Latest news with #savingmoney
Daily Mail
05-06-2025
- Business
- Daily Mail
I'm 24-year-old with £80,000 in savings - here are the things I'd NEVER spend money on so I can retire at 40
A young woman who is 'hoping to retire early' has revealed the items she would 'never' spend her money on. Mia Rose McGrath, who is 24 and has £80,000 in savings, hopes to retire by the time she's 40. She currently lives in London in a zone 2 flat that she shares with her partner and split the rent and bills equally. Mia hopes to 'soft retire' by the time she's 40 - meaning she will likely still do part time work or things she's 'passionate' about, but won't need to work full time to 'stay alive'. As well as having 'side hustles' which she credits with gaining her £10,000 in the past year, there are certain things Mia doesn't spend money on to help her save. She says she will rarely spend cash on things like takeaways and coffees - only having them when she's with friends. 'These are the things I just don't spend money as a financially responsible 24-year-old who wants to retire early,' she said in her TikTok video, which has racked up more than 500,000 views. The first thing on her list is takeaways - and she says she doesn't even have the Deliveroo app on her phone. However, she makes an exception if she's hanging out with friends. She explained: 'I won't get a takeaway if I can't be bothered to cook. If you can cook really good food, you just don't need to get a takeaway. 'And also, eating in the actual restaurant is so much nicer.' In a similar vein, she also doesn't usually treat herself to a coffee or a pastry - but still gets them with friends. 'I don't see the point of buying one every single day. They're four or five pounds sometimes. That really adds up,' she added. The third item on which she's unwilling to splash the cash is home decor and trinkets, instead collecting them over time when she's given them as gifts. Mia referenced the viral 'labubu' trend - 'monster toys' that have grown popular on social media - and said she would never be caught buying one. She also doesn't buy 'extra' make-up and skincare beyond the 'capsule' collection she sticks to. She said: 'I couldn't tell you the last time I tried out a new product. I really just stick to the same routine of the same essential products and I just top up when they run out.' When it comes to alcohol, Mia said the maximum she'll spend at a time is around £15. 'I'm just not a big drinker. If I'm out with friends, I'll probably just have one or two,' she explained. While some people praised her for her 'sensible' financial decisions, others were worried she's not having enough 'fun' in her 20s. Taking to the comments, people wrote: 'No hate, but what do you do for fun? There's a fine line between being sensible to save money and doing/ buying nothing. You should set some cash aside for treats'; 'Remember to enjoy life as well, I'm 31 and saved a lot during my 20s and now have £200k+ savings, does it make me happy, not really'; 'I thought this is normal... I guess I'm just poor lol'; 'At your age, you're going to make an incredibly big positive difference to your (early) retirement by investing with the savings you're making with these choices'; While some people praised her for her 'sensible' financial decisions, others were worried she's not having enough 'fun' in her 20s 'This is fantastic. I'm exactly the same. Most people love wasting money and they hate seeing others being frugal, because it illustrates their bad spending habits'; 'The amount of money I've wasted on takeaways just to feel awful after eating them anyway is scary.' In another video, Mia revealed there are some items she will splurge on. These include experiences, buying whole foods and renting a nice flat. She also revealed how she's managed to save £80,000 at just 24 years old, revealing she hopes to increase it to £100,000 this year. Mia said she always. 'pays herself first', paying money into her savings account at the start of each month She also credits her savings to becoming 'financially literate' and learning about the stock market. She said that she's spent time 'living below her means' and when she was living at home and had disposable income, saved it towards a home deposit. The financially savvy TikToker emphasised the importance of her side hustles - which include modelling, UGC, content creation and affiliate marketing. In addition, she's done two placements and has been working full-time, saying it took her around five years to reach the savings goal. Though she and her partner split their rent and bills equally - due to being the same age and earning a similar salary, she admitted other things have a 70/30 split. Mia believes the 'man should be trying to impress a woman a little bit more' as it keep the romance alive - for example, she will be spoiled by her partner for Valentine's Day and on birthdays.
Khaleej Times
29-05-2025
- Business
- Khaleej Times
Follow these steps to make saving a hard habit to break
From paying your credit card bills to going out for dinner with friends, we do many things on a monthly basis that have become habits – they are part of our routine. So why not treat saving money the same way? Turn it into a monthly habit, maybe at the end of every month or whenever your salary comes through. In a few years' time, you will be glad you did. Habit forming Let's start by being realistic. If you have never saved before, it can be hard to start. A bit like going to the gym. You need to start saving and then quickly turn it into a habit. And developing a new habit doesn't need to take that long. For some tasks, they can become a habit in a matter of weeks, others take months. For saving money, you could make a note in your phone's diary as a recurring monthly event. Then you will be sent an alert and reminder to take action. From a psychological standpoint, saving every month trains your brain to prioritise future security over current spending. It makes budgeting easier, and your savings become a non-negotiable 'expense'. Make it easy Like with all habits, if they are simple and easy, then we are more likely to stick to them. Even better, what if you could automate saving money? For example, you could set a limit on your current account of Dh5,000, so that any amount above this is automatically swept into a savings account and earns a high rate of interest. Check with your bank to see if this facility is available. LIV has a number of innovative savings accounts such as Goal and Money Ahead. With Goal, you can earn up to four per cent interest a year if you follow a few rules, one of them being you need to transfer your salary into LIV. The Goal savings account has an option called 'Set & Forget' which sets automatic rules where you save a fixed amount every day, week or month. This sounds like a great way to automate your savings in case you forget. Eighth wonder of the world When you save money you earn interest which leaves you with a bigger amount. And then you earn interest on this bigger amount, interest on top of interest, or compound interest to use the correct term. Albert Einstein famously described compound interest as 'the eighth wonder of the world,' adding: 'He who understands it, earns it; he who doesn't, pays it'. So you want to be the one earning it, not paying it. This example should help convince you: Let's say you save Dh1,000 a month earning an annual interest rate of five per cent. In just five years, this will be grow to Dh78,000 and in 10 years it will grow to Dh155,000. Without any interest being paid and then not compounded year on year, your savings would only be worth Dh120,000 after 10 years. Now you can see the power of compound interest. And when is the best time to start saving? Yesterday. And the second best? Today. People often regret not saving sooner, but almost no one regrets having saved early in the lives. Best accounts Now you have been convinced that now is the right time to save, the next task is to find the best savings account. Some of the higher paying ones will give you upwards of four per cent but you need to read the small print to make sure you satisfy the terms. Some involve locking your money up for a set period, which you should be comfortable doing as you are starting a new long-term habit. Others may require a minimum balance to qualify for the higher interest rates. Banks do summarise the benefits and T&Cs but you still need to read them. ADCB Super Saver Account pays up to five per cent, which includes a base rate and a bonus rate, but read carefully the requirements needed to qualify for the bonus as it includes minimum balances you need to maintain. Emirates NBD will pay 4.5 per cent on new money going into its Plus Saver UAE dirham account while RAK Bank is paying six per cent interest but this is only available for three months. A simpler savings account is offered by Wio Bank which will pay you 3.75 per cent with no minimum amount or lock-in period. If you can lock your money up then you will get a higher interest rate – rising to 4.5 per cent.
Yahoo
26-05-2025
- Business
- Yahoo
These 4 money habits can help you feel more secure, says this financial advisor
Young people can feel hopeless about saving money as living costs keep rising. A financial advisor says it's tough out there, but there are small changes you can make. Kate Norris recommends budgeting and paying yourself first to feel more financially secure. It's a tough world right now for young people trying to save money. Grocery prices and rents keep rising, and even fairly financially stable Gen Zers can feel hopeless and worse off than they truly are, thanks to "money dysmorphia." Many are "just trying to keep their head above water," Kate Norris, a certified financial planner at Sun Life, told Business Insider. "Sometimes at the end of the month, you've paid all the bills, the groceries, and there's not a lot left over," she said. "It is tough, I get it." Norris said there is a widespread lack of financial literacy among all generations, and not just Gen Z. When it comes to young people figuring out their future, she has these four key pieces of advice. Norris said her first piece of advice is to set up automatic payments to a savings account at the start of each month. "Once it's out of the account, you're less tempted to spend those surpluses," she said. "Don't overthink it — just get the money somewhere. You might need it in an emergency sooner than later." Norris said people of all ages can lose track of the money inflows and outflows to their accounts, which is why budgeting is essential. "You're like, oh, I budget $500 for groceries, and then it turns out it's $800, well, then we can't really do any cashflow planning or budgeting to know what's left over," she said. Many banks have services to help you budget, Norris said, and categorize your expenses, which can help you feel more in control. "Taking time to actually look at those three to six months of expenses and saying, Where is the money going? What am I spending?" Norris said. "Once you've created that habit early on, I think it sticks with you." Norris said it's a good idea to be very aware of consumer debt rather than just seeing it as a number you're disconnected from. People are drowning in car debt, for example, not realizing how much interest they are paying over time. "It's not just about your monthly payment — what is the debt? What does that debt mean for your net worth?" Norris said. "If you actually break it down, you could be spending $10,000 in that time period on interest." It's better to assess what the debt looks like over time for your long-term situation, rather than thinking about the individual monthly payments, Norris said. Many people struggle with delayed rewards, which can make saving money so difficult. "It's like we can't see that future we want, so we gratify ourselves now with what's in front of us," Norris said. "Or you set up Apple Pay and credit cards on your phone and it's just like tap, tap, tap." This is how people live beyond their means and fall further into debt, she said. You can take small steps toward being more frugal, and it starts with seeing your net worth grow, even if it's just by $100 per month. "This magic of compound interest and compounding growth says that if you just put $100 away today, that could be a huge amount at retirement," Norris said. "Versus if you start in 20 years from now, when you might have to save £1,000 a month." If you make these small changes, you can spend the rest of your paycheck "guilt-free," Norris said. "I think a lot of people are feeling a little bit in despair with the world and the interest rate and the economy. But our grandparents went through this, and it's a cycle, so keep pushing forward." Read the original article on Business Insider Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
18-05-2025
- Business
- Yahoo
A Redditor Asks If It Makes More Sense To Live With Their Parents For A Few Years Or Move Out Sooner: 'We're Aiming To Save $200,000 Or More'
When is a good time to move out of the house? The answer varies for everyone, but some people stay home longer to save money. A couple finds themselves in this situation and currently lives in a private space on one of the parents' properties. The spouse who posted about it on Reddit makes close to $100,000 per year. The couple is maxing out their retirement accounts and is saving money to buy a house. "We're aiming to save $200,000 or more," the Redditor stated. Don't Miss: 'Scrolling To UBI' — Deloitte's #1 fastest-growing software company allows users to earn money on their phones. Hasbro, MGM, and Skechers trust this AI marketing firm — However, the couple is deciding if they want to save enough to pay off 50% of the property or make a cash purchase by living with the parents for a little longer. It is a private space, which is more accommodating than most set-ups, but is it still a good idea to drag it out? Redditors shared their thoughts in the comments. The benefits of free housing are undeniable. You can save money without having to worry about a mortgage. However, it can get more difficult when you want to start a family with a partner, and that's where the personal element of personal finance comes into play. "You are the only person that knows your parents and your partner. If you think you can live with them and not cause a rift between either the relationship with your parents, your partner, or with your parents and your partner then go for it," one of the top commenters stated. However, the individual also mentioned that housing prices can continue to go up while the couple waits. It's unlikely that they will go up higher than the amount that the couple will save each year by not moving out right away, but it is a factor to consider. Trending: Nancy Pelosi Invested $5 Million In An AI Company Last Year — It's a significant decision to move out of the house or stay put, and it gets more important when you throw in a partner. One commenter emphasized the importance of making sure everyone is on the same page before making a decision. "If you get along with your parents, your spouse gets along with them, and everybody agrees on what is expected then this is the best approach." Right now, it seems like everyone is on the same page. The couple and parents should regularly monitor the situation to see if it still works for everyone. If you agree on responsibilities, when the parents get to hang out with the couple, when the couple gets private time, and other details, it's easier to make it at home is quite beneficial if you can make it work. Not only will you save money, but the responsibilities may also be split up between the couple and the parents. For instance, it's easier to perform tasks like laundry, grocery store visits, and cleaning if there are four people involved instead of two people. "Living at home and keeping my costs low is what gave me the flexibility to choose my path in life," one commenter explained. This arrangement can make homeownership more feasible. Right now, the couple and parents seem to agree. The Redditor may want to re-explore this conversation if things are no longer working out or when the couple hits their target of $200,000 in savings. Read Next: The average American couple has saved this much money for retirement —? Inspired by Uber and Airbnb – Deloitte's fastest-growing software company is transforming 7 billion smartphones into income-generating assets – Image: Shutterstock UNLOCKED: 5 NEW TRADES EVERY WEEK. Click now to get top trade ideas daily, plus unlimited access to cutting-edge tools and strategies to gain an edge in the markets. Get the latest stock analysis from Benzinga? APPLE (AAPL): Free Stock Analysis Report TESLA (TSLA): Free Stock Analysis Report This article A Redditor Asks If It Makes More Sense To Live With Their Parents For A Few Years Or Move Out Sooner: 'We're Aiming To Save $200,000 Or More' originally appeared on © 2025 Benzinga does not provide investment advice. All rights reserved. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
10-05-2025
- Business
- Yahoo
Warren Buffett's 7 Rules for Saving Money on Everyday Expenses Without Sacrificing Comfort
When it comes to spending, Warren Buffett isn't an average billionaire. Instead of buying anything he wants, the Berkshire Hathaway CEO still values his dollar. Read Next: Discover More: In fact, his money-saving philosophies are so down-to-earth, the average person could benefit from them. Here's a look at seven of Buffett's rules for saving money on everyday expenses, while still getting everything you need. Despite his wealth, Buffett doesn't care about designer names. For example, instead of buying new cars, he's been known to purchase slightly damaged vehicles and have them repaired for less than the cost of buying a new vehicle. You can apply this philosophy to any standard expense by seeking out well-made products with the features you need. This might mean focusing on store-brand products instead of their name-brand counterparts. Regardless, focusing on value ensures you're stretching your dollar as far as you can in the right direction. Find Out: When Buffett's first child was born, he converted a dresser drawer into a bassinet to save the cost of buying one. This creative mindset can apply to everyday expenses, as well. For example, if you're redecorating your living room, you might search for items on local 'Buy Nothing' groups and Facebook Marketplace. This can allow you to fill your space for free, or at a low price, instead of paying top-dollar for all new items at a store. There's a difference between buying cheap and scoring a bargain. For example, in his 1989 letter to Berkshire Hathaway shareholders, Buffett wrote, 'It's far better to buy a wonderful company at a fair price than a fair company at a wonderful price. Keep this in mind when shopping. An item might have the best price, but if it's low quality, it's better to pay more for a product that's actually worth your money. Even Buffett clips coupons. In his and now-ex-wife Melinda's 2017 annual letter, Bill Gates shared a story about not paying full price when dining with his fellow billionaire friend. 'Remember the laugh we had when we traveled together to Hong Kong and decided to get lunch at McDonald's? You offered to pay, dug into your pocket, and pulled out … coupons!' If Buffett can spare a few moments to clip coupons, you can, too. The savings might seem minimal, but it adds up over time. Buffett has the money to dine out anywhere he wants, any night of the week, but he doesn't. Instead, he stays in and enjoys a simple diet. In his biography, 'The Snowball: Warren Buffett and the Business of Life,' author Alice Schroeder quoted him as saying, 'I like eating the same thing over and over and over again. I could eat a ham sandwich every day for fifty days in a row for breakfast,' Mashed reported. There's nothing wrong with enjoying nights out, but stay on budget by doing so in moderation. When something is just a fad, it typically doesn't last. Therefore, it's surely not a coincidence that Buffett doesn't tend to follow market trends. Near the peak of the tech bubble in 1999, he wrote 'The key to investing is not assessing how much an industry is going to affect society… but rather determining the competitive advantage of [a] given company…' This philosophy can easily apply to everyday expenses. Instead of purchasing every overpriced trendy item you see, stick to more affordable tried-and-true classics. Even Buffett loves a good sale. He's quoted as saying, 'Whether we're talking about stocks or socks, I like buying quality merchandise when it is marked down.' A great way to stick to a budget, seeking out sale items can allow you to get quality products at an affordable price. More From GOBankingRates Mark Cuban: Trump's Tariffs Will Affect This Class of People the Most How Far $750K Plus Social Security Goes in Retirement in Every US Region How To Get the Most Value From Your Costco Membership in 2025 12 SUVs With the Most Reliable Engines This article originally appeared on Warren Buffett's 7 Rules for Saving Money on Everyday Expenses Without Sacrificing Comfort Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
