There are no age restrictions on how early you can save money. The sooner you begin saving, the better your chances are of retiring with a large amount of money.
These tips come from real people, both men and women, who managed to save $100,000 by the age of 25. These proven strategies are legit. These methods can be adapted to meet your needs.
A personal budget is the first tip that millennials who have saved $100,000 before they turn 25 can use. It means listing all expenses and allocating the correct amount.
It’s not easy to downsize your life. This involves letting go of many things we take for granted in our everyday lives.
Finding a side hustle is the best way to save $100k before you turn 25. About 83 percent of Americans working in the workforce have some kind of side hustle.
Although it may sound like an expense, it really is not. Increase the amount you pay for student loans in your budget.
An average American spends over $400 per month on subscriptions. These subscriptions include magazines, newspapers, cable TV channels, club memberships, gym memberships and many more.
One thing unites all those millennials who have saved $100,000 before they were 25: They avoid vices like alcohol, recreational marijuana, and alcohol.
Never pay off a credit card bill only partially. Credit cards have an annual purchase rate, or APR.
Finally, millennials who have managed to save $100,000 by the age of 25 should start investing as soon as possible.