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

[Marcellin9]

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 ?

[1715657326]

1715657326

[livingfree]

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.

[NeuroticFish]

If you are in twenties or early thirties and remain single, earn $3,000 after tax per month, you will probably save $1,000 if you, let's say, spend $500 to $800 on rental, a guest bedroom in a shared house/apartment, $500 on food, $50  on utilities, $150 on phone/internet bills, $400 on commuting costs or gas/maintainance if you have a used car, $200 on occasional entertainment or others. This $1,000 savings will allow you to invest or place a house down payment when time is ripe. Is this possible based on where you live ?

It depends a lot by where one lives. If I'd be earning $3k from salary (after tax), it would be wonderful. But I don't.
Also the expenses differ greatly from country to country.
So the math you've done, although nice, doesn't apply in most parts of the world.

[franky1]

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      

[aoluain]

If you are in twenties or early thirties and remain single, earn $3,000 after tax per month, you will probably save $1,000 if you, let's say, spend $500 to $800 on rental, a guest bedroom in a shared house/apartment, $500 on food, $50  on utilities, $150 on phone/internet bills, $400 on commuting costs or gas/maintainance if you have a used car, $200 on occasional entertainment or others. This $1,000 savings will allow you to invest or place a house down payment when time is ripe. Is this possible based on where you live ?

It depends a lot by where one lives. If I'd be earning $3k from salary (after tax), it would be wonderful. But I don't.
Also the expenses differ greatly from country to country.
So the math you've done, although nice, doesn't apply in most parts of the world.

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"

[Doan9269]

If you are in twenties or early thirties and remain single, earn $3,000 after tax per month, you will probably save $1,000 if you, let's say, spend $500 to $800 on rental, a guest bedroom in a shared house/apartment, $500 on food, $50  on utilities, $150 on phone/internet bills, $400 on commuting costs or gas/maintainance if you have a used car, $200 on occasional entertainment or others. This $1,000 savings will allow you to invest or place a house down payment when time is ripe. Is this possible based on where you live ?

It'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.

[NeuroticFish]

It also depends on lifestyle and choices made.

Clearly.

Loans like car, personal and mortgages will seriously eat into any monthly income

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.

[G_Besar]

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 ?

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.

[Rruchi man]

Is this possible based on where you live ?

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.

[ethereumhunter]

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.

[nara1892]

Is this possible based on where you live ?

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.

[poldanmig]

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.

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?

[eightdots]

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.

[hugeblack]

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.

[naira]

Is this possible based on where you live ?

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.

[irhact]

It depends on how much each person earns and how much he spends each month to find money to save.

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.

[Inwestour]

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.

[virasisog]

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.

[serjent05]

If you are in twenties or early thirties and remain single, earn $3,000 after tax per month, you will probably save $1,000 if you, let's say, spend $500 to $800 on rental, a guest bedroom in a shared house/apartment, $500 on food, $50  on utilities, $150 on phone/internet bills, $400 on commuting costs or gas/maintainance if you have a used car, $200 on occasional entertainment or others. This $1,000 savings will allow you to invest or place a house down payment when time is ripe. Is this possible based on where you live ?

It is very 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.

[Natalim]

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 ?

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.