24-Year-Old Reveals the Small Changes That Helped Her Reach Her $100K Savings Goal Despite Sudden Cut to Her Income (Exclusive)
August 21, 20264 Mins read24
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Credit: Shelby Wright
NEED TO KNOW
Shelby Wright, 24, has officially reached her $100,000 savings goal after previously telling PEOPLE she hoped to hit the milestone ahead of schedule
Wright began doubting whether she would make it after the economy dipped and she lost one of her better-paying part-time contracts
She credits automatic investing, a low-buy year and cutting everyday expenses with helping her save, but says reaching $100,000 has ultimately given her a sense of security
Shelby Wright was on a work trip in New York City when she casually checked her account and saw a number she wasn’t expecting quite yet.
After years of saving, and recently wondering whether the economy and the loss of a well-paying contract would keep her from reaching her goal, the 24-year-old had officially managed to save $100,000.
“Honestly, it was such a random day. I checked my account while I was in [New York City] on a work trip and just sat there like…wait,” Wright tells PEOPLE exclusively. “I actually thought I wasn’t going to hit it before my 24th birthday with everything going on in the economy, so I was genuinely shocked.”
A year earlier, Wright revealed her plan to save $100,000 by age 25, when she had already put away roughly $75,000 and believed she could reach her goal a year early. Wright, who works at men’s streetwear brand Basketcase in customer success, wholesale, bookkeeping and HR, has now crossed the six-figure mark before her 24th birthday.
The moment itself, however, was much more understated than she once pictured. “It wasn’t the big celebration moment I imagined,” she says. “I kind of just moved on to the next goal, which I’m trying to stop doing so I can actually enjoy the milestones.”
Wright still owes herself a wellness day with her girlfriends to properly celebrate, but there were points when she wasn’t sure there would be a reason to celebrate so soon. As the economy began dipping, she grew nervous, and losing one of her better-paying part-time contracts made reaching $100,000 feel even less certain.
“Now knowing that no matter what happens I’ve got myself, I don’t have to rely on anyone, that’s everything to me,” Wright says. Those uncertain moments also reminded her why she continued documenting her savings journey online.
When it came to closing the final $25,000, Wright says there was no single trick behind it. The stock market played a role, she received a small raise and her 401(k) contributions were set to come out automatically, meaning the money was invested before she had a chance to spend it.
She also challenged herself to a low-buy year, allowing herself to purchase just nine non-essential items and sharing her progress online for the first five months. Wright loosened the rules after reaching $100,000, though she estimates she has still purchased only around nine non-essential items so far.
Credit: Shelby Wright
Some of her most effective changes had less to do with willpower and more to do with removing the temptation to spend in the first place. Wright unfollowed social media accounts that made her want to shop and deleted shopping apps from her phone, while also cutting monthly facials and regular nail appointments.
In a recent TikTok, Wright broke down some of the everyday habits that helped her reach $100,000, from driving the 2013-model car she bought with cash in high school to shopping secondhand and skipping pricey beauty treatments.
“If the urge isn’t there, it’s so much easier to not spend,” she says.
There was one category, however, where Wright wasn’t interested in cutting back simply for the sake of saving more: experiences. While she admits she sometimes felt like she was missing out and suspects there were plans she wasn’t invited to because people assumed she wouldn’t want to spend, trips and time with friends remained worth the money.
“A memory doesn’t depreciate,” she says, recalling trips to Tahoe and Montana last year and more recent outings to wine bars and pop-ups with her girlfriends. “Those are the things I’ll always say yes to. It doesn’t feel like sacrifice at all.”
Now that Wright has reached $100,000, the biggest change isn’t what she plans to buy with it. After dealing with anxiety around money following graduation, she says knowing the savings are there has made her feel more confident about handling whatever comes next.
“Yes, I can finally breathe,” Wright says, explaining that even if she lost her job tomorrow or her pet, Miso, needed surgery, she knows she could still make rent and cover an unexpected expense. “Knowing I did this for myself, that I can be my own safety net, that’s such a gift.”
Shelby Wright and her friend Credit: Shelby Wright
For Wright, that independence is particularly important for women who may grow up hearing that someone else will handle their finances or that money “isn’t their thing.” She hopes talking openly about her own experience might encourage another woman to open an account, make a first investment or simply start paying closer attention to her money.
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And reaching $100,000 hasn’t made Wright ready to stop saving anytime soon. Her next goal is to save $200,000, then $1 million; eventually she hopes to reach Coast FIRE, a financial milestone where the compound growth from one’s retirement accounts is enough to fund their eventual retirement, rather than relying on the money contributed. The challenge now, she says, is making sure hitting one goal doesn’t immediately become an excuse to chase another without appreciating what she’s already accomplished.
“It represents that I’m capable,” Wright says of reaching $100,000. “That I can actually do the things I set my mind to.”
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