WITH the costs skyrocketing, millions of cash-strapped Brits are struggling to put money into their savings – especially the younger generation.
According to shocking data, the average amount of savings in the UK is just £16,000, with those between the ages 25 and 34 having set aside a little under £4,000.
The savvy saver follows a thrifty lifestyle so she can ”soft retire” a whopping 26 years before her peers[/caption]
But one woman, who’s just 24, has already managed to save an astronomical £100,000 – and is currently on the course of retiring by the age of 40.
Mia Rose McGrath has ”almost £100,000 in savings and investments” and follows a thrifty lifestyle so she can ”soft retire” a whopping 26 years before her peers.
With more than 143,000 followers on her TikTok page, Mia, who lives in London and works in fashion, regularly posts about the strict approach she takes to manage her finances.
”Trying to be cool or aesthetic is making you broke,” Mia shared the brutal truth in a recent video.
In her eyes, forking out for a brand new outfit or spending £38 on the trendy Rhode phone case in a bid to look ”aesthetically pleasing” on Instagram was a total waste of money.
Reflecting on her own experience, the thrifty fashionista admitted that she used to chuck away cash on this behaviour before she made a key change.
She said: ”I realised I was doing it for other people, not for myself.”
The second mistake that people make, according to money-smart 24-year-old, is allowing themselves to be swept up in trends and fads that turn out to be more expensive than they can afford.
The saver warned: ”You don’t need the latest trending item – a Labubu, a Coach bag. It’s not essential.”
While she approved of saving up for something ”you really like”, Mia encouraged her followers to be really honest with themselves before making a significant purchase.
She added: ”I guarantee if you waited 30 days to buy it, you wouldn’t want it anymore.”
The third financial mistake Mia identified in the informative clip ”not saving because you think it’s pointless”.
Urging those who are saving none of their income to ”please change that”, Mia argued that ”no matter how small it is”, it’s still 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.
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Mia, who has accumulated ”almost £100,000 in savings and investments” in recent years, claimed that she also started small, even putting money aside when she was relying on a student maintenance grant at university.
She continued: ”I wouldn’t have been able to do that if I had that mindset that saving £50 is pointless.”
Fourthly, Mia advised to start 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.”
Lastly, the savvy saver warned that it’s irresponsible to think a ”man is going to sweep in” and facilitate the ”soft life” that some people crave so badly.
”Soft life” is shorthand for a life lived on a person’s own terms, usually free from the constraints of a fulltime job.
She added: ”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…”
Mia said: ”You have to work hard and have your own money.
”Sure, if you meet someone who earns more than you, that’s a bonus. Make sure you have your own finances sorted first.”
