A young Aussie finance guru has revealed the importance of paying yourself first if you want to save money.
Mum-of-one Queenie Tan, 27, from Sydney, is worth over $500,000 after she started getting smarter about money from a young age when she was raised by a single dad.
She became “financially independent” after she landed her first job working at McDonald’s at the age of 14.
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Fast-forward to now, and the 27-year-old has a diverse financial portfolio, a $500,000 net worth that she shares with her partner Pablo and an apartment they purchased together in 2019.
In her latest video shared to Instagram, Queenie revealed her “simple money trick” that has helped her to “save and invest a lot more money”.
She used coloured water in her video as a representation of how she used to budget (red water) and how she budgets now (blue water).
Queenie explained that while she used to manage money differently, she has now changed her ways.
Beforehand, as soon as she got paid, she would pay for her needs first. This would include housing, transport and food.
Next up, she would put money aside for “the fun stuff,” such as “eating out and travel”.
Then, whatever money the finance expert had left over, she would put toward her savings and investments.
“But here’s what I do now, I pay myself first,” Queenie explained.
“So, I put aside some money for my savings and investments first and then I pay for my needs, then I pay for my wants.
“Even Warren Buffet, one of the richest people in the world, is a fan of the pay yourself first budget and says: ‘Don’t save what is left after spending, spend what is left after saving’.”
Queenie’s video received more than 30,000 views and people in the comments said they massively appreciated her advice.
“Love this, on track to pay off our mortgage in two to three years, and then we will really be able to invest more,” said one.
“Paying yourself first, I love it,” added a second.
“Slay! I love how you used the coloured water to explain,” said a third.
“I did this today,” added another.