An overachieving 24-year-old marketing manager who managed to gain a net worth of more than $347,000 in five years has shared the savings hacks that saved her more than $1,000 on her groceries, phone bill, insurance and electricity last year.
Queenie Tan, from Sydney, said her financial success gradually accumulated over time after she started researching and investing when she was 19.
Now, Queenie educates young people about saving money and investing their cash on her YouTube channel.
In her latest clip, Queenie revealed how she makes cutbacks in key areas every year.
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A 24-year-old marketing manager has shared the savings hacks that saved her more than $1,000 on her groceries, phone bill, insurance and electricity last year (Queenie Tan pictured)
The first thing Queenie said she does religiously to save cash on groceries is to buy in bulk whenever anything is on sale (stock image)
Buy in bulk when things are on sale
The first thing Queenie said she does religiously to save cash on groceries is to buy in bulk whenever anything is on sale.
‘I buy my soy milk from Amazon, because I found that whenever I buy it from Amazon and buy a little bit more than normal, I actually save about 20 per cent,’ Queenie said.
While this might not sound like much, the 24-year-old said it really adds up by the end of the year as she uses it to make a coffee every day.
Use loyalty cards
The second thing the marketing manager does with her groceries is she uses loyalty cards at the supermarket.
‘I get $10 off my shopping every two months with my loyalty cards, which is roughly $60 per year that I’m saving,’ she said.
Shopping online is a big way you can save cash and time.
Not only is it easier to compare the prices of items when shopping, but you can also set the price low to high per unit and list items that way in order to see the best deals.
Queenie (pictured) said she loves to buy the French wine from Aldi (pictured) as it is usually under $10 and the quality is good
Shop at Aldi
Queenie said the reason why Aldi wines are cheap is because they bulk buy from just a few providers (Aldi wine pictured)
While Queenie said she doesn’t buy everything she needs from Aldi as it isn’t good for the ‘niche food items’, there are some things she buys from the discount supermarket repeatedly.
‘You can buy French wine from Aldi for under $10,’ Queenie said.
‘The quality of the wine isn’t bad, but Aldi only chooses a couple of wines for their store so they are able to go directly to the winemakers and order really large quantities for a reduced price.’
The 24-year-old also stocks up on frozen vegetables whenever she is in Aldi, as she said it doesn’t particularly matter if you buy a big brand or a homebrand item.
Queenie (pictured) explained with her workplace, she is lucky enough to have access to a discount centre, where she purchases gift cards for stores for 5-10 per cent off the retail price
Use gift cards
Queenie explained that with her workplace, she is lucky enough to have access to a discount centre, where she can purchase gift cards for certain stores for 5-10 per cent off the retail price.
‘There is a Woolworths gift card on there that I usually purchase for $500 and it gives me five per cent off,’ Queenie said.
‘That doesn’t sound like a whole lot, but I did the maths and I do spend quite a lot on groceries per year as I like to cook most of my meals at home.
‘I roughly save $480 by purchasing these gift cards over the year.
‘Always remember that five per cent really adds up over a lifetime and compounds. That is $5,000 in 10 years.’
Use a shopping list
Finally, the 24-year-old said you must always use a shopping list if you want to save money.
‘This means you cut down on food waste as you only buy what you need and use,’ she said.
When it comes to the other utility bills, the key thing to do is shop around to save money and then ask for a better deal, Queenie (pictured) said
PHONE BILL, INTERNET AND ELECTRICITY
When it comes to the other utility bills, the key thing to do is shop around to save money.
‘It is time consuming and I promise I don’t do it every month, but every year or so, I do like to have a look around to check my phone, internet, electricity and insurance providers are competitive,’ Queenie said.
As soon as you see something is better, then ask your provider for a better deal.
By doing this, Queenie said she has saved $534 this year.
‘My electricity is with Click Energy and being with them saves me $150 per year,’ Queenie said.
‘I also switched my phone provider to Circle of Life, which saves me $12 per month, or $144 per year.’
The 24-year-old said by changing her internet to Superloop, she saves $20 per month or $240 per year.
‘These are the cheapest providers I’ve found but they might be different for you,’ she said.
Finally, with insurance, again it pays to negotiate.
‘Once a year, I like to negotiate to ensure I’m getting the best deal by having a look at what others on the market are offering and putting pressure on my insurance company to match it or shave down my bill,’ Queenie said.
This particular year, she was able to save around $100 by calling up her provider for a quick chat.
‘The worst thing they can do is say no,’ Queenie added.
Queenie (pictured) built her wealth by listening to audiobooks, where she learnt investing was the key to generating a passive income to work towards achieving financial flexibility
Speaking previously to FEMAIL, Queenie revealed how she built her wealth.
Through listening to audiobooks, Queenie quickly learnt investing was the key to generating a passive income to work towards achieving financial flexibility and freedom.
She now has a diverse financial portfolio and an impressive net worth that she shares with her partner, as they purchased their first property together in 2019 worth $500,000 with a $100,000 deposit.
Each month Queenie is able to invest up to $5,000 through her six sources of income as well as using the equity from the apartment.
Queenie admitted she dropped out of her marketing degree and decided to apply for jobs, as she was living from pay check to pay check and earning only $400 per week.
‘When I was 19 and moved out of home I had no savings and working only covered the bare minimum, so I decided to take a chance to drop out of university – thankfully it paid off,’ she said.
The impressive net worth is calculated by the total number of assets, minus any debt.
She said these assets include her property value, stock and cryptocurrency portfolio, Offset account, savings and superannuation, but the home loan debt of $455,000 is the only liability.
Queenie’s (pictured) financial portfolio is diverse but mainly consists of Exchange-Traded Funds (ETFs) through CMC Markets
Queenie’s financial portfolio is diverse but mainly consists of Exchange-Traded Funds (ETFs) through CMC Markets – a platform that allows users to buy both Australian and international shares for low brokerage fees.
She also uses a platform called Stake to buy US stocks as it’s ‘user friendly’ and also has low brokerage fees.
Alternative Australian ETF platforms that are known to be helpful for beginners include the Raiz, Spaceship and the CommSec pocket app.
‘I invest $5,000 each month to maintain a balance and usually try to track the market before buying,’ she said.