I’m 24 and plan on retiring by the time I’m 40 – the five money rules I swear by to have £79k in savings already

A SAVVY woman has shared her strict money rules so she can retire by the age of 40.

Mia Mcgraph is just 24 but already has £79,000 in her savings account.

Woman sharing her 5 money rules and stating she is a financially responsible 24-year-old with £79k in savings.
TikTok / @miarosemcgrath

Mia Mcgraph revealed how she keeps her finances in check[/caption]

Illustration of a woman's budget spreadsheet and explanation of her early retirement savings plan.
TikTok / @miarosemcgrath

She hopes to retire at the age of 40[/caption]

Now the UK-based woman has shared her strict rules so you can be in control of your finances.

Taking to social media, she said: “My 5 money rules as a financially responsible 24-year-old with £79k in savings.”

The first thing Mia does when she gets her paycheck is make sure she puts money towards her investments.

“My investments eat first,” she stated as she showed she currently had £50,000 in her portfolio.

While investing can be a great way to make passive income, it does come with risks and can also decrease so you should always speak to a financial advisor first.

While Mia is in her twenties living in London, she makes sure not to go crazy on going out.

“Eating out is for socialising and special occasions,” she explained. “Includes coffee and sweet treats.”

Mia sets aside £100 a month for eating out rather than making it a weekly habit.

The savvy woman also makes sure she used her credit card wisely to boost her credit score.

She noted that if she doesn’t have the money to pay for it outright, she won’t use her credit card to keep her spending in check.


While it might sound boring, Mia highly recommends keeping a record of all of your spending and money coming in to help her keep on track for early retirement at 40.

Mia has a full-time job in London as well as multiple side hustles.

She said her other roles include: Modelling, UGC, content creation, selling on Vinted, sometimes surveys focus groups, bank switching, and affiliate marketing.

Last but not least, she keeps 25% of her total savings and investments in cash for emergency costs.

SAVING ACCOUNT TYPES

THERE are four types of savings accounts fixed, notice, easy access, and regular savers.

Separately, there are ISAs or individual savings accounts which allow individuals to save up to £20,000 a year tax-free.

But we’ve rounded up the main types of conventional savings accounts below.

FIXED-RATE

A fixed-rate savings account or fixed-rate bond offers some of the highest interest rates but comes at the cost of being unable to withdraw your cash within the agreed term.

This means that your money is locked in, so even if interest rates increase you are unable to move your money and switch to a better account.

Some providers give the option to withdraw, but it comes with a hefty fee.

NOTICE

Notice accounts offer slightly lower rates in exchange for more flexibility when accessing your cash.

These accounts don’t lock your cash away for as long as a typical fixed bond account.

You’ll need to give advance notice to your bank – up to 180 days in some cases – before you can make a withdrawal or you’ll lose the interest.

EASY-ACCESS

An easy-access account does what it says on the tin and usually allows unlimited cash withdrawals.

These accounts tend to offer lower returns, but they are a good option if you want the freedom to move your money without being charged a penalty fee.

REGULAR SAVER

These accounts pay some of the best returns as long as you pay in a set amount each month.

You’ll usually need to hold a current account with providers to access the best rates.

However, if you have a lot of money to save, these accounts often come with monthly deposit limits.

The clip posted to her TikTok account @miarosemcgrath has gone viral with over 683k views and 23k likes.

People were quick to take to the comments and share their thoughts on her strict budget.

One person wrote: “Life’s too short to continually save, too many boring people about.”

Another commented: “It depends all on what you make a month, but that’s a good strategy.”

“Love tip #2, plus its healthier to cook and eat at home,” penned a third.

Meanwhile a fourth said: “I learned #3 the hard way but thank God I paid off my debt on all my credit cards, now I just use it for my autopay.”

SNAP! Just done the same. Our investments do eat first,” claimed a fifth.

Someone else added: “These are so important.”

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