![]() ![]() So on Friday when my direct deposit arrives I transfer the allotted amount to accounts for mortgage, utilities, insurance, taxes, vacation, future expenses, general savings, etc. I then distribute it into a series of online savings accounts that either act as sinking funds or make direct payments. That being said, my method is to have my pay check deposited into my account. Even at its most difficult, budgeting takes less time than watching a baseball game. I think it's important to put in perspective. I think tracking your budget in excel is the way to go since all the calculations are transparent, and you can easily modify this to fit your exact needsĮdit: Added imgur link to what the dashboard looks like.You do not need to link this to your bank accounts, so data privacy is not an issue.You can compare your expense / income / savings against your budget targets, over any time period.On the dashboard, you can easily toggle between viewing different time periods (last 1 / 3 / 6 / 12 months, year to date, custom), and can also select an individual expense category to isolate and see how it has trended over time.You have the flexibility to change the categories used to label your expenses (e.g., restaurants, going out, gym, debt, etc.) and income.Expenses and income are entered in a simple way.In my opinion, this is a good tool for the job because: There is an excel version and google sheets version which I've posted on my website: This is what the dashboard section looks like: I built my own spreadsheet to track my expenses and income, and visualize where everything is going / how I am doing against my targets. u/EngagingData's Early Retirement FIRE Calculator.Money Mustache, Wade Pfau, etc., have been archived here. "Build the life you want, then save for it."Īrchive of previous Daily Discussion threads.ĪMAs with William Bengen, Mr. Please read the FAQ and Rules above, then feel free to share your journey or ask for advice! When participating on this subreddit, please be mindful of the ways in which you are lucky. Taking the slow road, or the traditional road to retirementīecoming financially independent requires hard work and a healthy attitude towards money, but also a degree of privilege. ![]() Gaining wealth for the purpose of excessive consumption Investing to make your money work for you, and learning to manage/optimize those investments for the unique nature of FI/RE Striving to save a large percentage (usually more than 50%) of your income to accelerate achieving FI Working to increase your income and income streams with projects, side-gigs, and additional effort Your wants and needs aren't written in stone, and less spending is powerful at any income level. Simplifying and redesigning your lifestyle to reduce spending. The purpose of this subreddit is to discuss FI/RE strategies, techniques, and lifestyles whether you are retired or not.ĭiscovering and achieving life goals: “What would I do with my life if I didn't have to work for money?" This subreddit deals primarily with Financial Independence, but additionally with some "RE" concepts.Īt its core, FI/RE is about maximizing your savings rate (through less spending and/or earning higher income) to achieve FI and have the freedom to RE as soon as you wish. This is a place for people who are or who want to become Financially Independent ( FI), which means not being required to work for money, providing the freedom and flexibility to do what you want.īefore proceeding further, please read the Rules & FAQ! Rulesįinancial Independence is closely related to the concept of Early Retirement/Retiring Early ( RE) - quitting your job/career and pursuing other activities with your time. ![]()
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