Saving Tips from 2 People Who Retired at Age 39

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Amon and Christina Browning shared the 5 tips that helped them retire by age 39.

Amon and Christina Browning were able to retire by age 39 and shared 5 tips on how you can to, according to CNBC.

This process wasn't easy and the couple had to get creative. In the end, they were able to save about 70 percent of their paychecks. In less than 10 years, the Brownings were able to save and invest over $2 million. They attribute most of their saving success to automated services. Saving was only one piece of the puzzle, the Brownings put their money into high-yield savings accounts, CDs, investments, and money market accounts.

These 5 tips are how the Brownings say they were able to retire by age 39.

1. Think long-term.

“When you’re picking a bank, you want to make sure you can see yourself having a long-term relationship with it,” the couple said. Always do your research on the financial intermediary you choose.

2. Get the best return on your money.

In addition to their investments, the Brownings keep two-and-a-half years' worth of living expenses in multiple savings accounts. The couple wanted to keep up with, or outpace, inflation of 2 percent so they split the money up into multiple accounts that earn at different rates. The Brownings keep a large portion of their money in an Ally Online Savings Account and then put the rest in CD ladders.

3. Stay a step ahead of yourself.

The Brownings recommend "complicating" the process of withdrawing money so that you are less likely to pull out of it. “You’re probably better off having your high-yield savings account at a different bank than your checking account,” Amon says. “That way you won’t see the two balances when you log in to your bank.”

4. Pay yourself first.

Saving and investing is an investment in yourself,” said the couple. “When we were devising our budget and our expenses, one of the first line items we identified was what we were going to save and invest. So that was at the top and everything else fell into line after that.”

The couple also believes that saving money at the beginning can help reduce stress and anxiety. “You want to be able to live it up with your money,” they said. Once they hit their savings goals, they didn't feel bad about spending the remaining money.

5. Start small and increase incrementally.

The Brownings admitted taking the first step was challenging, they weren't ready to save 70 percent of their income. They recommended individuals in a similar position start where they are and increase 1 percent every month. For example, if your savings goal is $1000 per month but you can only afford $500, start there and then increase by 1 percent every month. Saving in smaller increments makes it less noticeable.

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