How I got an extra £80 into my bank each month by doing nothing & went from £31.5k debt in my 20s to a millionaire at 30
WITH December being the most expensive time of year, chances are your savings may be looking a little bleak.
But if you're desperate to get out of the red, then look no further...because a money-saving whizz who went from being in 31.5k debt to a millionaire at 30 has revealed her four top tips.
In the clip shared to TikTok (@nobudgetbabe), US-based Nicole Victoria begins: "This is a PSA for anyone who feels like they've wasted their 20s spending all their money on booze, food and shoes,,.and now you want to get your financial s*** together in your 30s."
First up, the money coach says you're going to need to satrt tracking your expenses.
"So many of our students thought they knew where their money was going and then when they started tracking their expenses they realised they were giving donations to billion dollar corporations, paying for things like subscriptions they no longer use, even things like NSF fees or overdraft fees," she says.
"All because they're not understanding how and when their money was coming out of their account."
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Next, Nicole recommends to start building on your emergency funds.
"And no, your credit card is not an emergency fund," she warns.
"Your credit card is simply a tool that you can filter your expenses through to get perks like cash back and purchase or protection.
"You should be working to get your emergency fund up to a minimum of six months of bare bones expenses."
She continues: "You're not going to keep this in your checking account, you're not even going to keep it in the saving account that's attached to your regular bank, because that's just asking for self-sabotage.
"You're going to put this in a separate bank in a high yield saving account so you can start getting paid.
"I make about £80 ($100) a month off mine."
Next, Nicole recommends prioritising paying off your high interest debt.
"Anything over 6% or 7% needs to go," she says.
"We're going to focus on paying off he highest interest debts first - this is called the avalanche method.
"This is going to save you the most money."
Next, the money-saving whizz says to start investing in your future.
"Even £3 ($5) a month is going to be a great place to start," she reassures.
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"You want to start building up that habit, that routine, that muscle memory."
She adds: "Don't laugh at your small profits because those are what's going to get you to the big profits."