I’m a Self-Made Millionaire: These Are the Savings Hacks I Used When I Was Just Starting Out
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Becoming independently wealthy is no easy feat. There’s a clear difference between the people who daydream about earning their first million and the people who actually do it — and that difference often comes down to hard work and effective saving strategies.
If anyone understands how much effort it takes to put that first $1 million in the bank, it’s Andrew Lokenauth. As a financial expert, successful investor, author of TheFinanceNewsletter.com, and founder of Be Fluent in Finance, he knows firsthand how critical saving is to building wealth.
“The journey to becoming a self-made millionaire wasn’t always easy, but those early savings habits I developed were absolutely crucial,” he said. “Looking back, there are a few key things that really made a huge difference for me.”
Fortunately for GOBankingRates readers, he shared the savings habits that helped him reach millionaire status.
Start Early and Be Consistent
Even as a young professional in his 20s, Lokenauth prioritized saving. He says starting early was the single most important thing he did.
“I’d set aside a decent chunk of each paycheck — maybe 30% to 60% — and just stuck to that religiously,” he said. “It wasn’t always easy, but I knew building that consistent savings habit early on would pay off big time down the road.”
Starting early isn’t just about the extra money you put away. It’s about giving your money more time to grow through smart investing and the power of compound interest — a major contributor to getting to that first million.
Track Every Penny
As he focused on saving as much as possible, Lokenauth also embraced another “game-changing” habit: obsessively tracking his spending.
“I’d record every single expense, no matter how small,” he said. “That way I could really see where my money was going and find all those little places to cut back. It was amazing how much I was able to save just by being hyper-aware of my spending habits.”
Cut Expenses Ruthlessly
Tracking every penny helped Lokenauth get serious about trimming unnecessary costs.
He scrutinized areas of his life such as dining out, entertainment and subscriptions, and soon found ways to cut back. While he expected to save money, he didn’t expect how little impact those cuts would have on his quality of life.
“I know it sounds boring, but those savings added up so quickly,” he said. “And the crazy thing is, I hardly even noticed the difference in my lifestyle.”
This shift in mindset and behavior freed up hundreds of dollars each month that Lokenauth could instead divert toward savings and investments.
Automate Everything
Another major factor in Lokenauth’s success was automating his savings. He set up automatic transfers from his checking to his savings account so the money was out of sight before he could spend it.
“That way there was no temptation to spend it,” he said. “I’d just get used to living on what was left.”
Invest Strategically
While saving is essential, Lokenauth knew it wasn’t enough to hit $1 million. That’s why he started investing early and often — particularly in low-cost index funds.
“I focused on low-cost index funds that gave me broad market exposure,” he said. “The power of compound interest is insane — those investments really snowballed over time.”
Be Patient and Consistent
Lokenauth admits that sticking to these habits wasn’t always easy. The temptation to splurge was real. But discipline and consistency ultimately paid off — helping him go from living paycheck to paycheck in his 20s to becoming a millionaire in his 30s.
“I knew that consistency was the name of the game,” he said. “Slow and steady really does win the race when it comes to building wealth.”
Closing Words of Wisdom
Lokenauth encourages others to remember that the strategies that helped him are simple — and accessible.
“The great thing is that anyone can implement them, regardless of their income level,” he said. “It’s all about building those good habits early on and being disciplined enough to stick with them.”
He acknowledges that starting can be tough, especially when money is tight. But he believes that the habits that helped him reach his first $1 million can benefit anyone willing to put in the work.
“It’s all about making saving a priority and being ruthless about cutting costs,” he said. “The rest will fall into place.”
This article is part of GOBankingRates’ Top 100 Money Experts series, where we spotlight expert answers to the biggest financial questions Americans are asking. Have a question of your own? Share it on our hub — and you’ll be entered for a chance to win $500.
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