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
Marketing manager Queenie Tan (pictured) with a net worth of $500,000 has revealed the five simple swaps that can save you thousands of dollars every year Credit: Queenie Tan
Queenie – who went from a $13,000 debt to a net worth of $500,000 in five years – says “small savings” can start with your living expenses Credit: Queenie Tan
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 …….