Daniel, 36, makes $400,000 a year as a corporate lawyer in New York. But youd never guess it if you saw his shabby apartment.

Saving up can be a hard slog; but there are a few easy ways to reach those savings goals faster.

The unnamed lawyer resorts to extreme measures to meet his savings goals. Picture: iStockSource:istock

Daniel, 36, makes $US270,000 ($A400,000) a year as a corporate lawyer in Manhattan. But youd never guess it if you saw his shabby apartment.

The Harvard Law graduate, who declined to share his last name for privacy reasons, lives across the Hudson River, in Jersey City, to avoid paying New York City taxes.

Theres no TV, just books that Daniel picks up for about 50 cents apiece at a local church. Rice and beans fill the pantry. An armoire holds just five cheap, threadbare suits. When they tear, as they do every six months or so, he sews them back up. In the winter, he doesnt even turn the heat on.

I mostly put on a bunch more layers, he tellsThe Post.

Why so stingy? Daniel is a member of the growing FI/RE movement, short for financial independence, retire early. The money philosophy essentially, save fast and early so you can quit working young is gaining traction among Millennials who have had a taste of office drudgery and want nothing to do with it.

Followers combine investment hacks with old-fashioned penny pinching to build up enough savings to quit their 9-to-5 well before their 60s. Theyre also committed to a monastic existence, avoiding social temptations like drinks with co-workers, workout classes and even the odd fast-casual Friday lunch.

Although he beats himself up for his rare fast-food splurges (Im not as careful as I could be, he says), Daniel has been able to bank 70 per cent of his lawyers salary.

His nest egg recently surpassed $US400,000 ($A590,000). Hes on track to retire in three years.

Im excited and empowered to do what Im doing, he says.

Daniel says he has no regrets about his frugality. Picture: iStockSource:istock

But that doesnt mean its easy.

There were some really hot days this summer, and I couldnt breathe on the subway platform, says 34-year-old Shang Saavedra, a FI/RE follower and corporate strategy consultant.

Shes eight months pregnant, lives in Manhattan with her husband and, together, the couple pulls in more than six figures annually.

The coin-conscious couple have a $25 ($A37) monthly entertainment budget, never buy drinks, tailor their own clothes and could retire today if they wanted to.

Our savings rate right now is 50 per cent, pre-tax, she said.

It took her a while to get used to frugal living. During the first year, I definitely hated it, she says.

I had to constantly remind myself of our goals.

Carmen Perez, 32, who stumbled onto FI/RE three years ago while looking for ways to get out of a $US57,000 ($A84,532) debt, also struggled initially.

She was so frugal her co-workers jokingly offered to start a GoFundMe to replace her worn shoes.

I was making six figures, and my shoes looked like they were going to fall apart, Ms Perez says.

But she was able to save enough while still enjoying a modest date night twice a month with her wife to quit her well-paying job in financial services last month. She now plans to learn how to code and live off her savings while shifting her career.

I have the ability to pivot now and do what I love because we have the money in the bank to make that decision, says Ms Perez, who recently purchased a modest home in Connecticut.

Daniel, who is single, admits that FI/RE hasnt helped his social life.

More and more young people are embracing FI/RE life. Picture: iStockSource:istock

My previous ex-girlfriend never really got on-board. Her concept of what I was doing was being cheap and depriving myself and her, he said.

They talk all the time about the fancy restaurants, bars and Broadway shows theyre going to, he said.

Still, hes excited about his plans for the future. When he retires, he says he might move to Texas for its lack of income tax or somewhere in Asia with a relatively low cost of living.

He looks forward to swapping his 60-hour workweek for leisure time.

I can learn all about the War of the Roses or the Roman emperors or play a certain song on the banjo, he said.

In case of unexpected illness or expense, he says hes not worried.

The whole thing is a safety net, he says. I have a really high-limit credit card if I need it, and if I lost my job, I can just sell some of my investments.

Hes also considering purchasing long-term disability insurance that would cover up to 90 per cent of his income if he had severe health issues.

Even if I was totally disabled and not able to do my work, I could achieve my FI/RE goal at the same speed, he said.

Im trying to get to a point where nothing besides death can stop me.

This article originally appeared on theNew York Postand was reproduced with permission

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