‘I was able to save £50,000 by the age of 28 thanks to five key rules’
A young woman from Hertfordshire has revealed her successful money-saving tricks that have allowed her to accumulate nearly £50,000 in savings.
Matilda Littler, 28, shared her money hacks, which involve a handful of essential rules, on her Instagram page @millenialsaver. She hopes her financial tips can help other young people to achieve similar financial milestones.
Matilda had already saved approximately £40,000 by the time she turned 26, and within two years, her savings have grown to nearly £50,000, reports The Daily Express US.
She credits her success to following five key principles she believes can help aspiring homeowners and anyone seeking substantial savings.
These rules include setting a personal allowance, disregarding trends, seeking out deals, finding banks with the best savings interest rates, and engaging in a side hustle.
Speaking to NeedToKnow.co.uk, the 28-year-old broke down how she was able to accumulate the equivalent of tens of thousands worth in savings.
She explained: “I had a mix of jobs growing up and I’ve saved from a young age. I started working as a pot washer at 14 in a local cafe and worked in similar jobs and as a store assistant until I was 16.
“I was on the minimum wage during this time but still managed to put away a small amount for savings. When I was 16, I started making jewellery as a side business and sold this on Etsy, at vintage and Christmas markets and sold in local shops in my area.
“I put a lot of the profit from this into savings and I was lucky that during this time I was living at home and then at 18 I moved out of my parent’s residence completely.”
By this level in her life, Ms Littler mentioned had round £5,000 in financial savings and when she turned 18 she closed her jewelry enterprise to go to school.
During her research, she diligently kept away from spending her financial savings and lived off scholar loans and her part-time job,
Post-university, Ms Littler vowed to extend her financial savings habits with the dream of shopping for a home.
At 23, she moved to a brand new metropolis and acquired a graduate job that had solely an entry-level wage.
Ms Litter added: “On my entry-level salary, I was putting away around £750 every month and £150 of this was from side hustles. In the first year, I’d been able to save £11,000.
“Lockdown also helped as I was able to save even more over this period and I saved around £20,000 during this two-year period.
“In lockdown, I also had a side business selling portable Kanban boards, a project management tool, and launched this with friends on Kickstarter.”