unilad homepage
  • News
    • UK News
    • US News
    • World News
    • Crime
    • Health
    • Money
    • Sport
    • Travel
  • Film and TV
    • Netflix
  • Music
  • Tech
  • Features
  • Celebrity
  • Politics
  • Advertise
  • Terms
  • Privacy & Cookies
  • LADbible Group
  • LADbible
  • SPORTbible
  • GAMINGbible
  • Tyla
  • UNILAD Tech
  • FOODbible
  • License Our Content
  • About Us & Contact
  • Jobs
  • Latest
  • Archive
  • Topics A-Z
  • Authors
Facebook
Instagram
X
Threads
TikTok
YouTube
Submit Your Content
Woman who saved $200,000 in five years reveals biggest mistake she made

Home> News> Money

Published 15:29 21 Feb 2024 GMT

Woman who saved $200,000 in five years reveals biggest mistake she made

She was putting away 75% of her take-home pay check

Niamh Shackleton

Niamh Shackleton

google discoverFollow us on Google Discover
Featured Image Credit: Instagram/fierymillennials

Topics: News, Money

Niamh Shackleton
Niamh Shackleton

Niamh Shackleton is an experienced journalist for UNILAD, specialising in topics including mental health and showbiz, as well as anything Henry Cavill and cat related. She has previously worked for OK! Magazine, Caters and Kennedy.

X

@niamhshackleton

Advert

Advert

Advert

I don't know about you, but I sometimes struggle to put any of my pay check away each month - however this woman was stashing away 75 percent of it.

Gwen Merz saved a staggering $200,000 by the time she was 27.

Making it even more impressive, she did it over the period of five years.

But, as you'd expect, saving such amounts of cash over this time came with its sacrifices.

Advert

One of Gwen's biggest drivers for saving was to be a member of Financial Independence, Retire Early (FIRE).

Her starting salary was $65,000, and Gwen - an IT worker - managed to squirrel away 78 percent of it every month.

But after a few years of excessive saving, the now 33-year-old found that it wasn't realistic to keep going on forever.

In fact, it was negatively affecting her life in some ways; her job progression in particular.

"I didn’t really realize the cost that I was incurring in my career, as I was not wanting to go out and do happy hour or go do lunch with my coworkers," she penned in an op-ed for Business Insider.

Gwen saved up $200,000 in 5 years.
Instagram/fierymillennials

Gwen went on: "That kind of off-site networking really is where a lot of connections get made.

"They come in handy later when you’re like, 'Hey, I’m up for this promotion. Would you put in a good word for me?' If you don’t have that kind of connection, they’re like, 'I don’t know about that.'"

Elsewhere, Gwen neglected her dating life as well.

"I never really found a partner that had the same mindset when I was dating," she shared.

"So that made being single really hard - by not wanting to spend any money on it, because it came off as cheap and controlling."

Gwen found she had to make too many sacrifices while saving.
Getty Stock Image

Gwen added: "I had opinions on how my partners were spending their money, and people don’t really appreciate that."

While it came with its hardships, she insists that she doesn't have any regrets about her extreme budgeting period.

"I think that was the perfect time in my life to do that, and see what I liked and what I didn't like," she wrote.

"It definitely benefited me in the long run. I am much better off than I would be otherwise if I hadn't saved up all that money."

Now, instead of putting away a large majority of her pay cheque, Gwen now saves 10 percent of it for her 401(k) instead.

Choose your content:

an hour ago
2 hours ago
  • Kevin Winter/Getty Images
    an hour ago

    Euphoria star Chloe Cherry reveals how she feels about Sydney Sweeney storyline as ex adult film star

    The third season of the hit show has been met with controversy and criticism over its depiction of some characters

    Film & TV
  • Getty stock
    an hour ago

    'Crymaxing' sex trend explained as influencer sparks confusion by putting tears in hair

    Looksmaxxing influencer Dillon Latham actually has his own version of the trend 'crymaxing'

    News
  • Getty Stock Image
    2 hours ago

    Mom saw 'black shadows' during labor telling nurse she was 'about to die'

    The 33-year-old suffered from a rare condition which was discovered after going into labor

    News
  • Alex Paige Moore
    2 hours ago

    Woman, 21, thought she had a 'hangover' but she was actually 5 months pregnant

    Alex Paige Moore thought she just had a heavy night of drinking, but when she had her blood tested she realized her life was about to change

    News
  • Woman who realized she had cancer she saw on Grey's Anatomy reveals symptoms
  • Woman who sold everything she owned to live on cruise ship reveals the biggest challenge
  • Woman who is allergic to daylight reveals brutal impact it's had on her daily life
  • Woman who took 14 shots and fell on cruise ship wins lawsuit and is set to receive massive payout