Post
Topic
Board Economics
Re: Saving one third what you earn monthly is not that hard, isn't it ?
by
bbigtart
on 20/05/2023, 10:19:15 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 ?
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.