I’m 23 on a salary of £30,000 and I’ve already saved £60,000 – I’m avoiding five rip-offs

A 23-year-old with more than £60,000 in savings has shared the rules she has set for herself to avoid unnecessary spending.

Mia McGrath says she has had an “entrepreneurial spirit” since she was a teenager, but started focusing on her personal finances while at university.

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The London resident wanted to become a homeowner and with a salary of £30,000 she estimates she will need to pay a £120,000 deposit to buy a £300,000 house.

Now that she has saved £63,000, which she has put into investments, Mia has gone viral on TikTok, with a video detailing what she does to ‘live below her means’ which has been viewed more than a million times.

“As a woman on social media, it is so tempting to consume too much,” says Mia, who works as an account manager in sales in the fashion industry. Absolutely businesslike.

“We have so many temptations now, like expensive skin care, makeup and clothes.

“Buy now, pay later services are the credit cards of my generation and they make it easier for people to live beyond their means.”

What’s the jam reported how the young woman cut back and started living below her means to save money.

“Taking my lunch to work every day, making coffee at work instead of buying it, shopping frugally and avoiding takeaways and Ubers,” she explained.

Mia is fortunate to live at home, which she says is a major contributing factor in how she has been able to save so much money.

However, she says there are five key things she doesn’t spend money on to help her cut back.

The things she refuses to buy are accessories such as jewelery and sunglasses, insisting that you only need one basic item of each, saving her a ‘ton’ of money from having to buy something else.

Other things she won’t buy are bottled water – instead she carries her own bottle – and “overpriced” skin care, opting instead for basic products from the likes of Aldi.

Mia also doesn’t want to buy “little decorative pieces or trinkets” for her home, which she says can be “such a waste of money.”

Unlike other people of her generation, Mia refuses to buy expensive juices, smoothies or health shots.

“You could definitely make them at home,” she said.

“They are such a waste of money, you could literally just eat the fruit and get the same health benefits.

Mia acknowledged that her money-saving rules may seem “extreme,” but pointed out that they are helping her achieve her long-term goal of buying a home.

“A lot of people say buying $5 coffee won’t make a difference, but it’s the small changes you make over time that will add up,” she said.

“By not having my nails done and little things like that, I have noticed that I have a lot more money to invest and save.

“The things you do in life that require extra time and extra effort will be worth it.

“It’s the convenient options that will always cost you more.”

Mia says the small cuts have led to drastic savings and are helping her achieve her goal of ‘financial freedom’.

“I try really hard to save at least 50-70% of my income because of my living situation,” she explained.

“This is also because after learning about investing and compound interest, I knew that if I put it aside when I was young, it would compound and grow over time, essentially setting me up for life.”

Mia says she has focused on personal finance since her younger years, especially as a student, when she spent her maintenance loan ‘carefully’.

She bought all her clothes from thrift stores, walked instead of using public transportation, cooked meals, drank alcohol “sparingly” and washed her clothes by hand.

Mia taught herself how to start investing by watching YouTube videos and reading books on the subject, and now shares TikToks about her efforts to live a budget-friendly life.

But while she focuses on cutting costs wherever she can, Mia recognizes the role that not having to pay London’s high rents plays.

“Living at home allows you to save what you would otherwise spend on rent and bills,” she pointed out.

“There is no doubt that it is a tremendous privilege that very few can do.

“I think it is very difficult for anyone who supports themselves financially to put anything aside at the moment.

“I come from a very privileged point of view: it’s never about making someone feel bad for not saving, and it doesn’t mean saving is easy – it isn’t.

“However, for anyone in a similar situation to me, living at home can give a false sense of security.

“I started to inflate my lifestyle to fit my new job outside of university, which many people call ‘lifestyle creep’.

“I went to a fancy gym and had my nails done for £79 a month and bought lunch every day.

“I quickly realized that this was not in line with my current financial situation – if I moved, I certainly wouldn’t be able to spend money in this way.”

However, Mia revealed that she still “enjoysly splurges” on some aspects of life, including experiences, travel and fashion items.

“I try to reduce everyday luxuries because of the way they can pile up,” she said.

“But if someone enjoys it, he or she should feel free to spend money on it. It’s just my personal preference to save here.”

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