A 24-year-old woman who says she is “addicted” to saving money is opening up about how her mindset around money has shifted over the years.
“In the past, I definitely was, I would say, addicted to spending money. But then, as soon as I switched my mindset, and I started saving money, I realized that has an even more powerful addiction, and it’s in the right way, right towards my financial goals,” Lydia Paternoster, an accountant, told Good Morning America.
Paternoster is part of a growing trend of people who are taking to social media to share their love of saving.
“I’m addicted to saving, but that’s also why I have six figures in investments by age 25,” another woman shared in an Oct. 8 TikTok video.
Paternoster’s savings journey started four years ago. She said she now puts away 50% of every paycheck; at 24, the recent newlywed said she has saved up about $100,000.
Paternoster said she and her husband are currently saving up for a down payment on a home, and even though her paychecks have grown, she keeps her lifestyle the same.
“I have an iPhone 12. I have a 10-year-old paid-off car, even though I’m making more than I’ve ever had,” Paternoster said. “Those things will not change, because no matter how much I’m making, those principles and the lifestyle creep will not affect me.”
For others looking to start saving, experts say to start by establishing goals and then automating the process by transferring a portion of your paycheck each month into a savings or brokerage account.
Telling others about your savings plan can also be a useful tool to helping you stick to your goals.