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

[slapper]

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

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

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

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

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

[alastantiger]

Is this possible based on where you live ?

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

[irsykes]

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

[tjtonmoy]

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.

[ichsan ardi]

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

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

[Twentyonepaylots]

Is this possible based on where you live ?

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

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

[BRINIRHA]

saving is very important or mandatory for me, even though saving doesn't have to be a large amount of money every month. the average savings are always used in emergencies for people who are already married. who will care about us if we have a relationship borrowing money, friends, family I don't rely on it because it always damages communication. even if it's really an emergency if you don't get a loan. saving doesn't have to wait for old age but it's better to prevent it before it happens. saving doesn't have to be in a bank in crypto now it's easy and practical and start managing money regularly

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

[Unbunplease]

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.

[Vaskiy]

saving is very important or mandatory for me, even though saving doesn't have to be a large amount of money every month. the average savings are always used in emergencies for people who are already married. who will care about us if we have a relationship borrowing money, friends, family I don't rely on it because it always damages communication. even if it's really an emergency if you don't get a loan. saving doesn't have to wait for old age but it's better to prevent it before it happens. saving doesn't have to be in a bank in crypto now it's easy and practical and start managing money regularly

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

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

[nesty]

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.

[irsykes]

saving is very important or mandatory for me, even though saving doesn't have to be a large amount of money every month. the average savings are always used in emergencies for people who are already married. who will care about us if we have a relationship borrowing money, friends, family I don't rely on it because it always damages communication. even if it's really an emergency if you don't get a loan. saving doesn't have to wait for old age but it's better to prevent it before it happens. saving doesn't have to be in a bank in crypto now it's easy and practical and start managing money regularly

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

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

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

[BVeyron]

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

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

[erep]

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

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

[loopes]

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

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

[Pejoh Asu]

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

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

[Tony116]

-snip

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

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

[cryptoknightt]

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

[axxo]

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.

[Fredomago]

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

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

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

[Pujangga]

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.