Woman, 29, on track to retire at 35 with a million shares five secrets to saving

For most of us, the idea of early retirement is way off the cards.

However, this one woman has revealed her secret to success.

Caitie T, who posts under the username ‘Millennial Honey Honey’ on social media, is 29-years-old and is on track to retire by the age of 35.

To get to her goal of retirement, Caitie has managed to stash away $1million (£727,000).

She is now revealing her tricks on how she is able to put away cash, including cutting back on pricey false lashes and opting for budget haircuts.

Caitie, who resides in Los Angeles, was motivated to record her spending’s after discovering FIRE( Financial Independence/Retire Early community) which is a “movement defined by frugality and extreme savings and investment” – according to their website.

The millennial is planning to retire by 35
(Image: millennialmoneyhoney/Instagram)

After coming to terms on how much she was actually forking out, Caitie decided to alter her spending habits.

She focused on five separate areas of cost-cutting that has resulted in her being able to stash some serious cash.

Check out her top five money saving tips below…

1. Reduce unnecessary spending

Although we all love to indulge in a bit of luxury from time to time, Caitie decided to stop spending large amounts on material items and procedures.

According to Insider, before, Caitie would spend $230 (£167) on a gym membership, $30 (£21) a go on eyelash treatments and $600 (£436) twice a year on hair appointments.

With Caitie making these changes to her lifestyle, the extreme money saver has managed to save on all of these expenses by ditching the gym membership, and stopped getting her lashes done.

She also dropped out of her hair appointments and opted for a budget cut only costing her $15 (£10), which has saved her huge amounts already.

The savvy young woman also did a ‘no spend year’ where she only paid for expenses and did not spend any money on luxury items.

woman holding up shoes and top
Caitie cut down on luxury items like buying new clothes in order to save
(Image: millennialmoneyhoney/Instagram)

She shared on her TikTok: “I didn’t buy any new clothes or home goods… basically material stuff! Some people do a week, month or quarter to start!”

2. Get your money’s worth at work

Caitie advised that instead of waiting around for a pay rise at work, you should have a shop around for a role that requires the same skill set but in a more profitable industry.

Previously, the frugal lass worked as a graphic designer at an advertising agency.

However, with not being on the salary she wanted to be on, Caitie got a job as a graphic designer at a tech company.

This is an industry that pays a lot more and was effectively the same role.

selfie of woman in mirror
Caitie deciding the follow the FIRE movement which has enabled her to save $1million
(Image: millennialmoneyhoney/Instagram)

3. Invest where you can

Caitie got a head start before involving herself in the excessive saving moment with already banking $30,000 (around £22k) in savings.

She then decided to invest what she already had into a robo-advisor, which is a digital investment service.

Now, Caitie splits up her savings between an individual retirement account, index funds and a health savings account.

4. Cut down on rent where you can

Luckily for Caitie, she was able to move back in with her parents which allowed her to live rent free.

With a little push from the pandemic, the graphic designer ended up back at her parents house.

This helped to save even more as it dramatically cut her outgoings.

5. Celebrate your wins

Putting large sums of money in savings may look like you can’t have fun – especially with Caitie putting away 80% of her monthly income.

But the young woman revealed that she does not cut back on her daily spending, which enables her to still let her hair down with friends and go out for dinner.

She also revealed that she may splurge on a holiday from time to time as she promotes her way of living as “conscious spending over deprivation.”

Woman posing on beach
Caitie has managed to save huge amounts whilst still living her life to the full
(Image: millennialmoneyhoney/Instagram)

Caitie has shared her story on TikTok and she is now debating on whether to take a sabbatical in 2022 which will push back her planned retirement for a year.

She revealed: “Four years ago, I was 26 and had no money to my name even after working for many years.”

“I had to work hard until I was 65 and then I could finally retire. Then I learned about financial independence and early retirement (FIRE), I realised that I could actually retire by the time I was 35.”

She continued: “Through my investments, I’ve grown my net worth to almost $400,000.

“I’m on track to retire in five years. The first step to financial freedom is believing you can do it.”

Maybe we will take that clothing order out of our basket…

Leave a Comment