Savings: ‘How I saved my first £10,000 as a teenager while working part-time and studying’ | Personal Finance | Finance

One young woman is revealing how she was able to save £10,000 as a teenager despite being in a low-paid job and still in education.

Monique Jones is a content creator on TikTok who focuses on discussing issues related to money.

Recently, she divulged that she was able to save £10,000 as a teenager despite “earning £300 a month and going to college”.

The young woman regularly shares finance advice to her audience on TikTok which is primarily focused on people in their 20s.

In a recent video, Ms Jones broke down the habits she has adopted in order to achieve this savings milestone at an early age.

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The TikTok included the caption: “The first 10,000 is by far the hardest #howtosavemoney #savingmoneytips #moneysavingtips #moneymanagement #savingforbeginners #fyp.”

So far, it has received over 24,000 views on the social media site with over 100 comments underneath.

She explained: “Here’s seven things I did in my teenage years to save my first £10,000 and I can definitely say that saving my first £10,000 was a lot harder than saving my second.

“Rule number one: living below your means. At the time, I was doing a part-time job, earning around £300 a month and going to college at the same time. I was still saving 80 percent of that income.

“Number two: acquiring assets that will generate cash flow. What I mean by this is learning to make money whilst you sleep. It is a real thing and there is an art to it.

“Three: normalise telling people no without needing to explain yourself. Whether it is friends or family when you’re being invited out to places and you know it doesn’t align with the journey you’re on at the minute, learn to say no and move on.”

For the fourth rule, the content creator recommended that young savers “stop playing it safe” with their finances.

According to Ms Jones, those in their early 20s have very little to lose when it comes to saving money.

The TikTok creator added: “You need to take the risk in order to see any reward. You need to take the risk.”

Those interested in learning more savings tips can follow Ms Jone’s TikTok channel for more guidance.