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

[mm2543363580]

Indeed being able to save is a state of mind, because the more you earn, the more possibilities to spend opens. Sometimes people with small salaries manage to fly on vacation and buy expensive stuff. Maybe they wont save third part of their monthly salary, but definitely they save something each month.

I have been working for many years, and I remember only few cases when I managed to spend more than I have earned. These were emergency situations with health issues, when I had to act quick and borrow money. In every other case I save, but sometimes make large spends on vacation, flat renovation, transport purchase. Such things does not happen every month, they are planned before. So yes, saving each months aint that hard.

People with small salary will be able to save more and spend more, in cases where their expenses are less. On the other hand, I have seen some of the high earners struggling to balance their monthly budget, because of sky-rocketing medical expenses and home loan EMIs. So different people may have different ways to deal with it. And also, it need to be seen whether saving money is a good idea with the current inflation rates touching two digits. Stock markets and bank deposits now offer returns considerably lower than the inflation rate.

That totally depends un your expenses if you are a sensible Spender you can save some of your income but if you are an extravagant spender you can't do anything about it .
And you are right the more the rich the more overspending habit they have and middle class tend to spend less and cautiously because they know if they are going to be careless about finances they can end up broke by end of month.

[xSkylarx]

Indeed being able to save is a state of mind, because the more you earn, the more possibilities to spend opens. Sometimes people with small salaries manage to fly on vacation and buy expensive stuff. Maybe they wont save third part of their monthly salary, but definitely they save something each month.

I have been working for many years, and I remember only few cases when I managed to spend more than I have earned. These were emergency situations with health issues, when I had to act quick and borrow money. In every other case I save, but sometimes make large spends on vacation, flat renovation, transport purchase. Such things does not happen every month, they are planned before. So yes, saving each months aint that hard.

People with small salary will be able to save more and spend more, in cases where their expenses are less. On the other hand, I have seen some of the high earners struggling to balance their monthly budget, because of sky-rocketing medical expenses and home loan EMIs. So different people may have different ways to deal with it. And also, it need to be seen whether saving money is a good idea with the current inflation rates touching two digits. Stock markets and bank deposits now offer returns considerably lower than the inflation rate.

That totally depends un your expenses if you are a sensible Spender you can save some of your income but if you are an extravagant spender you can't do anything about it .
And you are right the more the rich the more overspending habit they have and middle class tend to spend less and cautiously because they know if they are going to be careless about finances they can end up broke by end of month.

I just also recall that before my salary is too small i can say that it is enough on me but now when it was way more bigger than my previous salary  we always caught of short i think this because of the inflation and also over time when we do have bigger salary our spending would be also bigger like before we wont be eating on restaurant but now as you have bigger salary you will now it their which means that you do have intended budget on it.

[Inwestour]

I just also recall that before my salary is too small i can say that it is enough on me but now when it was way more bigger than my previous salary  we always caught of short i think this because of the inflation and also over time when we do have bigger salary our spending would be also bigger like before we wont be eating on restaurant but now as you have bigger salary you will now it their which means that you do have intended budget on it.

We try to increase our income in order to improve our standard of living and it is normal that our expenses will increase as our income increases. But at the same time, you need to make sure that these expenses are really necessary, as you said, you don’t need to go to a restaurant to eat, but improve only the most necessary. The rest we should save and, if possible, invest so that they work and generate income.

[xSkylarx]

I just also recall that before my salary is too small i can say that it is enough on me but now when it was way more bigger than my previous salary  we always caught of short i think this because of the inflation and also over time when we do have bigger salary our spending would be also bigger like before we wont be eating on restaurant but now as you have bigger salary you will now it their which means that you do have intended budget on it.

We try to increase our income in order to improve our standard of living and it is normal that our expenses will increase as our income increases. But at the same time, you need to make sure that these expenses are really necessary, as you said, you don’t need to go to a restaurant to eat, but improve only the most necessary. The rest we should save and, if possible, invest so that they work and generate income.

You know the joy that having more salary than before makes you not think of things like eating out because first in your mind is that as you have a bigger salary, you will now buy something that you can now afford, and you are not thinking of saving, which makes you blind. That is why I've learned from it, and now what I've done is treat it the same, or like a 20% increase from my salary, and the extra is for savings, like for emergency purposes, so that we can get something in case of emergencies.

[og kush420]

Indeed being able to save is a state of mind, because the more you earn, the more possibilities to spend opens. Sometimes people with small salaries manage to fly on vacation and buy expensive stuff. Maybe they wont save third part of their monthly salary, but definitely they save something each month.

I have been working for many years, and I remember only few cases when I managed to spend more than I have earned. These were emergency situations with health issues, when I had to act quick and borrow money. In every other case I save, but sometimes make large spends on vacation, flat renovation, transport purchase. Such things does not happen every month, they are planned before. So yes, saving each months aint that hard.

People with small salary will be able to save more and spend more, in cases where their expenses are less. On the other hand, I have seen some of the high earners struggling to balance their monthly budget, because of sky-rocketing medical expenses and home loan EMIs. So different people may have different ways to deal with it. And also, it need to be seen whether saving money is a good idea with the current inflation rates touching two digits. Stock markets and bank deposits now offer returns considerably lower than the inflation rate.

I have a house help - who is always having some hidden pockets in her purse and she saves a lot of money.
It is true people save - but not all of them. Saving is a good habit and its is recommended to save as much as you could. Also emergency funds is very important but sometimes emergency fund in natural disaster is not helpful too.

[nesty]

Saving one third of what you earn monthly could be possible espcially if you are still young and single. If we want to save 1/3 of our salary we can try to reduce our expenses. Look for areas where we can cut back or costs such as eating out les, reducing the utility bills and finding cheaper alternatives for our regular expenses. Then we can try also to increase our income, better to look for opportunities such as taking a sideline or freelancing. Always keep an eye on the expenses to avoid overspending.

[bbigtart]

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 ?

Depending on where we live, if where I am young and single, earning $ 3000 is very large. But whatever it is, in my opinion, no matter how big or how small your income is, setting aside to save is important, because the purpose of saving is not only to increase your financial strength, but that savings can be used for emergency funds when something unexpected happens, such as illness or a disaster. So, saving is still important no matter how much we earn. In addition to forming a habit for saving.

If I oblige myself to save even the smallest amount and also invest even in small amounts. And try to stay positive to stay productive and happy no matter what the conditions are. If something is uncomfortable, just try to enjoy it. Make achievement targets to get out of that discomfort. Discomfort can be endured and dealt with to a certain extent, but saving and investing must start now.

[superman184]

I have a house help - who is always having some hidden pockets in her purse and she saves a lot of money.
It is true people save - but not all of them. Saving is a good habit and its is recommended to save as much as you could. Also emergency funds is very important but sometimes emergency fund in natural disaster is not helpful too.

Apart from natural disasters that don't happen often even though in every year there are always some places. An emergency fund should also be considered as important in life because it will really help someone when they fall sick or when they experience a disaster that requires them to pay for other people's goods, such as in the example of accidentally hitting someone else.

In addition, the housemaid who always tries to save as much as possible is for the needs of her family too (unless she is alone) because she doesn't want her children to feel bitterness in their life when they grow up. That is why a maid prefers to save money in order to succeed in educating her children in a more appropriate place, and besides that it is also very natural for a maid who still feels herself to be poor.

[Fredomago]

I have a house help - who is always having some hidden pockets in her purse and she saves a lot of money.
It is true people save - but not all of them. Saving is a good habit and its is recommended to save as much as you could. Also emergency funds is very important but sometimes emergency fund in natural disaster is not helpful too.

Apart from natural disasters that don't happen often even though in every year there are always some places. An emergency fund should also be considered as important in life because it will really help someone when they fall sick or when they experience a disaster that requires them to pay for other people's goods, such as in the example of accidentally hitting someone else.

In addition, the housemaid who always tries to save as much as possible is for the needs of her family too (unless she is alone) because she doesn't want her children to feel bitterness in their life when they grow up. That is why a maid prefers to save money in order to succeed in educating her children in a more appropriate place, and besides that it is also very natural for a maid who still feels herself to be poor.

I like that sentiment regarding to a housemaid who are saving money to ensure a good education for his children, it's the only way that she can do to make sure that the fate of his love ones will not be the same as her, if you save and manage to complete the education of your child the chance of having a good and competitive job after school is very possible.

Saving is important and if you have that capabilities and you can manage to control your expenses it can be a big help.

Especially in times that emergency is very needed, you have funds to cover and you don't need to loan and have a hard time paying back.

[EarnOnVictor]

Indeed being able to save is a state of mind, because the more you earn, the more possibilities to spend opens. Sometimes people with small salaries manage to fly on vacation and buy expensive stuff. Maybe they wont save third part of their monthly salary, but definitely they save something each month.

I have been working for many years, and I remember only few cases when I managed to spend more than I have earned. These were emergency situations with health issues, when I had to act quick and borrow money. In every other case I save, but sometimes make large spends on vacation, flat renovation, transport purchase. Such things does not happen every month, they are planned before. So yes, saving each months aint that hard.

People with small salary will be able to save more and spend more, in cases where their expenses are less. On the other hand, I have seen some of the high earners struggling to balance their monthly budget, because of sky-rocketing medical expenses and home loan EMIs. So different people may have different ways to deal with it. And also, it need to be seen whether saving money is a good idea with the current inflation rates touching two digits. Stock markets and bank deposits now offer returns considerably lower than the inflation rate.

That totally depends un your expenses if you are a sensible Spender you can save some of your income but if you are an extravagant spender you can't do anything about it .
And you are right the more the rich the more overspending habit they have and middle class tend to spend less and cautiously because they know if they are going to be careless about finances they can end up broke by end of month.

I just also recall that before my salary is too small i can say that it is enough on me but now when it was way more bigger than my previous salary  we always caught of short i think this because of the inflation and also over time when we do have bigger salary our spending would be also bigger like before we wont be eating on restaurant but now as you have bigger salary you will now it their which means that you do have intended budget on it.

I think I understand you, but you have to know that eating outside is not the best way to budget and plan one's life, it should be done once in a while. Even if I have the whole money in this world, I seldom eat outside as such as it's not even my style, and by the end of the month unconsciously I would have saved a whole lot of money.

However, no matter how you plan to work with your spending, a good income is the determinant. If the pay is low, it would be hard to save regardless of how much you try to cut spending. This is why it's always good to hustle well or secure a paying job that gives way more than your expenses.

[Fakhrulenclix]

I have a house help - who is always having some hidden pockets in her purse and she saves a lot of money.
It is true people save - but not all of them. Saving is a good habit and its is recommended to save as much as you could. Also emergency funds is very important but sometimes emergency fund in natural disaster is not helpful too.

Apart from natural disasters that don't happen often even though in every year there are always some places. An emergency fund should also be considered as important in life because it will really help someone when they fall sick or when they experience a disaster that requires them to pay for other people's goods, such as in the example of accidentally hitting someone else.

In addition, the housemaid who always tries to save as much as possible is for the needs of her family too (unless she is alone) because she doesn't want her children to feel bitterness in their life when they grow up. That is why a maid prefers to save money in order to succeed in educating her children in a more appropriate place, and besides that it is also very natural for a maid who still feels herself to be poor.

saving is very important for everyone regardless of whether it's for a brighter future or preparing for emergency funds.
in fact, if the income is sufficient, it is not difficult to set aside a little to save, but this desire does not always go as desired, sometimes there are many desires that are difficult to control, making finances difficult to control.

[Dr.Osh]

it is a good share, sadly, it is a very big income in the country that I have. some countries have an average income of under $1k, or even around $300-$500 per month. with income like that, it will be difficult to save 30% of your salary, let alone large basic needs. In addition, some countries have people's incomes that are even lower than that. So, it might be a hard thing to save.
However, saving can still be done and adjusted to the income we get. the more income we generate, the greater the potential to save, even to build a new business. it's just, it's a really good idea. it would be great if we try to increase the income we have at a certain target, for example, $ 1k before we do this saving method.

[xSkylarx]

Indeed being able to save is a state of mind, because the more you earn, the more possibilities to spend opens. Sometimes people with small salaries manage to fly on vacation and buy expensive stuff. Maybe they wont save third part of their monthly salary, but definitely they save something each month.

I have been working for many years, and I remember only few cases when I managed to spend more than I have earned. These were emergency situations with health issues, when I had to act quick and borrow money. In every other case I save, but sometimes make large spends on vacation, flat renovation, transport purchase. Such things does not happen every month, they are planned before. So yes, saving each months aint that hard.

People with small salary will be able to save more and spend more, in cases where their expenses are less. On the other hand, I have seen some of the high earners struggling to balance their monthly budget, because of sky-rocketing medical expenses and home loan EMIs. So different people may have different ways to deal with it. And also, it need to be seen whether saving money is a good idea with the current inflation rates touching two digits. Stock markets and bank deposits now offer returns considerably lower than the inflation rate.

That totally depends un your expenses if you are a sensible Spender you can save some of your income but if you are an extravagant spender you can't do anything about it .
And you are right the more the rich the more overspending habit they have and middle class tend to spend less and cautiously because they know if they are going to be careless about finances they can end up broke by end of month.

I just also recall that before my salary is too small i can say that it is enough on me but now when it was way more bigger than my previous salary  we always caught of short i think this because of the inflation and also over time when we do have bigger salary our spending would be also bigger like before we wont be eating on restaurant but now as you have bigger salary you will now it their which means that you do have intended budget on it.

I think I understand you, but you have to know that eating outside is not the best way to budget and plan one's life, it should be done once in a while. Even if I have the whole money in this world, I seldom eat outside as such as it's not even my style, and by the end of the month unconsciously I would have saved a whole lot of money.

However, no matter how you plan to work with your spending, a good income is the determinant. If the pay is low, it would be hard to save regardless of how much you try to cut spending. This is why it's always good to hustle well or secure a paying job that gives way more than your expenses.

I know that it is not healthy, but this kind of bonding with my family and we can eat delicious food doesn't mean that my cook wasn't delicious; it is that the food in restaurants is different from what we cook at home, and some sort of thing. We are happy eating outside the house, though we don't do this regularly, only once a month or if not every other month, as it is expensive.

[ilovealtcoins]

it is a good share, sadly, it is a very big income in the country that I have. some countries have an average income of under $1k, or even around $300-$500 per month. with income like that, it will be difficult to save 30% of your salary, let alone large basic needs. In addition, some countries have people's incomes that are even lower than that. So, it might be a hard thing to save.
However, saving can still be done and adjusted to the income we get. the more income we generate, the greater the potential to save, even to build a new business. it's just, it's a really good idea. it would be great if we try to increase the income we have at a certain target, for example, $ 1k before we do this saving method.

My country has an average income of only 250$-300$ per month, but the prices and daily expenses are very high, and saving is almost impossible if you are married. The income OP gave is a huge amount, and if I had that income, I could save $2k per month, let alone 1/3 of that.
But no matter how difficult it is, saving is really necessary, so each person needs to try their best. We should earn other sources of income, even if not more than our main income, by all means, we should always have savings for ourselves.

[nara1892]

it is a good share, sadly, it is a very big income in the country that I have. some countries have an average income of under $1k, or even around $300-$500 per month. with income like that, it will be difficult to save 30% of your salary, let alone large basic needs. In addition, some countries have people's incomes that are even lower than that. So, it might be a hard thing to save.
However, saving can still be done and adjusted to the income we get. the more income we generate, the greater the potential to save, even to build a new business. it's just, it's a really good idea. it would be great if we try to increase the income we have at a certain target, for example, $ 1k before we do this saving method.

Saving is indeed situational, we cannot force this while we still have other needs that cannot be postponed. The truth is that saving can be done according to our ability from what we produce. If we can only save 10% of our income there is no problem, if we can do more than that then that's even better.
We also cannot ignore other needs, especially basic needs just to save. We have to fulfill it first and when there are leftovers that we can set aside then do it.

[gabbie2010]

it is a good share, sadly, it is a very big income in the country that I have. some countries have an average income of under $1k, or even around $300-$500 per month. with income like that, it will be difficult to save 30% of your salary, let alone large basic needs. In addition, some countries have people's incomes that are even lower than that. So, it might be a hard thing to save.
However, saving can still be done and adjusted to the income we get. the more income we generate, the greater the potential to save, even to build a new business. it's just, it's a really good idea. it would be great if we try to increase the income we have at a certain target, for example, $ 1k before we do this saving method.

My country has an average income of only 250$-300$ per month, but the prices and daily expenses are very high, and saving is almost impossible if you are married. The income OP gave is a huge amount, and if I had that income, I could save $2k per month, let alone 1/3 of that.
But no matter how difficult it is, saving is really necessary, so each person needs to try their best. We should earn other sources of income, even if not more than our main income, by all means, we should always have savings for ourselves.

The OP didn't consider the fact that monthly earnings differs in different countries of the world in third world or developing countries where people are poorly remunerated, single individuals who earn $300 to $500 can't save 1/3 of their monthly income because of high cost of living, though I wouldn't rule out savings from their paltry income, however it can't be one third of their total salary, a lot of those individual have dependent relatives who they would also cater for monthly out of the $300 to $500 monthly salary thus it becomes more difficult to earmark certain amount for savings so it's a case of different strokes for different folks.

[DrBeer]

A small addition. From personal observations - people living in poverty very often have a lot of bad habits. And as a rule, they all lead either to additional costs, or to the inability to receive additional income.
The former include - alcohol, smoking, illogical spending, and similar expenses ...
To the second - laziness, fear of change, lack of internal strength to force yourself to study / work.

The first problems are solved simply - a simple rejection of alcohol and tobacco saves a lot of money. In all countries, both tobacco and alcohol are expensive. I'm talking about drugs in general

The second reasons - their solution is much more difficult. But without solving these problems, it will never be possible to break out of the vicious circle of poverty.

PS Set aside funds that were previously spent on alcohol / tobacco / gambling / drugs / unnecessary purchases ... - this can be just that very 30% of income, even in poor countries!

[og kush420]

Indeed being able to save is a state of mind, because the more you earn, the more possibilities to spend opens. Sometimes people with small salaries manage to fly on vacation and buy expensive stuff. Maybe they wont save third part of their monthly salary, but definitely they save something each month.

I have been working for many years, and I remember only few cases when I managed to spend more than I have earned. These were emergency situations with health issues, when I had to act quick and borrow money. In every other case I save, but sometimes make large spends on vacation, flat renovation, transport purchase. Such things does not happen every month, they are planned before. So yes, saving each months aint that hard.

People with small salary will be able to save more and spend more, in cases where their expenses are less. On the other hand, I have seen some of the high earners struggling to balance their monthly budget, because of sky-rocketing medical expenses and home loan EMIs. So different people may have different ways to deal with it. And also, it need to be seen whether saving money is a good idea with the current inflation rates touching two digits. Stock markets and bank deposits now offer returns considerably lower than the inflation rate.

saving is a good habit one must have a little amount saved. Avoid going to malls unnecessary and try to fous on the work and earn money as much as you could to be a successful in life.

[Fatunad]

Indeed being able to save is a state of mind, because the more you earn, the more possibilities to spend opens. Sometimes people with small salaries manage to fly on vacation and buy expensive stuff. Maybe they wont save third part of their monthly salary, but definitely they save something each month.

I have been working for many years, and I remember only few cases when I managed to spend more than I have earned. These were emergency situations with health issues, when I had to act quick and borrow money. In every other case I save, but sometimes make large spends on vacation, flat renovation, transport purchase. Such things does not happen every month, they are planned before. So yes, saving each months aint that hard.

People with small salary will be able to save more and spend more, in cases where their expenses are less. On the other hand, I have seen some of the high earners struggling to balance their monthly budget, because of sky-rocketing medical expenses and home loan EMIs. So different people may have different ways to deal with it. And also, it need to be seen whether saving money is a good idea with the current inflation rates touching two digits. Stock markets and bank deposits now offer returns considerably lower than the inflation rate.

saving is a good habit one must have a little amount saved. Avoid going to malls unnecessary and try to fous on the work and earn money as much as you could to be a successful in life.

But of course,everything should really be having the balance because we know that we do have priorities in life and not everything would really be just simply be saved up.If you do live on a country which does have that poor salary rate and if you are someone who does have a family then saving up 1/3 of your salary would really be a big challenge or something that you couldnt really do. You would be needing to supply and give on whatever your family needs on point and you wont really be minding about having that savings. This is why people would really be finding up ways to have some extra income and this is where
each person would differ because not all would really be having that kind of mindset or really be that mindful and really just simply contented on what they do currently have.
Therefore, we cant really make out some conclusion if ever someone do fail on having that savings because its never been that simple in the first place.

[GreenStox]

The feasibility of saving $1,000 per month based on the income and expenses you provided can vary depending on several factors, including the cost of living in the specific area where you reside. While it's challenging to provide a definitive answer without knowing the location, I can offer some general insights.
The cost of rental accommodation can vary significantly depending on the city or region. In some high-cost areas, it might be difficult to find a rental option within the $500 to $800 range for a guest bedroom in a shared house or apartment. Similarly, the cost of food can vary based on your eating habits and the cost of groceries in your area.