A gifted 24-year-old marketing manager who managed to earn a net worth of more than $ 347,000 in five years shared the savings that saved more than $ 1,000 in his purchases, phone bill, insurance and electricity last year.
Queenie Tan of Sydney said her financial success has gradually accumulated over time after she started researching and investing when she was 19.
Queenie now educates young people on how to save money and invest their money in it Youtube channel.
In his last clipQueenie revealed how she makes cuts in key areas every year.
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Buy in bulk when things are on sale
The first thing Queenie said she does religiously to save money on purchases is to buy in bulk whenever something is on sale.
“I buy my soy milk from Amazon because I found that every time I buy from Amazon and I buy a little more than normal, I actually save about 20%,” said Queenie.
Although it may not seem like much, the 24-year-old said that it really increases at the end of the year, as she uses it to make coffee every day.
Use loyalty cards
The second thing the marketing manager does with his purchases is to use loyalty cards at the supermarket.
“I earn $ 10 on my purchases every two months with my loyalty cards, which is about $ 60 a year that I’m saving,” she said.
Buying online is a great way to save time and money.
In addition to making it easier to compare item prices when shopping, you can also set the price from low to high per unit and list the items that way to see the best deals.
Shop at Aldi
Although Queenie has said that she doesn’t buy everything she needs from Aldi, since it is not good for “niche food items”, there are some things she buys at the supermarket with discounts over and over.
“You can buy French wine from Aldi for less than $ 10,” said Queenie.
“The quality of the wine is not bad, but Aldi chooses only a few wines for his store, so they can go directly to the wine producers and order large quantities at a reduced price.”
The 24-year-old also stocks frozen vegetables whenever she is in Aldi, as she said, whether you buy a large brand or a domestic brand item.
Use gift cards
Queenie explained that, with her workplace, she is fortunate to have access to a discount center, where she can buy gift cards for certain stores for 5 to 10% of the retail price.
“There’s a Woolworths gift card that I usually buy for $ 500 and gives me a five percent discount,” said Queenie.
‘It doesn’t seem like much, but I did the math and I spend a lot on groceries a year, as I like to cook most of my meals at home.
“I saved about $ 480 by purchasing these gift cards over the year.
“Always remember that five percent really add up over a lifetime and are made up. That’s $ 5,000 in 10 years. ‘
Use a shopping list
Finally, the 24-year-old said that you should always use a shopping list if you want to save money.
“This means that you reduce food waste because you only buy what you need and use,” she said.
PHONE, INTERNET AND ELECTRICITY ACCOUNT
When it comes to other utility bills, the main thing to do is to try to save money.
“It takes time and I promise I don’t do it every month, but every year or so, I like to take a look to see if my phone, internet, electricity and insurance providers are competitive,” said Queenie.
As soon as you notice that something is better, ask your provider for a better deal.
In doing so, Queenie said she saved $ 534 this year.
“My electricity is with Click Energy and being with them saves $ 150 a year,” said Queenie.
‘I also switched my phone operator to Circle of Life, which saves me $ 12 a month, or $ 144 a year.’
The 24-year-old said that by switching her internet to Superloop, she saves $ 20 a month or $ 240 a year.
“These are the cheapest suppliers I have found, but they may be different for you,” she said.
Finally, with insurance, it is again worth negotiating.
“Once a year, I like to negotiate to make sure I’m getting the best deal, taking a look at what other people in the market are offering and putting pressure on my insurer to equalize or reduce my account,” said Queenie.
This particular year, she managed to save about $ 100 by calling her provider for a quick chat.
“The worst thing they can do is say no,” added Queenie.
Speaking previously to FEMAIL, Queenie revealed how she built her wealth.
Listening to audiobooks, Queenie quickly learned that investing was the key to generating passive income to achieve financial flexibility and freedom.
She now has a diverse financial portfolio and impressive net worth she shares with her partner, as they bought their first property together in 2019 in the amount of $ 500,000 with a deposit of $ 100,000.
Each month, Queenie can invest up to $ 5,000 through her six sources of income, as well as using the apartment’s equity.
Queenie admitted that she dropped out of marketing and decided to apply for jobs, as she lived by check and made only $ 400 a week.
‘When I was 19 and left home, I had no savings and working only covered the minimum, so I decided to risk leaving university – luckily it was worth it,’ she said.
The impressive net worth is calculated by the total number of assets, less any debt.
She said these assets include the value of her property, a portfolio of stocks and cryptocurrencies, a clearing, savings and retirement account, but the $ 455,000 mortgage loan debt is the only liability.
Queenie’s financial portfolio is diverse, but mainly consists of Exchange-Traded Funds (ETFs) through CMC Markets – a platform that allows users to buy Australian and international equities at low brokerage fees.
It also uses a platform called Stake to buy US shares, as it is ‘friendly’ and also has low brokerage fees.
Alternative Australian ETF platforms that are known to be useful for beginners include the pocket app Root, Spaceship and CommSec.
“I invest $ 5,000 a month to maintain a balance and usually try to track the market before I buy,” she said.