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

[stadus]

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 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.

[DrBeer]

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

[irhact]

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.

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.

[Iroh]

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.

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.

[o48o]

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 ?

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.

[Smartprofit]

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 ?

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.

[Doan9269]

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.

[Renampun]

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 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). 

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 ?

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.

[Kelvinid]

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.

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.

[Dickiy]

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.

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.

[BRINIRHA]

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.

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.

[ChiBitCTy]

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#/

[Outhue]

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.

[Iroh]

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.

[Crypto Library]

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.

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.

[Stedsm]

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.

[Furious 7]

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.

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.

[2double0]

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.

[stomachgrowls]

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.

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.

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.

[Cryptomultiplier]

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.