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

[ginsan]

depends on a person's principles and expenses and also the main factors due to the negative things that hit them. let's say they earn $3k a month and if someone is addicted to sex and gambling I don't think he will be able to save a third of the salary he earns. Maybe for those who can save expenses and can save are those who are not addicted to gambling or anything.

I say that because I experienced something similar, namely my income could reach $ 2k per month and it could be more, but I couldn't save $ 500 every month because I was already in gambling.

maybe I have to change the bad side of my life to be able to remember the future and save a little to be able to buy something in the future.

thanks for providing an example and this thread is very useful.

[Merit.s]

It all depends on the person lifestyle, someone with a flamboyant lifestyle will not be able to save $1K,the more money you get,you more problems you have,so earning $3K will have so many stuffs to settle. Someone can also see that is money is coming constantly and get carried away with spending without saving or have a budget for the money. I love saving, why ? when we were in high school, my mom will give some money to buy chocolates,I will only buy few and keep the rest money and this was how I started learning the habit of saving.

[Mahanton]

It all depends on the person lifestyle, someone with a flamboyant lifestyle will not be able to save $1K,the more money you get,you more problems you have,so earning $3K will have so many stuffs to settle. Someone can also see that is money is coming constantly and get carried away with spending without saving or have a budget for the money. I love saving, why ? when we were in high school, my mom will give some money to buy chocolates,I will only buy few and keep the rest money and this was how I started learning the habit of saving.

If you are that someone who doesnt really think about your future or something about financial then you wont really be that mindful about your spending but rather you would really be minding on the current stuff.
Its true that not all the times we are really that in good shape or someone who cant face up problems which in related to money or something you do need and if you dont have that savings then you would
really be finding yourself into that extreme problem or trouble that someone couldnt really be able to solve it out.Its not just for investment purposes but also for emergency stuffs which is something
you do really need to do so.

[Kiresiura]

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 each individual's income conditions and lifestyle. Some people make money because they want to live a luxurious and comfortable life now, while some people really want to save money for the future for a long time.

[LogitechMouse]

1/3 of total monthly income going to savings? This is a subjective topic because people are living differently.

There are some people who are living on cities which earns a daily minimum wage and, in our country, if you are living in a city and you're a minimum wage earner, you'll be having a hard time saving money because your monthly income might just be enough for your needs and bills. On the other hand, if you are living outside the city (let's say in a province) and your monthly income is higher than that of a minimum wage earner then obviously saving 1/3 is possible.

Aside from the place where you are living, maybe you can consider too the monthly expenses and their kind of life. A person who doesn't have any family yet and has a higher income obviously can save 1/3 of their monthly salary. Now a person who already has a family might be having a hard time saving 1/3 because of the expenses.

Overall, saving 1/3 of the total monthly income depends on the life of a person. Some can do it which is very good, and some are not for some reasons. As for me, I don't have a family yet so I can still save 25% of my total monthly income.

[Woodie]

If you are in twenties or early thirties and remain single

Are you implying only single people are invested in this technology because i dont think this is true... And the one third savings target in crypto is definitely not possible for a family person because so many commitments involved unless your paycheck is above average for you to put aside this much. Btw instead of 1/3 going to savings, maybe saving not less than $100 every month will definitely make a difference to your portfolio.

[Dr.Bitcoin_Strange]

From my perspective, savings really depend on some factors, but I'll mention two below.

: decipling

: What you are saving for (your goal)

Probably, if someone is earning up to $3000 in a month, they will definitely be able to save $1000 per month, but it all depends on where they live and how they live their lives. 
The ability to save is determined by self-discipline, goals for saving, and more. There are people who cannot save anything despite the amount they earn, not because they don't have a goal to save for but because they end up spending lavishly until the whole money is gone.

I learned that human needs are insatiable, and that is why some say that no matter how much a young person (single, age 20–30) earns, his or her needs are voluminous, and once the person lacks discipline, they spend lavishly, even on what they ought not to. 

There is this common saying in my place that "if you earn a lot, you will also have a lot to spend all the money on." But no matter how little you earn, if self-discipline is practiced, it will make you save (even if not up to one third of salary). 

[Ryu_Ar1]

If you are in twenties or early thirties and remain single

Are you implying only single people are invested in this technology because i dont think this is true... And the one third savings target in crypto is definitely not possible for a family person because so many commitments involved unless your paycheck is above average for you to put aside this much. Btw instead of 1/3 going to savings, maybe saving not less than $100 every month will definitely make a difference to your portfolio.

Actually things like this come back to me too I think.
If they are able to make an investment of 30% of their income and they are able to do that (without any problems) why not for their daily living conditions, basically this returns to themselves as long as there is no compulsion to do so, I think it can just to make an investment of that size even though it can be said this is still quite large.

[paxmao]

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 ?

Of course, with those numbers anyone could save not just 30% but probably 50% if that were the objective. The problem of people who do not save is, most of the times, that their income is not great. I am not saying that earning a lot means you'll save, because you can manage to spend it, I am saying that many people out there have just enough for the basic needs.

[kro55]

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.

There's no excuses not to save no matter how low your salary is as long as you are determined to save. Yes, self-discipline and focus on your goal will make it work. However, if you just make a plan but without action plans, then it will remain a plan forever. Saving is hard, yes it is, but you can always make it happen if you have the high desires to work for it.

Agree, although it is pretty difficult for low-income people to save, but if they really have a plan and determination, I think it can be done. They don't have to save every month or exactly 1/3 of their income, they can save every time they earn a little more, or during that month, they can cut their spending and save. I mean, save according to your circumstances, and don't be so stereotyped as people with higher incomes. Do not compare with them, make a plan that suits our situation.

[Wildwest]

If our income is sufficient and always stable then saving from one-third of the income is very possible, and it is indeed our obligation to invest in the future, but this all depends on the way we each manage our finances, there are some people who find it difficult to save money and they spend all their salary without any leftovers to save, of course this is a mistake that must be corrected, because we all have a greater desire for the future and that we have to design from the age of 20-30 years, so that our old age will live happily.

[og kush420]

If our income is sufficient and always stable then saving from one-third of the income is very possible, and it is indeed our obligation to invest in the future, but this all depends on the way we each manage our finances, there are some people who find it difficult to save money and they spend all their salary without any leftovers to save, of course this is a mistake that must be corrected, because we all have a greater desire for the future and that we have to design from the age of 20-30 years, so that our old age will live happily.

I am not sure about anyone else. But we are here going through the extreme tough times of our lives. The flour which is basic need of every home is triple the price than last year. So what would people do - spend money on entertainment or buy basic needful items.
Here on christmas many people wore old cloth and made food at home. To save money. And that is a simple and joyful way to spend christmas.

[Rockstarguy]

If our income is sufficient and always stable then saving from one-third of the income is very possible, and it is indeed our obligation to invest in the future, but this all depends on the way we each manage our finances, there are some people who find it difficult to save money and they spend all their salary without any leftovers to save, of course this is a mistake that must be corrected, because we all have a greater desire for the future and that we have to design from the age of 20-30 years, so that our old age will live happily.

Not been conscious how money is been spent is bad. The reason why savings is important is because no one knows what will happen in the future, if the opportunity of earning money will still be permanent after now. but if things change and money is not coming like the way it used to come the little money that have been saved before now will go a long for someone to do something good with it. Savings is just too important for future purposes.

[Sophiya]

The very idea of saving money is beautiful. But I could never set aside a certain amount of money for later. I can live on a limited amount of money just fine. But as soon as I manage to earn more, my expenses immediately increase, I stop counting my expenses and they increase exponentially. Although when difficulties with finances arise, I can easily save and reduce my material needs (this was often the case when I was a junior student).

[Kasabus]

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.

if not third, at least save something. i can understand that most can't save a third as the income is just enough to cater the basic needs. check your expenses and see where can you save a little. for example, if you used to buying food outside, why not make your own packed lunch or snacks? small strategies will give you some breathing room at the end of the month. and you won't know it, you already stack a big chunk from those savings.

Right. If you find it hard to save a third from your income, then just save any amount that would be fine. It’s not really necessary to hit your goal, what is important is that you are really making an action out of your target goal. In the end, you will be surprise that what you save is already big enough, even when you started it from cents. Even myself, I would really admit saving today seems really hard to do, but if you will think that you can also benefit it in the future, then I have to do because it’s a must.

[uneng]

The very idea of saving money is beautiful. But I could never set aside a certain amount of money for later. I can live on a limited amount of money just fine. But as soon as I manage to earn more, my expenses immediately increase, I stop counting my expenses and they increase exponentially. Although when difficulties with finances arise, I can easily save and reduce my material needs (this was often the case when I was a junior student).

it seems when you see your income has increased, you feel confortable in spending more money, so you have difficults saving funds when you have the option to do so. I believe you can control your desire for purchases in order to revert this reality. When you feel that urge for buying something, wait for a while, think again about what you are doing, ask yourself if you really need that product or service you are going to acquire or if it would be more worthful for you to save that money instead of spending it. Draw long term goals for your money and make it important for you, then the impulse for daily purchases will fade out within time.

[Cookdata]

There's no excuses not to save no matter how low your salary is as long as you are determined to save. Yes, self-discipline and focus on your goal will make it work. However, if you just make a plan but without action plans, then it will remain a plan forever. Saving is hard, yes it is, but you can always make it happen if you have the high desires to work for it.

A dream will always remain a dream if you don't turn it into a goal. The goal must have a clear execution plan, otherwise it will not be achievable, and money is just a means to achieve our goal, money cannot be a valuable goal, because owning money will not make you happy, you need to understand why you need it. Therefore, it is important to understand why you save and then everything will work out, otherwise it will be a tedious process that you will soon abandon.

You can save all you want provided that life doesn't bring you unforeseen circumstances or what you don't expect, we have seen people who have enough wealth through their hard work and dedication only to be wiped out by a sickness they don't expect. Some people save money without checking on their health status, they think they are been dedicated and discipline not knowing they are even saving money that will end up being used to treat their health because they don't even bother to check their health status, they don't know that have cancer, they don't know they have a brain tumour, they don't know they have diabetes and these health challenges kills the purpose of saving.

[Wakate]

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 just like you have explained it, this is for a bachelor that doesn't have may responsibility either from family or girlfriend. This is possible if the person does not have a girlfriend or family responsibility. When I was a younger I could make better savings while spending less funds on food and shelter. This is easy to achieve although it all depends on the location and the lifestyle of the person involved. Since there is no external responsibility attached then this is very possible to save even more than this or lesser.

[isaac_clarke22]

~

I mean it depends on the lifestyle of some people. 33% of your income almost close to half of your savings if we're going to look at it. If there's no reason to spend on that PC upgrade that you're looking for, then just don't do it.
I can recall upgrading my CPU back then but then realizing that it was not worth it since I was not CPU bottlenecked anyway. Sure it could be future-proof, but I could have done it either way once I have more of my savings that are really what you call "extra" and something worth losing regardless of what happens.

[JoyMarsha]

Is this possible based on where you live ?

Very possible. I would even save and buy properties.

From where I come from, $3k is a substantial sum of money.

However, the higher pay will naturally result in higher expenses for a person. I can recall that when I had a lower salary, I was still able to take care of myself by living on less of a budget. However, as I start to make a lot of money at work, I find that I am spending more than I did when I was receiving a smaller salary. Now that I have numerous bills to pay, even the large salary I was previously paid is insufficient.