How to save $20,000 in three months: Young finance whizz shares her simple method – and the budgeting approach she swears by
- A finance expert shared her simple strategy for saving $5k, $10k and $20k
- The CEO of Smart Women Society Téa Angelos is known for sharing budget tips
- Said the key is to break a goal down into what to save each day, week or month
- Téa recommends following the 50/30/20 approach to saving your money up
- The 25-year-old said you need three separate savings accounts with your bank
A finance expert has shared her simple strategy for saving $5,000, $10,000 or $20,000 in as little as three months.
The Australian founder and CEO of Smart Women Society Téa Angelos, 25, said the easiest way to reach a savings goal is to ‘break the goal down’ and work out exactly how much you need to put away each day, week or month in order to reach your end result fast.
‘Here’s how to make savings simple,’ Téa captioned one recent TikTok video.
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A finance expert has shared her simple strategy for saving $5,000, $10,000 or $20,000 in as little as three months (Téa Angelos, 25, pictured)
She said: ‘Let’s say you want to save $20,000.
‘If you want to do it in three months, you’ll need to save $219.20 per day. If you want to do it in six months, you’ll need to save $109.60 per day. If you want to do it in 12 months, save $54.80 per day.’
The key, Téa added, is that you must create a separate savings account, where you ‘automate daily transfers into it’.
That way, the money is going out of your account before you’ve even had a chance to think about it.
How to save $20k
IN THREE MONTHS: Save $219.20 per day.
IN SIX MONTHS: Save $109.60 per day.
IN 12 MONTHS: Save $54.80 per day.
How to save $10k
IN THREE MONTHS: Save $770 per week.
IN SIX MONTHS: Save $385 each week.
IN 12 MONTHS: Save $193 each week.
How to save $5k
IN THREE MONTHS: Save $54.80 per day.
IN SIX MONTHS: Save $27.40 per day.
IN 12 MONTHS: Save $13.70 per day.
If you have a $10,000 goal and don’t like the idea of automated transfers every single day, Téa said you can also do weekly bank transfers.
‘If you want to save $10,000 in three months, then you need to save $770 per week,’ she said.
‘If you want to do it in six months, you need to save $385 each week.’
Finally, the 25-year-old said if you want to take the entire of 2023 to meet your $10,000 goal, you need to put away just $193 each week.
If you prefer to save your goal in months, then simply divide your financial goal by the amount of months.
When it comes to budgeting for success, Téa recommends the 50/30/20 approach.
This means that 50 per cent of your budget goes to needs, like your rent or mortgage, groceries, transport and bills.
The next 30 per cent goes to your ‘wants’.
‘Wants’ encompasses everything from dinner out to a Netflix subscription, new clothes and other items.
Finally, the remaining 20 per cent needs to go to your savings and investments, and if you make sure this happens or even put more in, you’re likely to get rich faster.
When it comes to the $10k goal, Téa showed how you can do it by saving certain figures each week (pictured); she recommends a 50/30/20 approach to budgeting
Previously, Téa revealed the three savings accounts every saver and investor needs.
The first is a high yield savings account for short-term goals like going on holiday.
The second is a high yield savings account for long-term goals like buying a house.
Finally, she said you need an emergency fund account for ‘anything that goes wrong’.
‘Keep this one with a separate bank to ensure success,’ the 25-year-old said on TikTok.
Ideally, in your emergency fund you need three to six months-worth of your living expenses saved up in case anything goes wrong.
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