Post
Topic
Board Economics
Re: Saving one third what you earn monthly is not that hard, isn't it ?
by
Rigon
on 15/05/2023, 10:40:19 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 ?
It is applicable to you according to the cost of your country which you have calculated here. If I spend here according to the customs of the country I live in, I will spend only $1500 of the $3000 per month. Now everything is going up in price. Living now has changed a lot compared to the previous life. If everything had not gone up in price, maybe I could have saved $2,000 out of $3,000 based on my country's cost. So I think right now there is not much difference in cost as per your country as well as in my country.