A 25-year-old marketing executive who made a net worth of more than $450,000 in five years shared the six easy habits that helped her double her finances — and how they can help you too.
Queenie Tan, from Sydney, said her financial success grew gradually after she started researching and investing at the age of 19.
Queenie now has a diverse financial portfolio after purchasing her first $500,000 home in 2019 with a $100,000 down payment.
In her latest YouTube clip, Queenie revealed the simple financial habits that “transformed” her wealth.
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A 25-year-old marketing executive who made a net worth of more than $450,000 in five years has shared the six easy habits that helped her double her finances (Queenie Tan pictured)
The first – and arguably most important – financial habit Queenie said helped her grow her savings and investments by religiously tracking her spending (pictured)
1. TRACKING HER COSTS
The first—and arguably most important—financial habit Queenie said helped her grow her savings and investments by religiously tracking her spending.
“There’s a famous quote that says: What’s measured, is managed, and I really believe this,” said the 25-year-old.
She and her boyfriend Pablo go through their expenses every month and comb through exactly what they’ve spent.
“Our electricity bill is usually $100 a month, but recently it was $170,” Queenie said.
“We found it had to do with the fact that we used lighting in our YouTube studio and weren’t too strict about turning it off.
“We started turning it down and sure enough, our electric bill went down.”
Queenie said if she wasn’t careful about keeping track of all the household expenses, she and Pablo would never have known.
The second thing to think about is price increases, which can save you a lot of money if you put them on the bill in the long run (an example in the photo)
2. CONSIDERING PRICE MARKUPS
The second thing to think about is price increases, which can save you a lot of money if you put them on the bill in the long run.
“Recently we realized how much popcorn can be marked if it’s packaged in different ways,” Queenie said.
“Sometimes we bought popcorn in a bag for $2.85 per 100 grams, but if you compare it to the bag of popcorn kernels you make over the stove, it will only cost you 33 cents per 100 grams.”
Queenie said she has applied this logic to everything she buys in terms of products, and has found it has saved her a significant amount over the years.
Queenie and her boyfriend Pablo (both pictured) only eat out or order once a week; otherwise they make all their meals at home
3. PREPARE MEALS
Few people have been able to save hefty amounts without having to be frugal when it comes to eating out.
“Pablo and I still eat out once a week, but we love to prepare meals and make most of our food at home,” Queenie said.
“We look up the food we want to make that week and then buy the groceries for the recipes.”
The 25-year-old explained that they use an app called Anylist to enter all the ingredients into their shopping list and then check things off as they go shopping.
“We save a lot on food costs by making a lot at home, as restaurants mark their food and wine three times on average,” says Queenie.
‘Being so frugal also makes eating out more fun and enjoyable.’
Queenie recommends using the Half Price app to save money on your food bills, which shows you all the half price items at Coles and Woolworths that week.
Queenie is also a fan of the Suncorp app, where she buys gift cards.
This saves the young couple three percent each month on their grocery bill, which quickly adds up.
If you want to save and invest more, a regular conversation with an accountant you trust can help you reach your goals faster, Queenie said (pictured)
4. TALKING TO AN ACCOUNTANT
If you want to save and invest more, talking regularly with an accountant you trust can help you achieve your goals faster.
“Talking to our accountant and giving him so much information about us as a couple really helped us on our savings journey,” said Queenie.
“It can also be helpful to talk about things like childhood plans, retirement plans, and investments.”
5. VIEW BUSINESS INCOME
Whether you own your own business or not, Queenie said you should review your income regularly.
“Since Pablo and I left our jobs to become full-time YouTubers, we are now dependent on our business income, so we’ve been following this much more diligently,” said Queenie.
“We see what our business income is and what our business expenses are, we make sure all our bills are paid, and if we can reduce business expenses, we will.”
Queenie said they are adamant that they pay off their credit card in full every month so they don’t get any interest.
“We also like to put some of our money aside to invest, and something that has helped us automate this is setting up automatic investments — so we don’t think about it,” she said.
Queenie and Pablo use Pearler, but you can also use other platforms such as Spaceship and Raiz.
“Calculating your net worth is a bit of a financial health check, or a financial audit to see what your progress has been,” said Queenie (pictured)
6. CALCULATE ITS POWER
Finally, it pays to know what your net worth is and make sure you calculate it every few months.
“Calculating your net worth is a bit of a financial health check, or a financial audit to see what your progress has been,” Queenie said.
“I’ve found this to be very helpful because sometimes it’s easy to think we’re not getting very far in our financial journey, but then when we do a wealth audit, we find that we’ve come a long way.
“I think it’s so important to celebrate the cash gains, no matter how small they are. If you do this, you are more likely to enjoy the entire financial journey.”
For more information about Queenie Tan you can visit her YouTube channel here.