I’m 23 with a £30k salary & I’ve already saved £60k, I use Aldi skincare & avoid 5 rip offs, I’ll soon have a £300k home

A 23-YEAR-OLD with over £60,000 in savings has shared the rules she has set for herself to avoid unnecessary spending.

Mia McGrath says she has had an “entrepreneurial spirit” since her teenage years, but started to focus on her personal finance journey while at university.

The London-based woman set her sights on becoming a homeowner and, with a £30,000 salary, she estimates she will need to put down a deposit of £120,000 in order to purchase a £300,000 house.

Having now saved £63,000, which she has put into investments, Mia has gone viral on TikTok, with a video detailing the things she does to “live below her means” racking up over one million views.

“As a woman on social media, it’s so tempting to over-consume,” Mia, who works in sales in the fashion industry as an account manager, told Absolutely Business.

“We have so many temptations now like overpriced skincare, makeup, and clothes.

“Buy now, pay later services are the credit cards of my generation and they’re making it easier for people to live beyond their means.”

What’s the Jam reported on how the young woman has cut back and started to live below her means to save money.

“Bringing my lunch to work every day, making coffee at work instead of buying it out, shopping sparingly, and avoiding takeaways and Ubers,” she explained.

Mia is fortunate enough to live at home, which she says is a major contributing factor to how she has been able to save so much money.

However, she says there are five key things she doesn’t spend money on to help cut her spending.

The things she refuses to buy are accessories like jewellery and sunglasses, insisting you need just one staple item of each, which helps her save a “ton” of money as it eliminates another thing to buy.

Other things she won’t buy include bottled water – she instead carries her own bottle with her – and “overpriced” skincare, instead opting for basics from the likes of Aldi.

Mia also won’t buy “little décor pieces or trinkets” for her home, which she says can be “such a waste of money”.

Unlike other people in her generation, Mia refuses to buy expensive juices, smoothies, or health shots.

“You could definitely make them at home,” she said.

“They are such a waste of money, you could just literally eat the fruit and get the same health benefits.

Mia acknowledged that her money-saving rules might seem “extreme” but pointed out that they help her work towards her long-term goal of buying a house.

“A lot of people do say that buying a £5 coffee is not going to make a difference, but it’s these little changes that you make over time that are going to add up,” she said.

“Not getting my nails done and little things like that, I’ve noticed I do have a lot more money to invest and save.

“The things that you do in life that take extra time and extra effort are going to be the ones that are rewarding.

“It’s the convenient options that are always going to cost you more.”

Mia says the small cut backs have led to drastic savings and are helping her reach her goal of “financial freedom”.

“I try very hard to put at least 50-70% of my income aside due to my living situation,” she explained.

“This is also because after learning about investing and compound interest, I knew that if I put it aside when I was young it would compound and grow over time, basically setting me up for life.”

Mia says she has been focused on personal finance since her younger years, particularly as a student when she would spend her maintenance loan “carefully.”

She purchased all her clothes from charity shops, walked instead of using public transport, cooked meals, drank alcohol “sparingly,” and washed her clothes by hand.

Mia taught herself how to start investing by watching YouTube videos and reading books on the subject, and now shares TikToks about her efforts to live a budget-friendly life.

But while she is focused on cutting costs wherever she can, Mia acknowledges the role not having to pay the steep London rental prices plays.

“When you live at home you can save what you’d otherwise spend on rent and bills,” she pointed out.

“There is no doubt that it’s a huge privilege that very few can do.

“I think for anyone supporting themselves financially it is very tough at the moment for people to put anything aside.

“I am coming from a very privileged point of view, it is never about making anyone feel bad for not saving, and it’s also not saying that saving is easy – it’s not.

“However, for anyone in a similar situation to me, living at home can give you a false sense of security.

“I started out inflating my lifestyle to match my new job out of university, which many people call ‘lifestyle creep.’

“I joined a luxury gym and would get my nails done for £79 a month and buy lunch out every day.

“I quickly realised that this was not staying true to my current financial situation – if I moved out, I certainly wouldn’t be able to spend like this.”

However, Mia revealed that she still “happily splurges” on some aspects of life, including experiences, travel, and staple fashion pieces.

“I try to reduce everyday luxuries because of the way these can stack up,” she said.

“But if anyone enjoys them they should feel free to spend on them, it’s just my personal preference to save here.”