Sometimes, saving your money can seem next to impossible, the bills come piling in and money goes flying out. If you want to save your money, it takes discipline, sacrifice, and a lot of number crunching. When you put your mind to it and really focus on priority spending, you’d be surprised what you can save!
This 25-year-old saved $100k in just two years, now, she’s here to show us how she did it! Follow these tips and before you know it, you’ll be on your way to $100k!
This 25-year-old saved $100k in two years. Now, she’s showing everyone how to do it
It all started when, Tori Dunlap, was just 22-years-old, that’s when she read an article about a 25-year-old saving $100k. The article gave her the idea, so she crunched come numbers and put her vision to work.
The original plan, save $100k in 3-years all by herself. Tori would complete her mission and it only took two years! Here’s how she did it!
Prioritize your spending
The first step to saving is prioritizing, this will give you a clear picture of where your money goes. Obviously, things like, bills, and food are the first priorities. Once you get an idea of what your main priorities are, you can start to factor in the fun. In Tori’s case, she got rid of the things that weren’t as important to her but kept her favorites!
“I really focus on priority based spending, so figuring out what your priorities are in life, what really brings you joy. So my lovely friend says ‘you can afford anything, you just can’t afford everything’ so i really focus on the things that bring me joy.” Tori told the Good Morning America.
Invest your money as early as possible
Investing early is a huge key to Tori’s success, she started her first IRA at just the 21-years-old! You want to look for a safe investment, a compound interest, one that compounds your money over time is your best bet.
“Compound interest, if you invest your money and it compounds over time, that’s what grows your money.” Said Tori.
Look for a 401k match from your employer
Get a jump on your 401k, check with your employer and find a good match that fits you best! Once you have a 401k in place, it will quickly start accumulating money.
Pay off high-interest-rate loans first
Examine all the loans you have, identify which loans have the highest interest rates. High-interest rates like credit cards, make it nearly impossible to save, so those are the ones you want to pay off first!
Make your savings run on automatic
When you make your savings automatic, you don’t have the dilemma of questioning, this makes it much easier to honor your savings goals!
“The easiest thing you can do, even if it’s 20, 50 dollars a month. Automating your savings means that you don’t have to think about it, you’re taking the hardest part of your financial life and you’re doing it first.”
This really shows you that saving is possible, start now, you can save $100k in no time! Watch the video below!
25-year-old saves $100k in 2 years, shares what she did to make it happen
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