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Appears in Newsflare picks
04:15
"I save 50% of my income living frugally - and became a millionaire in six years"
A couple say they became millionaires in six years - after being frugal by thrifting and shopping in discount grocery stores.
Emily Egashira, 34, said she became economical out of necessity after growing up in poverty.
In her teens and early twenties, Emily worked three jobs and still struggled to get by - so she relied on coupons.
Emily started a job in social media marketing and started earning $30k and ended her career on $200k, but continued to pursue frugality as a lifestyle and save instead.
Now Emily and her husband, Kenji Egashira, 35, a gaming content creator, aim to save 50 per cent of their income a month.
This has allowed them to save anywhere between $10k on average and become millionaires in six years.
Emily, a content creator, from Seattle, Washington, said: "Our frugality and money habits paired with our good jobs expedited our journey to becoming millionaires."
"If we did the typical Joneses thing, kept upgrading our lifestyle, and living paycheck to paycheck – I'd still be stuck in the corporate rat race to make ends meet and an anxious wreck."
"Some of my day-to-day frugal habits include shopping at discount grocery stores, bulk cooking and freezing for later."
"I regularly audit my budget and find ways to cut back on costs, mending and caring for the items I already have, and participating in my local buy nothing group."
"And when it comes to frugal fun, I love thrifting, yard sales, hosting a potluck or swap with friends, free local events, and taking adventures around our beautiful state."
Emily initially started living frugally out of necessity in her early teens and twenties.
She admitted she was "broke" and would often have to rely on couponing and "TV dinners" to get by."
Emily said: "I lived through poverty several times growing up, and when I moved out on my own, from the age of 17 until my early 20s - I was a full-blown cheapskate."
"I was broke, working three jobs and living off TV dinners."
"I remember my mom using coupons all the time growing up, so I focused on buying the cheapest stuff possible with coupons."
"As I got older and started making more money, I made the switch to frugality as a lifestyle change."
"I knew the corporate grind wasn't for me, and I didn't want to feel stressed over money anymore."
Emily then landed a job in social media marketting and decided she and her husband would start saving at least 50 percent of their income a month - around $10k a month.
Saving - combined with thrifting, discount shopping, and getting items for free off neighbors - has allowed the couple to become millionaires.
Emily said: "I started budgeting, saving an emergency fund, thrifting more, and making changes to my routine and spending behaviors."
"I eventually learned about the Financial Independence, Retire Early (FIRE movement), and it was the answer to what I had been looking for all this time – freedom."
"Since then, my husband and I aim to save at least 50 per cent of our income - at one point getting all the way up to 80 per cent - and the amount of peace I feel now is immeasurable."
Emily said being frugal doesn't mean being cheap, as someone who is frugal can still care about quality and value.
She said that she and Kenji, will still spend money but will do it "mindfully" - including travel, experience days, and non-essential services."
Emily said: "One of the biggest money saving tips is to live below your means - which is just a way of saying to spend less than you make."
"To make the biggest impact, you can start by focusing on reducing the three biggest line items in most people's budgets - housing, transportation, and food."
"Enjoy your little coffee treats here and there, and focus on cutting back on expenses that will make the biggest difference."
"Aim for balance, not deprivation."
"A budget or lifestyle that feels like you're depriving yourself isn't sustainable."
"I recommend people focus on a values-based budget, which means cutting back on things that don't matter as much to them – like clothes and cars for me – and spending more on what brings you joy and value – like new experiences, traveling, or the occasional pampering."
Emily's top tips for living a frugal lifestyle -
1 - Live below your means
2 - Aim for balance, not deprivation
3 - Consider the five Rs before buying: refuse, reduce, reuse, recycle, and repurpose
4 - Don't give in to lifestyle inflation every time you get a raise
Emily is sharing her tips and tricks on @heyfrienditsem
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