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

[Strongkored]

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 ?

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

[Bitcoin1216]

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 ?

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.

[boltz]

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....

[bakasabo]

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.

[goldkingcoiner]

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 ?

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.

[Findingnemo]

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 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.

[Davian144]

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.

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

[Maidak]

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 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.

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.

[AicecreaME]

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 ?

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.

[AbuBhakar]

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

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.

[Cookdata]

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.

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.

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.

[MoonOfLife]

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 ?

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.

[panganib999]

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.

[iv4n]

If you are in twenties or early thirties and remain single...

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.

[Rockstarguy]

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.

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 .

[tabas]

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.

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.

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.

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.

[ajiz138]

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, 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.

[Fortify]

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 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%

[Asiska02]

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.

[Ultegra134]

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 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.

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.