24-year-old says she's 'addicted' to saving instead of spending money
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.
For Paternoster, her savings journey started four years ago. She said she now puts away 50% of every paycheck, and now, 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."
Financial experts say it's important to tie savings to a specific goal in order to keep the habit a healthy one.
"It's really important to anchor your savings goal to something really meaningful, because there will be times when you will want to give up, and that is normal," Farnoosh Torabi, the host of the "So Money" podcast, told "GMA." "But when you have that to accompany the goal, that vision of why you're doing what you're doing, it will encourage you to stay the course."
Paternoster also said she wants to travel more and retire early, knowing she is saving towards these goals makes saving money more exciting than spending.
"When I check my bank account, and I check my investment account, and I see that number grow exponentially, it's really addicting, honestly, to just see that number in my bank account," she said. "It's a really good feeling."
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.
