Post
Topic
Board Economics
Re: Saving one third what you earn monthly is not that hard, isn't it ?
by
Betwrong
on 29/05/2023, 09:35:36 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's not possible where I live because $800 per month is considered a very good salary here, so saving $1k is out of question. But I think I can contemplate the possibility of saving 30% of your income. It's impossible in my opinion. It's too much. And those guys earning $3k per month, I'm sure they are living in places where everything, food, electricity, medical care and stuff, everything is more expensive there, so, couldn't afford saving that much.