Woman, 24, with net worth of £195k reveals the four money mistakes you should stop making NOW

A 24-YEAR-OLD woman who has a net worth of £192k has shared her savvy saving hacks and the four money mistakes you should stop making if you want to get ahead.

Queenie Tan, a marketing manager from Sydney, Australia, has been actively saving and investing since she was 19 and now shares money tips and advice on her YouTube channel.  

In her latest clip, she revealed the mistakes that she's made in the past, and they're pretty common things that many people do.

She also explains the difference between being frugal and being 'cheap', and why being cheap is worse off in the long run.

1. Stop buying cheap or bad quality devices and appliances

You might think that all appliances and devices do the same thing, so why spend more than you have to, right?

Well, according to Queenie, it's worth spending more money on any one item because buying cheap will often mean replacing it sooner, therefore, you'll be out of pocket even more.

The finance guru learnt the hard way when she bought her Sydney apartment in 2019. She settled for a cheap rangehood for her kitchen – but she seriously regrets it.

"We probably saved $100 (£55) by buying the cheaper model and I know I'm going to have to replace it as it doesn't do its job," Queenie said in the clip.

"I think it's a much better financial decision to spend a little bit more on something that will last you a longer amount of time."

She added: "If you buy something once, then you won't have to buy it three, four or even five times."

2. Be frugal, not cheap

While they might seem like the same thing, Queenie says there's a big difference between being frugal and being cheap.

"I strive to be frugal at all times," Queenie said. "I try to get the best deal, I try to reduce my bills, especially when it comes to things like the internet, electricity and phone."

The key is to know when to spend money and when to save – and treating family and friends to something nice, or enjoying a holiday, is okay, even if you're trying to save money.

The 24-year-old will save in other areas such as bills and unnecessary purchases such as shopping from convenient stores, which are always far more expensive than the supermarket.

3. Don't buy items that lose value

Queenie suggests never buying cars or furniture brand new, because they will always lose value in a matter of days.

Instead, she recommends Facebook Marketplace or other second-hand selling sites where you can find almost brand new pieces for a fraction of the price.

"Things like furniture and cars depreciate really quickly," she said. "I am a big Facebook Marketplace fan for furniture and always buy second-hand cars.

"When I'm looking for new furniture, I always head over to Facebook Marketplace because furniture depreciates rapidly and something that is brand new can sell for 50 per cent less than what it was bought for almost as soon as it gets home."

If you have the opportunity to do so, Queenie says investing in shares and property are good ways to make more money as they always appreciate in value.

4. Live below your means 

If you want to be financially successful, Queenie says you should always live below your means.

"I know it can be really tempting to go out there and treat yourself as soon as you start earning extra money, but I think it's important to avoid increasing your lifestyle all that much when you get a raise," Queenie said. 

By doing this, Queenie says you can save money and invest a lot more into your future rather than spending everything you have now.

Queenie previously revealed how she saves over £550 on groceries & bills a year – and you can too.

For more money-saving tips and ideas, a mum who cleared £40k debt reveals the ‘right’ amount of pocket money for kids to help teach them about cash.

In other news, this money-saving mum uses secret food website to save a fortune on groceries as she bags crisps for 10p & posh cereal for £1.

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