A 24-year-old woman with a net worth of £ 192,000 shared her smart savings hacks and the four money mistakes you should stop if you want to get ahead.
Queenie Tan, a marketing manager from Sydney, Australia, has been actively saving and investing since she was 19 and now shares money tips and advice on her YouTube channel.
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Queenie Tan, a marketing manager from Sydney, Australia with a net worth of $ 350,000 (£ 195,000)Credit: investwithqueenie / Instagram
In her latest clip, she revealed the mistakes she’s made in the past and they are pretty common things a lot of people do.
It also explains the difference between economical and “cheap” and why being cheap is worse in the long run.
1. Stop buying cheap or inferior equipment
You might think that all devices and fixtures are doing the same thing. So why spend more than you have to?
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She shares her money-saving tips and tricks on YouTube and InstagramPhoto credit: Investwithqueenie / Instagram
According to Queenie, it’s worth spending more money on an item, as buying it cheaply often means replacing it sooner, so you’ll be even more out of your pocket.
The financial guru learned the hard way when she bought her Sydney apartment in 2019. She chose a cheap range for her kitchen – but she seriously regrets it.
“We probably saved $ 100 (£ 55) by buying the cheaper model and I know I’ll have to replace it as it doesn’t do its job,” Queenie said on the clip.
“I think it’s a much better financial decision to spend a little more on something that will last longer.”
She added, “If you buy something once, you don’t have to buy three, four, or even five times.”
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Queenie says there’s a big difference between being economical and being cheapPhoto credit: Investwithqueenie / Instagram
2. Be thrifty, not cheap
While they seem like the same thing, Queenie says there is a huge difference between being frugal and cheap.
“I try to be economical at all times,” said Queenie. “I try to get the best deal, I try to cut my bills, especially when it comes to things like internet, electricity and telephones.”
The key is knowing when to spend and when to save – and pampering family and friends with something nice or enjoying a vacation is fine, even when you’re trying to save money.
The 24-year-old saves in other areas such as bills and unnecessary purchases such as shopping in shops, which are always far more expensive than the supermarket.
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The 24-year-old says you should always live below your meansPhoto credit: Investwithqueenie / Instagram
3. Do not buy items that are depreciating in value
Queenie suggests never buying brand new cars or furniture as they will always depreciate within a few days.
Instead, she recommends the Facebook marketplace or other second hand sales sites where you can find almost brand new items for a fraction of the price.
“Things like furniture and cars lose their value very quickly,” she said. “I’m a big Facebook Marketplace fan for furniture and I always buy used cars.
“When I look for new furniture, I always go to the Facebook marketplace because furniture depreciates quickly and something that is brand new can sell 50 percent less than what it was bought for almost as soon as it comes home.”
If you have the opportunity, Queenie says investing in stocks and real estate are great ways to make more money as they always go up in value.
4. Live under your means
If you want to be financially successful, Queenie says you should always live below your means.
“I know it can be really tempting to go out and indulge once you start making extra cash, but I think it’s important not to improve your lifestyle too much when you get a raise,” said Queenie.
This way, according to Queenie, you can save money and invest a lot more in your future instead of spending everything you have now.
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Queenie previously revealed how she saves over £ 550 on groceries and bills annually – and so can you.
For more tips and ideas on saving money, a mother who has paid off £ 40,000 in debt gives the “right” amount of pocket money so that kids can teach them about cash.
In other news, this money-saving mom is using the secret grocery website to save a fortune on groceries while packing 10p chips and fancy granola for 1 pound.
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