Young Woman Shares Four Tips to Save £120,000 by Age 24

A 24-year-old woman from London, Mia McGrath, has amassed an impressive £120,000 in savings, a feat she attributes to a unique approach to saving money. McGrath, who works in the fashion industry, recently shared her four tips on TikTok, aimed at helping others develop a similar mindset towards saving.

In her videos, McGrath describes a method she calls “gamifying.” This technique involves setting financial thresholds that unlock a sense of achievement. “Every time I reach a different threshold, like my first £1,000 or my first £10,000, it unlocked a new character,” she explained. For McGrath, reaching the initial £1,000 serves as proof that saving is possible, while hitting £10,000 boosts confidence in her ability to save effectively. She notes that achieving £50,000 represents a significant shift in identity, further motivating her to continue saving.

Another critical aspect of her strategy is linking saving to personal freedom. McGrath emphasizes the importance of financial literacy, stating, “I knew exactly what saving and investing would do for me in the long term.” She encourages setting massive goals, such as saving for a home or early retirement, as these large objectives necessitate a clear plan and actionable steps.

McGrath also advocates for a practice she describes as “paying yourself first.” This principle prioritizes saving above all other expenses. “Saving was more essential than my essentials,” she stated. Throughout her financial journey, from living at home to renting, she has consistently treated saving as a priority, which has contributed significantly to her current bank balance.

Her advice is accessible, encouraging those interested in saving to start small, with amounts like £50 here and there. “Definitely don’t get discouraged if you can only start with small amounts,” she advised, emphasizing that every little bit contributes to long-term savings.

As her TikTok video gained traction, it garnered over 157,000 views and more than 9,000 likes. The response has been overwhelmingly positive, with viewers sharing their own experiences and tips in the comments. One user noted, “I’m the same but I started at £53! Trying to teach this to my 21-year-old daughter.” Another commented on the transformative nature of mindset, saying, “Love this! Mindset shift is everything.”

McGrath’s innovative approach to saving highlights the potential for young individuals to achieve financial independence far earlier than traditional expectations suggest. By sharing her journey and actionable strategies, she inspires others to rethink their own financial habits and goals.