5 simple money-saving tips to bank $50K by 30

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To Tracy Swartz

Jun 3, 2023 | 11:37am

A 28-year-old British woman claims to have banked nearly $60,000 thanks to five clever tricks.

Matilda Littler has been financially savvy since she was a teenager, saving money by doing minimum-wage jobs as a dishwasher and shop assistant in cafes.

“When I was 16, I started making jewelry as a side business, selling it on Etsy, vintage markets, Christmas markets, and local shops,” she says. told jampress.

“I put a lot of the profits I made into savings.

Littler said he had about $6,000 in savings when he entered college, lived on student funds and worked at a tanning salon.

“When I graduated from college, I really wanted to save for the future, like buying a house. She shared, saying she was getting an entry-level salary at age 23, saving nearly $1,000 a month.

“I tracked my spending more and updated my budget each month to see where I could cut costs,” she continued.

The project manager said he had saved nearly $50,000 by age 26 and is now on the verge of reaching $60,000 two years later.

Ms. Littler shares financial advice with her 12,000 followers on Instagramreveals tips to maximize your savings.

Set tolerance

“I gave myself room for post-claim spending and tried to keep my pocket money the same given inflation, even as my salary increased,” Littler explained why.

“It meant I wasn’t used to other lives, so I still felt comfortable with that pocket money.”

Ignore trends and fads

“I don’t buy the latest technology,” Littler said.

“I have a 2007 Ford Fiesta. I bought the iPhone and lower model in bulk, so I didn’t pay a down payment. It saved me a lot of money.”

do a side job

Littler’s side hustle includes testing websites and apps, participating in interviews, answering surveys, and selling project management skills. Freelance service platform Fiverr.

Littler recently said in a 45-minute interview during her lunch break that she earned $60, emphasizing that these small efforts “add up.”

“First, do what you can with the money you have. Make a budget, save where you can and cut where you can,” she added.

“Once you’ve done this and feel like you’re saving as much as you can, look to increasing your income, whether it’s a new job or a side hustle.”

Find deals

Littler recommends looking for deals before you buy.

“Look for deals, like finding activities, getting cash back on travel bookings, buying off-brand food, and doing things for less,” she advised.

choose your bank wisely

Littler recommends looking for a bank where you can store your savings. She opened a savings account four years ago and started investing in her stocks in March 2020, just as the COVID-19 pandemic hit, she said.

She claims that her side business selling portable kanban boards, a project management tool, saved her around $25,000 during lockdown.

She launched the venture with friends through Kickstarter, which boasted about $15,000 in sales in its first month.

“In times like these, keep your savings in a high-interest savings account,” she explained.

“Also consider how you will use the money from [individual savings account] If you want to save money in the long run, spending money or investing is recommended. “