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Scottish Sun
a day ago
- Business
- Scottish Sun
The 5 habits making you broke according to savings whizz who has £100k in the bank AND plans to retire at 40
Read on for more money-saving tips to get you started CASH IN The 5 habits making you broke according to savings whizz who has £100k in the bank AND plans to retire at 40 A YOUNG woman has shared five ways you're making yourself broke every month. Mia McGrath is just 24 but already has £100k in savings and plans to retire at 40. 2 Mia McGrath shared her top tips to stop wasting money Credit: tiktok/@miarosemcgrath 2 At 24, she already has £100,000 saved Credit: TikTok / @miarosemcgrath Thanks to her thrifty lifestyle, Mia is planning to stop working 26 years before her peers. The Londoner who works in fashion regularly shares how she achieves her saving goals, and this time, she shared the habits to give up if you want to start saving. "Trying to be cool or aesthetic is making you broke," Mia said in a TikTok video posted this week. She went on to say that buying a new outfit or a £38 Rhode phone case to look 'aesthetically pleasing' on Instagram was a waste of money. Mia admitted she used to do this before making a change. She said: "I realised I was doing it for other people, not for myself." The second mistake people make is following trends and fads that turn out to be very expensive. The savvy saver warned: "You don't need the latest trending item - a Labubu, a Coach bag. It's not essential." She added: "I guarantee if you waited 30 days to buy it, you wouldn't want it anymore." The third financial mistake Mia identified is 'not saving because you think it's pointless'. Paychecks set to change for millions of Americans as new July law starts – see if switch is happening in your state She argued that no matter how small the amount, it was always worth doing. "I guarantee, if it's £10, £50, no matter how small it is, you're probably not doing it because of that reason," she reminded viewers. Mia, who has accumulated 'almost £100,000 in savings and investments' in recent years, revealed that she also started small, even putting money aside when she was relying on a student maintenance grant. She continued: "I wouldn't have been able to do that if I had that mindset that saving £50 is pointless." Fourthly, Mia advocated for starting a side hustle, telling fellow TikTokers that they're 'not too busy' She said: "Stop using the excuse that you don't have enough time, you just don't want to enough." She insisted: "Whatever it is, creating content, creating a personal brand, making extra money - I've done all those things while at a nine to five job that I have to be in the office five days a week for." Mia added that, providing someone wants to improve their finances, they can - it just takes discipline. Finally, Mia warned that it's irresponsible to think a 'man is going to sweep in' and facilitate the 'soft life' that some people crave. Mia said: "There is so much bad advice on TikTok saying you need to appear in your "soft feminine energy" and go sit at a bar where a rich man will find you..." In a bid to do away with this myth, Mia said: 'You have to work hard and have your own money." Money saving challenges Here's some of our favourite money saving challenges. Weather saving challenge - Save the amount equal to whatever the highest temperature was that week. £1 = 1C. - Save the amount equal to whatever the highest temperature was that week. £1 = 1C. 1p challenge - save 1p a day for everyday of the year, but it increase the amount by 1p each day. So day one you save 1p, 2p on day two and 3p on day three. When you reach 100 days you start adding a £1 coin each day too, while this increases to a £2 coin each day plus pennies at 200 days, and £3 each day on top of pennies at day 300. - save 1p a day for everyday of the year, but it increase the amount by 1p each day. So day one you save 1p, 2p on day two and 3p on day three. When you reach 100 days you start adding a £1 coin each day too, while this increases to a £2 coin each day plus pennies at 200 days, and £3 each day on top of pennies at day 300. 20p a day challenge - Start by putting 20p in savings, then increase the amount by 20p every day. For example, the first week will look like this: 20p, 40p, 60p, 80p, £1, £1.20, £1.40. - Start by putting 20p in savings, then increase the amount by 20p every day. For example, the first week will look like this: 20p, 40p, 60p, 80p, £1, £1.20, £1.40. £5 a week challenge - Like the 20p challenge, put aside £5 a week and increase it by a fiver each week. Eg £5, £10, £15, £20 - Like the 20p challenge, put aside £5 a week and increase it by a fiver each week. Eg £5, £10, £15, £20 Round-up challenge - Every time you buy something, round up the purchase to the nearest £1 and put the difference in a savings account. Eg. You pay £2.60, so you put 40p in savings. You can use an app such as Monzo or Starling to do this. - Every time you buy something, round up the purchase to the nearest £1 and put the difference in a savings account. Eg. You pay £2.60, so you put 40p in savings. You can use an app such as Monzo or Starling to do this. Bingo challenge - Here you have a bingo card with different numbers on it and you tick them off when you've put that amount in your savings account. It can be ad hoc but you have to tick them all off by the end of the month. - Here you have a bingo card with different numbers on it and you tick them off when you've put that amount in your savings account. It can be ad hoc but you have to tick them all off by the end of the month. Monday to Sunday challenge - With this challenge, you simply save £1 on Monday, £2 on Tuesday and so on until the weekend where you don't save on Saturday or Sunday. - With this challenge, you simply save £1 on Monday, £2 on Tuesday and so on until the weekend where you don't save on Saturday or Sunday. 365 day challenge - Every Sunday you put aside £1, followed by £2 on Monday, £3 on Wednesday and so on. On Saturday you'll put away £7, and then the process repeats and you'll put aside £1 on Sunday as the new week begins The clip went viral on her TikTok account @miarosemcgrath with over 62k views and 6,100 likes. One person wrote: "The waiting 30 days is such a brilliant and helpful thing to do!" Another commented: "You're really genuine and I love you for that." "Great points! It's so important to stay mindful of spending and focus on saving in the long run," penned a third. Meanwhile, a fourth said: "You're such good advice for the younger women out there." "Very wise words,' claimed a fifth Someone else added: "Couldn't agree more."
The Sun
a day ago
- Business
- The Sun
The 5 habits making you broke according to savings whizz who has £100k in the bank AND plans to retire at 40
A YOUNG woman has shared five ways you're making yourself broke every month. Mia McGrath is just 24 but already has £100k in savings and plans to retire at 40. 2 2 Thanks to her thrifty lifestyle, Mia is planning to stop working 26 years before her peers. The Londoner who works in fashion regularly shares how she achieves her saving goals, and this time, she shared the habits to give up if you want to start saving. "Trying to be cool or aesthetic is making you broke," Mia said in a TikTok video posted this week. She went on to say that buying a new outfit or a £38 Rhode phone case to look 'aesthetically pleasing' on Instagram was a waste of money. Mia admitted she used to do this before making a change. She said: "I realised I was doing it for other people, not for myself." The second mistake people make is following trends and fads that turn out to be very expensive. The savvy saver warned: "You don't need the latest trending item - a Labubu, a Coach bag. It's not essential." She added: "I guarantee if you waited 30 days to buy it, you wouldn't want it anymore." The third financial mistake Mia identified is 'not saving because you think it's pointless'. Paychecks set to change for millions of Americans as new July law starts – see if switch is happening in your state She argued that no matter how small the amount, it was always worth doing. "I guarantee, if it's £10, £50, no matter how small it is, you're probably not doing it because of that reason," she reminded viewers. Mia, who has accumulated 'almost £100,000 in savings and investments' in recent years, revealed that she also started small, even putting money aside when she was relying on a student maintenance grant. She continued: "I wouldn't have been able to do that if I had that mindset that saving £50 is pointless." Fourthly, Mia advocated for starting a side hustle, telling fellow TikTokers that they're 'not too busy' She said: "Stop using the excuse that you don't have enough time, you just don't want to enough." She insisted: "Whatever it is, creating content, creating a personal brand, making extra money - I've done all those things while at a nine to five job that I have to be in the office five days a week for." Mia added that, providing someone wants to improve their finances, they can - it just takes discipline. Finally, Mia warned that it's irresponsible to think a 'man is going to sweep in' and facilitate the 'soft life' that some people crave. Mia said: "There is so much bad advice on TikTok saying you need to appear in your "soft feminine energy" and go sit at a bar where a rich man will find you..." In a bid to do away with this myth, Mia said: 'You have to work hard and have your own money." Money saving challenges Here's some of our favourite money saving challenges. Weather saving challenge - Save the amount equal to whatever the highest temperature was that week. £1 = 1C. 1p challenge - save 1p a day for everyday of the year, but it increase the amount by 1p each day. So day one you save 1p, 2p on day two and 3p on day three. When you reach 100 days you start adding a £1 coin each day too, while this increases to a £2 coin each day plus pennies at 200 days, and £3 each day on top of pennies at day 300. 20p a day challenge - Start by putting 20p in savings, then increase the amount by 20p every day. For example, the first week will look like this: 20p, 40p, 60p, 80p, £1, £1.20, £1.40. £5 a week challenge - Like the 20p challenge, put aside £5 a week and increase it by a fiver each week. Eg £5, £10, £15, £20 Round-up challenge - Every time you buy something, round up the purchase to the nearest £1 and put the difference in a savings account. Eg. You pay £2.60, so you put 40p in savings. You can use an app such as Monzo or Starling to do this. Bingo challenge - Here you have a bingo card with different numbers on it and you tick them off when you've put that amount in your savings account. It can be ad hoc but you have to tick them all off by the end of the month. Monday to Sunday challenge - With this challenge, you simply save £1 on Monday, £2 on Tuesday and so on until the weekend where you don't save on Saturday or Sunday. 365 day challenge - Every Sunday you put aside £1, followed by £2 on Monday, £3 on Wednesday and so on. On Saturday you'll put away £7, and then the process repeats and you'll put aside £1 on Sunday as the new week begins The clip went viral on her TikTok account @ miarosemcgrath with over 62k views and 6,100 likes. One person wrote: "The waiting 30 days is such a brilliant and helpful thing to do!" Another commented: "You're really genuine and I love you for that." "Great points! It's so important to stay mindful of spending and focus on saving in the long run," penned a third. Meanwhile, a fourth said: "You're such good advice for the younger women out there." "Very wise words,' claimed a fifth Someone else added: "Couldn't agree more."
The Irish Sun
a day ago
- Business
- The Irish Sun
The 5 habits making you broke according to savings whizz who has £100k in the bank AND plans to retire at 40
A YOUNG woman has shared five ways you're making yourself broke every month. Advertisement 2 Mia McGrath shared her top tips to stop wasting money Credit: tiktok/@miarosemcgrath 2 At 24, she already has £100,000 saved Credit: TikTok / @miarosemcgrath Thanks to her thrifty lifestyle, Mia is planning to stop working 26 years before her peers. The Londoner who works in fashion regularly shares how she achieves her saving goals, and this time, she shared the habits to give up if you want to start saving. "Trying to be cool or aesthetic is making you broke," Mia said in a TikTok video posted this week. She went on to say that buying a new outfit or a £38 Rhode phone case to look 'aesthetically pleasing' on Instagram was a waste of money. Advertisement Mia admitted she used to do this before making a change. She said: "I realised I was doing it for other people, not for myself." The second mistake people make is following trends and fads that turn out to be very expensive. The savvy saver warned: "You don't need the latest trending item - a Labubu, a Coach bag. It's not essential." Advertisement Most read in Fabulous Exclusive She added: "I guarantee if you waited 30 days to buy it, you wouldn't want it anymore." The third financial mistake Mia identified is 'not saving because you think it's pointless '. Paychecks set to change for millions of Americans as new July law starts – see if switch is happening in your state She argued that no matter how small the amount, it was always worth doing. "I guarantee, if it's £10, £50, no matter how small it is, you're probably not doing it because of that reason," she reminded viewers. Advertisement Mia, who has accumulated 'almost £100,000 in savings and investments' in recent years, revealed that she also started small, even putting money aside when she was relying on a student maintenance grant. She continued: "I wouldn't have been able to do that if I had that mindset that saving £50 is pointless." Fourthly, Mia advocated for starting a side hustle , telling fellow TikTokers that they're 'not too busy' She said: "Stop using the excuse that you don't have enough time, you just don't want to enough." Advertisement She insisted: "Whatever it is, creating content, creating a personal brand, making extra money - I've done all those things while at a nine to five job that I have to be in the office five days a week for." Mia added that, providing someone wants to improve their finances, they can - it just takes discipline. Finally, Mia warned that it's irresponsible to think a 'man is going to sweep in' and facilitate the 'soft life' that some people crave. Mia said: "There is so much bad advice on TikTok saying you need to appear in your "soft feminine energy" and go sit at a bar where a rich man will find you..." Advertisement In a bid to do away with this myth, Mia said: 'You have to work hard and have your own money." Money saving challenges Here's some of our favourite money saving challenges. Weather saving challenge - Save the amount equal to whatever the highest temperature was that week. £1 = 1C. 1p challenge - save 1p a day for everyday of the year, but it increase the amount by 1p each day. So day one you save 1p, 2p on day two and 3p on day three. When you reach 100 days you start adding a £1 coin each day too, while this increases to a £2 coin each day plus pennies at 200 days, and £3 each day on top of pennies at day 300. 20p a day challenge - Start by putting 20p in savings, then increase the amount by 20p every day. For example, the first week will look like this: 20p, 40p, 60p, 80p, £1, £1.20, £1.40. £5 a week challenge - Like the 20p challenge, put aside £5 a week and increase it by a fiver each week. Eg £5, £10, £15, £20 Round-up challenge - Every time you buy something, round up the purchase to the nearest £1 and put the difference in a savings account. Eg. You pay £2.60, so you put 40p in savings. You can use an app such as Monzo or Starling to do this. Bingo challenge - Here you have a bingo card with different numbers on it and you tick them off when you've put that amount in your savings account. It can be ad hoc but you have to tick them all off by the end of the month. Monday to Sunday challenge - With this challenge, you simply save £1 on Monday, £2 on Tuesday and so on until the weekend where you don't save on Saturday or Sunday. 365 day challenge - Every Sunday you put aside £1, followed by £2 on Monday, £3 on Wednesday and so on. On Saturday you'll put away £7, and then the process repeats and you'll put aside £1 on Sunday as the new week begins The clip went viral on her TikTok account @ One person wrote: "The waiting 30 days is such a brilliant and helpful thing to do!" Another commented: "You're really genuine and I love you for that." Advertisement "Great points! It's so important to stay mindful of spending and focus on saving in the long run," penned a third. Meanwhile, a fourth said: "You're such good advice for the younger women out there." Read more on the Irish Sun "Very wise words,' claimed a fifth Someone else added: "Couldn't agree more." Advertisement
Yahoo
02-04-2025
- Business
- Yahoo
24-year-old eats a 65-cent breakfast every day, skips salon visits and has saved $90K—she's part of Gen Z's FIRE movement and plans to retire by 40
Gen Z and young millennials may have a bad reputation for wasting money on avocado toasts, designer bags and luxury holidays—but there's a small but growing pool of young people saving away and hoping to retire by 40. They're part of the FIRE movement. It's no secret that Gen Z and young millennials have fallen out of love with the idea of hustling five days a week until they're in their late 60s. Now, thousands are sharing how they're living frugally to be able to quit their jobs and retire decades early. 'I eat a 50p ($0.65) breakfast every day so I can retire by 40,' Mia McGrath shares what she spends in a day with her 106,000 TikTok followers—adding that usually, she starts the day with humble eggs. The Gen Z influencer who works full-time by day in account management, outlines how she opts out of expensive habits like grabbing coffee to go and monthly manicures, favoring DIYing as much as possible to bring costs down. While many white-collar workers brush off forking out daily for sandwiches or salads as an associated cost of working in an office, as "a financially responsible 24-year-old who is trying to spend as little as possible", McGrath sticks to leftovers instead. 'You won't see me buying a £15 ($19.40) salad,' she adds. McGrath is part of the FIRE movement—that is, 'financially independent, retire early.' Essentially, by being disciplined with her dictionary spending in her 20s and 30s, the Gen Zer can max out the amount of money she invests each month and benefit early from compounding interest. 'My goal is to soft retire, and that's to have the freedom to support myself while working less,' McGrath explains in another video, while adding that she's 'on a journey to retiring early'. 'It means hustling extra hard in my 20s and cutting back on things like daily coffees and getting my nails done, but it also means that at 45 I won't have to ask my boss for a random Wednesday off.' Already, McGrath saved £70,000 ($90,000)—and she says her 'FIRE number,' the amount she needs to save to live off her passive incomes is £1.25 million. FIRE isn't a new concept, with many pointing to the 1992 book Your Money or Your Life as the inspiration behind the trend. But as young people increasingly struggle to get by, it's making them want to take control of their finances and fuelling renewed interest in the FIRE movement. Previous research from Credit Karma shows that the majority of Gen Z describe traditional 9-to-5's as 'soul-sucking'—and they're embracing a penny-pinching lifestyle to turn that dream of escaping the conventional grind into a reality. For the majority (43%), this looks like cutting back on nonessential spending like shopping and dining out. Over a third of respondents said they'd even work odd jobs to make ends meet—otherwise known as polyworking. Although various attempts have been made to raise the full retirement age to 70, another study highlights that less than 2% of Gen Z and millennials predict retiring after their 70th birthday. 'I tell people I want to retire at 40, they laugh, but I have a plan,' a young New Zealander who goes by @girlsthatinvest echoes on TikTok, adding that she already has over $1 million invested and plans to live off $50,000 a year from the interest. 'I know not everyone is lucky enough as me to have begun investing so young, but the truth is, you can start now, and you do not have to wait till 65 to retire. You can get there at 50, at 45—maybe even sooner. But it really pays to get started.' 'At 25, I was earning $83,000 and managed to invest $12,326,' shared another TikToker. Using the #FireMovement hashtag—which now boasts over 6,000 posts—she detailed how she grew her investments to an impressive $350,000 by age 29. While most are sharing how they plan to retire early, one content creator in the U.S. goes one step further and says she's already done it at just 25 years old. According to her TikTok channel and coaching website, @cherrytung ditched the rat race in 2021 and is now living off various passive incomes. Nearly 50,000 people are taking her word for it and following the investment advice on her page. Indeed, it may eventually turn out that Gen Z's early retirement plans are unrealistic. After all, many boomers are being forced to unretire after realizing that the cost of living is now much higher than they'd planned for. But it's never too soon to start retirement planning. The renowned financial expert Suze Orman previously echoed that Gen Z and millennials could indeed retire as millionaires if they make the most of compound growth. Depositing a monthly investment of $100 into an account with a 12% yield would net someone approximately $1,188,342 in 40 years' time. But the longer you delay your investment journey, the lower the accumulated amount of money will be. A millennial who started their investment journey just five years later, at age 30, would accumulate around $649,626 by age 65. While many analysts peg the historical annual rate of return after inflation to be 6-7%, Orman says a 12% annual average rate of return, which would make a Gen Z worker a millionaire before the age of retirement, is a conservative percentage. She estimates that with smart investing you could get up to a 25% rate of return on your money. 'You want to play and have fun, that's on you later on in life when you can't pay your bills,' she warned. 'If there's anything the younger generation needs to understand, it's that the key ingredient to any financial freedom recipe is compounding.' Are you aggressively saving so that you can retire early? Fortune wants to hear from you: This story was originally featured on Sign in to access your portfolio
