How One 24-Year-Old Budgets for Early Retirement: A Look at Her June Spending and Savings

London, UK – A 24-year-old woman, known online as Mia, has shared a detailed breakdown of her June expenditures and savings, revealing her strategic approach to achieving financial independence and retiring by the age of 40. In a candid video, Mia outlined her monthly financial allocations, providing a transparent look into her personal finance journey.According to her detailed budget, Mia's fixed 'needs' for June totaled £1,405, including £1,250 for her half of the rent, £75 for council tax, £47 for electricity, and £33 for water. Her variable 'needs' included £140 for transportation and a notably lower-than-budgeted £181.51 for groceries, attributed to work trips and meal prepping.Her 'wants' for the month amounted to £482.96, covering £95 for dining out, £44 for experiences (including a few treated dates), £12.45 for health and beauty, and £10 for her phone plan. Mia also disclosed a significant holiday payment of £1,651, which came from her savings rather than her monthly income.A key highlight of her financial strategy was her substantial investment in 'future' goals, with a total of £7,061 deposited into various savings and investment accounts, including a Lifetime ISA and HYSA. Mia acknowledged this figure might seem high but clarified it accumulated over several months. Her financial allocation strategy deviates from the traditional 50/30/20 rule, as she aims to save between 50% to 70% of her income monthly. This disciplined approach underscores her commitment to her long-term retirement goal.

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