Best way to make money by marketing manager Queenie Tan who has net worth of $500k: Simple swaps could save you thousands
A marketing manager with a net worth of $500,000 has revealed the simple swaps that can save you thousands of dollars every year.
Queenie Tan, from Sydney, says there are easy tweaks to cut your living expenses to save more money without drastically changing your lifestyle.
“I think it really comes down to saving money on things that can provide the same but for cheaper,” the 25-year-old tells 7Lifestyle.
The homeowner – who went from a $13,000 debt to a net worth of $500,000 in five years – says “small savings” can start with your electricity, insurance, phone, internet and home loans.
“These are easy swaps we can make which don’t affect our lifestyle too much and can save us thousands of dollars each year,” she explains.
Watch Queenie save on electricity in the video above
Queenie shared a graph showing how two 25-year-old women earning the same income of $5,000 a month ended up with completely different savings by the time they turned 65.
“The biggest things people spend money on are: living expenses, food and transport,” she tells 7Lifestyle.
The graph shows “Emma” who leads a carefree life living in a “fancy area” with expensive electricity, internet, phone and insurance, eating out mostly and paying off a loan for a new car.
She saves $349,101 after investing just $100 a month between the ages of 25 and 65.
While “Emily” lives in a “normal” suburb with “competitive” electricity, internet, phone and insurance, owns her car outright and cooks most of her meals at home.
She ends up with $2,792,806 by the time she turns 65 after investing $800 a month.
“If we can save even a little bit of money in these areas it can make a huge difference,” she says.
“We can then free up more money to invest, save for a big purchase like a holiday or handbag or just be able to spend more in another area. We can be flexible with it.”
To help you budget, Queenie says you should always keep track of your expenses.
“Seeing where your money goes is a huge eye-opener,” she says.
“It can help show you areas where you could save more money and it can also give you an insight to whether or not you’re spending money on things you really value.
“It can show you whether your lifestyle aligns with how you spend money. It’s life-changing.”
For Queenie, she realised she needed to spend more money on her health after she calculated her expenses.
“So now I have an expensive gym membership, and I also realised that I was spending a little too much money eating out when I didn’t need to,” she says.
She says you can live frugally without resorting to being cheap.
“There’s a huge misconception that frugal people like to save and invest money but they don’t enjoy their lives,” she says.
“However, there is a way to be frugal, save and invest money and still live your life the way you want to. It’s all about being intentional with how you spend your money.
“We can spend money on anything, but we can’t spend money on everything.”
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