Post
Topic
Board Economics
Re: Saving one third what you earn monthly is not that hard, isn't it ?
by
Z390
on 08/05/2023, 07:08:42 UTC
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 $1,000 savings will allow you to invest or place a house down payment when time is ripe. Is this possible based on where you live ?
Damn that's a lot for expenses right there, there are people that makes less than 3000$ per year over here and you are talking about 3000$ per month? That's a lot and if I am able to make such an amount of money every month I will be able to save 2800$ out of the money because 200$ is enough for all my spending per month, I know how to manage that 200$ and I will be comfortable doing so.

I believe savings is very helpful and the needful will come in the future, it's the same as investment but savings is a must, it's one of those reasons why investment dreams can come true, if you are investing and not saving when the emergency comes you will have no other choices than to pull out funds from your investments, which could be better if the funds are pulled from your savings rather.