

There exist certain lifestyles that are also futile to pursue, such as the negative urban lifestyle that solely serves as a realm of consumerism and fleeting satisfaction. It is imperative to avoid such a lifestyle in order to allocate more towards savings and investments, thereby fostering greater financial security and growth.

This is quite a large amount of income which is basically easier to save, especially if the point of saving is at $1000 which a person still has $2000 for all the necessities he needs to live. But this can't be imagined by those with small incomes because they still have to struggle for their daily needs first before struggling to make more decent savings in their lives even though by collecting little by little.

Considering the cost of living is always important, and it's not seen from which environment you come from and live your life. Because budgeting and the discipline to save consistently are part of everyone's planning in life, even though not everyone can do it at the same time because basically everyone doesn't have the same amount of income in their life.

Obviously it is not an easy task to carry out even though many people often say it is easy, because people who have little income certainly need to set every goal before they can carry it out gradually in life. Especially if they want to make savings for charity and for vacations, it always takes a little longer to make that happen, because they need to accumulate money slowly.

The problem when we are young and we don't have experience on things is that we usually spend it on nonsense. I mean, before my first job, I was earning minimum wage and also single, but still, I was broke because I always bought useless stuff and also alcohol and parties every day. I was kind of new to the world and wanted to explore things, and now that I've seen the true meaning of life, I now save even a small amount because it is for our future. It doesn't mean that if you save it should be big,, any amount will do as it will accumulate.

I was also concerned as some people believe that saving 1/3 of income is not hard, I believe this is personal as income varies. There are people that would not be able to spend up to 1/10 of their income in a month, while it will be difficult for some to save anything in a month. Just like you, there are times you borrow to survive, which is why I believe that the answer to this question will always vary in relation to an individual's income and responsibility.

I included responsibility because some people earn more than enough but their responsibility is too much for them. This might be a family person or someone that the extent family depends on him.

There is a category of people who, being no longer young, still continue to lead a wasteful lifestyle and spend money on trash. But in that you are right that in young people it is more common. Of course, this is due to the lack of life experience and general financial literacy, which is rarely taught and young people have to learn from their mistakes.

Accumulation happens better if you do it systematically, at least in small amounts. Constancy is important and then, over the years, a good amount accumulates. And if you do this with the help of digital assets (better to say investment tool), like bitcoin, then this will also allow you to increase these savings. That is why, I am of the opinion that it is quite possible to set aside part of the salary and this can be taught if you approach the decision wisely, abandoning senseless and unnecessary spending on all sorts of useless stuff.

Another confirmation of the idea that the main cause of our problems is... WE ARE :)
By the way, the second problem is the search for problems on the side, the search for culprits, the search for "conspiracy theories", all this just to justify our susceptibility to addictions and weakness in the fight against these, not very useful addictions :)
In short, the question "How to start living well and having enough", you have to ask the question "what did you really do to achieve this? "

As I was saying, it will be getting worse, not just staying the same. Some people might think, "I don't want any change, I like my life as it is." And my post was for those people. I know we, you and me, mean the same things, we just put it differently. I know that, mate. :)

What I noticed from the conversation is that the context of thinking is the same but has a different premise from the two statements.
"Making changes" and "liking my own life as it is" are contexts that can be taken, that making changes does not mean being someone else but being yourself as you like and being the best for your version, I think it can be concluded that the purpose of life for both of them is the same, but by having its own language.
Any decision about life in terms of finances or whatever, the goal is to be better it will have a positive outcome.
Everyone has their own formula in doing anything including saving and improving themselves to be better according to their version that is adapted to their respective situations, thoughts and goals.
I think you have different thought orientations but on goals that can be conical at the same point.

I think you are right about both of us and also some other posters in this thread. We all agree that saving is a good thing, but we disagree about the percentage because we live in different countries with very different salaries and for some of us saving one third of what you earn monthly is not only hard but impossible.

To you personally I want to say that I disagree that making changes does not mean being someone else. If you are accustomed to spending all your monthly income however big it is, you have to become someone else, someone who doesn't do as they are pleased all the time, but thinks about the future.

You can do it if you are dedicated to it and you live a simple life, you need to have a goal and a dedication to reach that goal, this is easy to do if you are single and have a good job, and raised by your parents living a simple life.

But if you have a family although it is possible it's hard to save one-third of your salary, your family comes first than savings, here in our country where the minimum wage cannot keep up with the cost of living, it's hard for a family man to save one-third of his salary unless both husband wives are working.

You said it right unless you have some other resources like doing side job that will add up to your monthly earnings, but moving back to that situation where you already have a family and only have a single source of income, saving that portions from your monthly salary is way harder than you can think of it, your obligation will always be your priority.

Though maybe you can still save some but the major part of it will be for your monthly expenses.

Saving that percentage isn't hard. But what makes life hard if it's that easy to save that amount monthly? Well, easy, we don't have the same salaries. Those that are earning a lot from their salaries and businesses can do this much but the wise people wouldn't just save that amount for savings but they'll allocate it for savings. If you're living as a single, you'll easily determine how much percentage you want to save every cut off of your salary. There will be not that much obligations for you except rents and tax but if you don't rent that there's a lot of money on you where you can put into other things. While I see couples and families struggling saving even lower than that percentage it's because of many factors like high cost of goods.

What you have described is more suitable for the capital in the country where I live. Because $ 3,000 is a lot to earn even in a very high position. As well as spending 500 dollars on food is a lot. For the city where I live, the amounts of the are smaller than you described, about 2.5 or 3 times. Here, an income of $ 1,000 is very good, about $ 200 is spent on food. To rent an apartment is about $ 150. And this is good in principle, because we all earn almost the same on cryptocurrencies on the forum, and prices in a place where I live are cheap for life.

For single people who have a job/income and don't have the burden of supporting their family, it will certainly be easy for them to manage their finances in the best way to allocate their funds, including saving/investing in a percentage that may be larger than that.
while people already have partners or are the backbone of the family, of course it is not easy to manage finances, except maybe the income is stable, but even though it is stable it will also be very difficult to meet the percentage that must be saved, because unexpected funds may always be there if you have people's which you have to meet their needs.

That's right. Maybe saving 1/10 is more realistic for some people. If people with low income tried to save 1/3 of their monthly income, it could be painful for their families. I think we shouldn't make the current life of our close ones harder only because we want to be prepared for possible hard times ahead. Cut your expenses, but not those on the needed things. Don't make your kids eat less food, rather, cut what you spend on yourself, and try to increase your income through additional jobs.