4 strategies a 28-year-old used to grow her net worth by $92,000 in a year

• A millennial who saved $92,000 in a year used four strategies to save and invest more.
• She took advantage of her 401(k) and HSA to save on taxes and grow her balance.
• She also held herself accountable by telling others about her goal and keeping a spreadsheet.
• This article is part of a series focused on millennial financial empowerment called Master Your Money.

In 2020, 28-year-old Connie Conpoint's net worth grew by $92,000.

Conpoint, an Austin, Texas-based blogger and tech worker who uses a pseudonymous last name online, is working toward financial independence. Since she was lucky enough to keep her job last year, living frugally on a high salary helped her grow her net worth – which is simply her assets minus her liabilities – quickly.

Planning to leave full-time work in seven years, she primarily uses four strategies to save, grow her investment accounts, and stay on track to retire at 35.

1. She uses her employer's benefits to their fullest

Conpoint uses a well-known way to get what's often called "free money": her workplace's 401(k) retirement savings plan, which provides an employer match. Working in tech, she contributed enough to get her employer's full match of up to 6% of her salary.

A 401(k) is a tax-advantaged retirement account provided by many employers to help employees save for retirement. Some of these employers also provide an employer match, which is a set amount of money contributed by your employer to your 401(k) when you make your own contribution. Generally, these limits cap at a certain percentage of your salary.

For Conpoint, the match made a big difference. "I try to max out my 401(k) every year," she told Insider by email, and tries to get the full match each year. The maximum contribution to a 401(k) in 2021 is $19,500.

Her employer also offers a perk that's not unusual in the tech field: an employee stock purchase program, which allows her to buy company stock at a discount.

It's helped her to build up her portfolio over time. "I buy the max because I see a lot of potential in my company and our ESPP has safeguard policies that make losing money pretty unlikely," she said.

"By paying attention during my new hire onboarding and clicking a few buttons, I've made thousands of dollars from our ESPP every year," Conpoint continued. "It's the easiest money I've made."

To find out if your office or workplace offers these benefits, check with your HR department.

2. She uses an HSA to take advantage of tax breaks

A health savings account can help with more than immediate health costs – and Conpoint uses that to her advantage.

"I don't use my HSA to cover medical expenses," Conpoint told Insider. "Instead, I use it as a triple-tax advantaged account and invest through it."

Part of the appeal of a HSA is the fact that it's a savings and investing account that can be used for medical expenses both now and later. It's tax advantaged three ways: The money is contributed from your paycheck pre-tax, grows tax-free, and can be withdrawn tax-free for appropriate medical expenses.

In 2021, a single person can contribute up to $3,600 per year to an HSA, while couples and those with family coverage plans can contribute up to $7,200 per year. However, there's an important caveat: These accounts are only available to those who have a high-deductible healthcare plan.

Since the funds don't expire, Conpoint's contributions can be invested and saved for future expenses.

3. She holds herself accountable by sharing her progress

Conpoint found herself posting about her accomplishments on Instagram, and finding a personal finance community to hold her accountable was helpful, she found.

"I didn't intend for my Instagram to turn into a financial account," she said, "but Instagram has such a supportive personal finance community, especially for women of color like myself." Conpoint is Chinese-American.

"It's refreshing to open up about a taboo topic and know you're not alone," she continued. "That sense of community definitely kept me going." She shares her savings rate monthly, along with her wins and things she wishes she'd done differently.

While Instagram might not be the place for everyone, social media isn't the only way to get some accountability: a financial planner or a trusted friend can help in a similar way.

4. She uses a spreadsheet to control her spending

Conpoint lives below her means to save at least 45% of her take-home pay each month, though she generally saves more. To save aggressively, she tracks every dollar she saves and spends through a simple spreadsheet.

"I use a manual spreadsheet to this day because it makes me hyper-aware of my spending habits," Conpoint said. "Many people think saving money is the focus, but that's an outcome goal. The action goal is controlling spending."

She logs every one of her expenses, and categorizes each transaction. She budgets for things she wants to do, like eat out. "I build it into my money management system, so I can plan for it instead of restricting myself," she said.

"I have a shortcut to my spreadsheet on my phone's home screen – logging expenses in the moment is as easy as sending a quick text," she said. There, she can also calculate her savings rate, and stay aware of the things she buys. "It's cool to plug in a fake expense to see how it will affect my savings rate," she said.

"If you can be intentional with your spending," she continued, "the savings will naturally come."

• Read more from Master Your Money:
• A millennial paid off $23,000 of student loans in half the time she expected thanks to 3 simple moves
• How a laid-off millennial turned her $20,000 severance check into a thriving freelance career
• A woman who married into 6-figure debt shares the strategies she and her husband have used to pay off $50,000 so far
• 4 things I've done this year to take control of my money and get on the path to building wealth