Gen Z woman, 24, with £75,000 in savings reveals all the sacrifices she makes so she can retire by 40

A 24-year-old woman bent on retiring by the age of 40 has revealed how she has already managed to save £75,000 - but critics say she's missing out on her youth and 'should live in the moment'. Thanks to her breezy TikTok videos focused on saving, investing and budgeting, UK-based Mia has amassed almost 94,000 followers on the platform.

The finance influencer is a proponent of the F.I.R.E - or 'financially independent, retire early' - movement that has become popular with Gen Z in recent years. Those who subscribe to the lifestyle often choose to live extremely frugally while they're young in the hope that they'll be able to stop working significantly earlier than their peers.

Mia, who currently works in fashion sales, eats 'a 50p breakfast everyday' consisting of an egg and half a bagel, avoids buying a cup of coffee when she's out, and never gets her nails done. In a clip that's been viewed almost 246,000 times, she said: 'I eat a 50p breakfast every day so I can retire by 40.

'It means hustling extra hard in my 20s and cutting back on things like daily coffees and getting my nails done. 'But it also means at 45, I won't have to ask my boss for a random Wednesday off, I'll just take it.'. Mia (pictured), 24, has an extreme approach to saving which she hopes will allow her to retire by the age of 40.

The young British woman has already save £75,000 and is on track to meet her goal. Why I want to retire early #personalfinance #firemovement. Elsewhere, Mia, who saves money on rent by living at home and buys second-hand clothes, explained that her side hustles include making content for social media platforms and modelling.

Having worked out that she will need £1.25 million to retire at 40 and live a 'basic life' on £35,000 a year, however, Mia knows she cannot simply rely on everyday savings. Rather, she also invests in the stock market with Mia telling her followers that, of her £75,000 in savings, £58,000 is invested in stocks.

She revealed that most of her money is invested in the S&P 500 - a stock market index tracking the stock performance of 500 of the largest public companies in the US - which provides on average a return of eight per cent year on year. Mia, who is currently investing around £1,500 per month, realises that she will need to invest at least £2,000 per month if she is going to be able to pay herself £35,000 a year from the age of 40.

Her solution is to increase her salary and side hustles so that so that she can up her monthly savings. In one of her videos, Mia also explained that she intends only to 'soft retire' at 40. In other words, she will still work on projects of her choosing - she just won't be tied down by a 9-5 job.

While many would agree that Mia's plans are admirable and her discipline is enviable, not everyone online is supportive of her stringent lifestyle - with a number of social media users suggesting the 24-year-old is missing out on her precious youth. Mia saves money by eating the same 50p breakfast of an eg and half a bagel (pictured) every day, avoiding buying coffee when she's out and never getting her nails done.

Critics online complained that Mia, by focusing so much on saving, is missing out on her youth - but others were inspired by her lifestyle choices. One person wrote: 'I see where you are coming from but you really need to enjoy being young because being old is rubbish.

'Also, if you have kids and/or a divorce, any plans you've got are burned down.'. Another added: 'I'd rather have the freedom [while] younger if possible. Travelling and experimenting with different jobs is surely easier in your 20s and 30s than 50s and 60s...'.

A third person commented in a similar vein: 'Live [in] the moment... eat, enjoy life now... who knows what will happen tomorrow... 45? You don't know what really happens at 45... live [in] the moment!'. A fourth TikTok found it hard to accept Mia's choices, writing: 'I'd rather live now, I'll never understand this mindset.'.

And a fifth said: 'Enjoy your youth, when it's gone it's gone.'. Yet others were impressed and inspired by Mia's approach. One person commented: 'Love your vibe and videos'. Another agreed: 'This is the goal'. And a third endorsed Mia's choice to live frugally, writing: 'Moderation is key'.