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

[Oilacris]

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.

Showing off and bragging on how expensive your cloths and things are is always been a common behavior nowadays.   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.

[Viscore]

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.

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.

[Oceat]

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.

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.

[livingfree]

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 .

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.

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.

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.

[Oasisman]

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 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.

[Crypto Legend]

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.

[darewaller]

This $1,000 savings will allow you to invest or place a house down payment when time is ripe. Is this possible based on where you live ?

The 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".

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.

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.

[Smack That Ace]

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 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.

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.

[19Nov16]

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.

[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.

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.

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.

[Cling18]

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 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.

[Yawa2020]

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.

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

[Yatsan]

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.

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.

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

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.

[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.

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.

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.

[Mpamaegbu]

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

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.

[Yamifoud]

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 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.

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.

[Quidat]

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 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.

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.

[erep]

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.

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.

[crzy]

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

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.

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.

[Furious 7]

in this case it's very easy but we have to remember this is just a supposition
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.