I make $50,000 a year and can retire in my 30s, here are my top four tips for getting your finances in order now

A SAVVY saver who earns $50,000 a year and can retire in her 30s revealed to her 4 big tips to get your finances in order.

Money blogger Nicole Victoria, based in the US, turned to TikTok under her management @nobudgetbabe to share her money hacks, from building an emergency fund to investing cash.

Money blogger Nicole Victoria outlines 4 money saving tips


Money blogger Nicole Victoria outlines 4 money saving tips

She claims she went from $40,000 in debt to making $50,000 a year by following some savvy money-making tricks.

Nicole claims she became a millionaire at the age of 30 and is looking to retire before turning 40.

In a separate video she posted on TikTok, she said she had enough money invested so that she and her husband could retire early and “live frugal” for the rest of their lives.

Between them, she said, they earn $85,000 a year, but did not disclose the total value of savings she has in the bank now for early retirement.

However, according to investment management firm Fidelity International, you need a sum of £625,000 ($825,000) to live above £25,000 ($33,600) according to investment management firm Fidelity International , to retire early.

Her top money saving tip has garnered 45.2k likes on TikTok with hundreds of people sharing and commenting on her posts.

One fan said: “As someone in my 20s, I feel like I’m leading the game watching this.”

While another said: “I’ve done all the steps myself except 4. Let’s go!”

Here’s Nicole’s tip for depositing more cash in your bank.

Build an emergency fund

Nicole’s first tip is to start building an emergency fund – it’s a savings you can use to cover bills and essentials if you’re having a hard time. .

For example, if you lose your job, you need to replace your car urgently, or your boiler breaks down, you’ll be able to dip into these savings to help get you through.

She recommends having six to 12 months of savings to cover your “boneless spending.”

The Sun previously spoke to Savings Champion comparison site co-founder Anna Bowes to see How much should you put aside? for your emergency fund.

Ms Bowes suggests having three months of pay at home – so if your salary is £2,000 after tax per month, Bowes suggests having a rainy day fund of £6,000.

However, it’s important that you clear any existing debt before putting your savings aside for the crisis.

That’s because you may have to pay extra interest fees if you don’t clear your debt as quickly as possible.

Increase your credit score

Next you should start increasing your credit score, says Nicole.

This shows how good you are manage your loans for the past six yearsand lenders use it to see how risky it is to lend you money.

It can make it It’s harder to get a mortgage or another loan if your score is low.

“When we make big purchases like a house or a car and we finance those purchases, we pay thousands to tens of thousands of dollars more because We have lower credit.

To boost your money, Nicole says pay your bills on time and in full, and check your credit usage.

This is because you will usually pay a higher interest rate on applying for credit if you have a low score.

That’s not the only way you can increase your credit score.

Check for any errors in your report – you can check it for free by visiting Equifax, Experian or TransUnion.

For example, your information may be “linked” to another person, for example you may have a joint card or bank account from a previous relationship that is still open.

Plus, you can register to vote, prove who you are and where you live to your creditors and make it easier for your application to be approved.

Pay off your debt

Nicole advises her followers to pay off their next debt using method “avalanche”.

This is where you pay off the minimum repayment balance for all of your debts, and then use the remaining money to pay off the loan with the highest interest rate.

“Rise your debts from highest interest rate to lowest interest rate and pay them off in that order,” she says.

However, Hargreaves Lansdown’s senior personal finance analyst Sarah Coles says you should try moving your debts to a credit card with a 0% balance transfer window at first.

These cards allow you to transfer the debts you already owe to a new cardand you will not pay interest on this amount for a set period of time.

However, she adds that you need to have a good credit score to do this.

“Find out exactly how much you need to pay each month to settle it all before any interest is charged back,” says Sarah.

If you use the avalanche method to settle your debts, “you’ll free up more money that you’re wasting on interest each month, which you can redirect to pay off your debt faster”, she added.

Invest your money

Finally, Nicole advises her followers to make their money “work harder” by investing.

“Once you learn how to invest and make your money work for you, it’s limitless,” she says.

There are several different ways to invest your money.

Nicole said investing in real estate, like buying a house and selling it, or buy shares in companies The example could see you make a profit – although there is no guarantee that the value of either will increase, so it can be a risky strategy.

Buying shares allows you to own shares of and benefit from the success of some of the world’s biggest brands like Apple, Starbucks, and Google.

But Moneyfacts personal finance expert Rachel Springall warns that you should be careful when choosing where to invest your money.

Investing is risky, as it does not guarantee that you will make a profit and you may end up losing money if the value of what you are investing drops in.

Rachel says that more “adverse risk” savers should be careful when investing in stocks and shares.

“It is important that savers understand that past performance is not a guarantee of the future, so it would be wise to seek advice and assess their risk profile,” she said.

“It’s always wise to have some cash saved up for emergencies, such as in an easy-to-access account, usually to cover at least three months of travel.”

Nicole says she invests to increase her income – and that goes towards funding her early retirement.

But as she says to save 50% of your income until retirement, this will most likely be unattainable for the millions of families struggling to meet even basic expenses. during the cost of living crisis.

It comes as Citizens Advice estimates some 3.2 million households are facing a financial crisis, in red or can not cover the cost of necessities.

McDonald’s ‘glitch’ gives fans plenty of free treats – here’s how I make $50,000 a year and can retire in my 30s, here are my top four tips for getting your finances in order now


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