30-year-old explains how he saved £ 20,000 on £ 33,000 salary in 12 months
A £ 33,000-a-year worker managed to save almost two-thirds of his salary in just 12 months by undertaking side projects to cover his daily expenses.
Former software developer Christos Fellas, 30, saved £ 20,000 last year by taking on additional duties, including starting a resale business on eBay and online coaching.
Christos from East Anglia now runs a YouTube channel where he shows people how to make money full time.
Despite his incredible feat last year, Christos’ financial habits weren’t always so bright.
He recalls: “In my twenties my spending was very loose and I had very little respect for money.
“Before, I spent way too much money on fast food, designer clothes and sports betting.
Christos Fellas / News Dog Media)
“In my mid-20s I used to go to the local town center to buy clothes. I had several different sneakers at £ 100 each and have splurged £ 300 on a Hugo Boss suit. “
However, three years ago, Christos reversed his spending after meeting an influencer called Gary Vaynerchuck.
Christos explains, “I ran into a guy on social media called Gary Vaynerchuck. And his message was clear: build a bustle mentality and stop buying stuff you don’t need to impress the people you. do not like.
“It was my big wake up moment for me. I looked back at all the silly purchases and realized that it had actually brought no value to my life.
“I understand that it brings real happiness to some people and it’s good, but when I asked myself the question, I realized that was not who I was.
“So for the past three years I’ve been on a mission to save money to create budgets and learn more about side activities.
In the first year he managed to save around £ 2,000.
The following year Chris started freelance web design to supplement his 9-5 job and saved more.
By early 2020, Christos had honed his financial habits with several side activities that saved him £ 20,000 that year.
First, Christo assessed his current income situation and estimated that he could set aside £ 600 each month from his £ 33,000 salary.
Christos Fellas / News Dog Media)
He says, “The thing I think everyone should do before they think about changing anything is to assess their current income situation.
“It doesn’t take genius to understand that someone who earns £ 60,000 a year will be able to save faster than someone who earns £ 30,000.
“Just on my paycheck, I realized I could save £ 600 per month after my apartment’s household bills and general living expenses.”
After running out of cash, Christos undertook a complete spending overhaul and looked for ways to cut spending. It did this through a Monzo app that lets you categorize your spending and see where you’re overspending.
Christos was spending around £ 250-350 a month on on-the-go food and found he could cut that amount in half by doing a weekly grocery store and cooking meals in batches.
He also understood how much he was spending on fuel for his car and made a commitment to walk everywhere – rather than five kilometers every day to get to his office.
Christo says, “I started to notice some trends where I wasn’t as efficient with my money as I should be.
“For example, I was spending way too much in my company canteen where I worked at the time, which was completely overpriced and I could save a lot more money just by bringing my own lunch to work.”
The other change Christos made was to link one of his bank cards to the free Plum budgeting app, which allowed him to round up his expenses and put the remaining amount in savings.
For example, if he went to the store and spent £ 1.60, Plum would put the remaining 40p into a savings account.
Christos Fellas / News Dog Media)
From there, Christos knew he needed to supplement his income, so he decided to embark on a number of different side activities, one of which was selling all of his unwanted goods online.
In one month he made £ 1,300 selling his property. He now earns up to £ 2,000 per month more from his buy and resale business.
He says: “After learning how to resell, I devoted almost all the free time I had. I often spent evenings looking for products and packing them until the early hours of the morning.
“In terms of how I found products to resell, I started by selling things that I had at home, like some of my old designer clothes that I no longer needed. From there, I reinvested some of the money to buy more. I turned to yard sales, charity stores, and then finally looked at clearance aisles in larger retail stores.
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“I absolutely suggest reselling first because anyone can do that, especially on eBay. From there, I suggest things like if you have some skill – like photo editing and copywriting for example. continued to take on web design projects from time to time. “
As Christos learned how to resell in parallel, he created his own YouTube channel to document his progress.
Today he can earn up to £ 450 per month and between £ 500 and £ 1,000 in affiliate marketing.
He also started coaching people on starting their own resale business through Zoom. This adds around £ 300 per month to his income.
He says, “I actually started my YouTube channel while I was learning how to resell on Amazon.
“I was just sharing the things I learned along the way, but it eventually became a side activity as well.
“Another great one is online coaching or tutoring. Again, if you have a skill that someone else desires, there will always be a market to sell one-on-one coaching on Skype and Zoom.”
“We have created our own companies”
By December of last year, Cristos had saved £ 20,000 through his various budgeting strategies and parallel efforts.
“Finally, in the third year of my money-saving assignment, everything fell into place. I obviously couldn’t travel overseas due to the lockdown, so it’s true that this helped me save more.
“I invested most of the money I saved that year. While I won’t lie, some of the money was spent on getting me a new game console and a vacation! “
On Christmas Eve, Christos quit his nine-to-five job and made online reselling his full-time business alongside the other multiple income streams he had created.
Entrepreneur and YouTuber Christos says, “” For me, it’s about diversifying your income with different side activities so that you can live a life of freedom with little financial stress because you won’t have to worry about losing your money. job or your business. to close.
“The morale of sharing my story was never to say, do it and you’ll save £ 20,000 in a year or look at me! It was to say that if you want to improve your situation and it can be with n no matter what, then you can do it.
“My message is clear, we are all in different situations in life.
“However, no matter what position you find yourself in, there is always a chance to improve and it’s never too late.”