Author Topic: average cost of expenses  (Read 1415 times)

treesner

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average cost of expenses
« on: November 22, 2019, 04:35:00 PM »
does anyone have like a spread sheet or something that shows cost of expenses? I know it varies quite a bit for individuals and locations but my situation is that my current corp job pays for a lot of my expenses and I'm renting with people so home expenses are also split 5 ways..
As I calculate what my FI number I need to make adjustments to see what my cost of living in FI would be because I'm sure it will be higher than now with insurance, phone, mortgage ect..

bonus if you'ee male, single, 30, in California
I was looking to fill this spread sheet out, seems pretty good https://www.madfientist.com/financial-independence-spreadsheet/

terran

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Re: average cost of expenses
« Reply #1 on: November 23, 2019, 07:17:50 AM »
You might find this helpful: https://engaging-data.com/household-spending-income/. It's based on data from https://www.bls.gov/cex/ if you want to do a deeper dive yourself. Since most mustachians significantly underspend their income you might consider looking at the income group that matches your spending rather than your income.

patch45

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Re: average cost of expenses
« Reply #2 on: November 24, 2019, 10:34:20 PM »
Attached is a screenshot of my spending data over ~2 years in Colorado

Dicey

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Re: average cost of expenses
« Reply #3 on: November 24, 2019, 11:15:05 PM »
Attached is a screenshot of my spending data over ~2 years in Colorado
One if the coolest things about reaching FI is being able to give more to charity. Prior to FI, I gave time and energy. Now I can do both and be generous to a degree I never imagined. It's pretty fun!

spartana

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Re: average cost of expenses
« Reply #4 on: November 25, 2019, 02:26:59 PM »
First you need to figure out what your life will look like when you FIRE. Do you plan to remain single without kids? Rent shared places? If so your expenses won't be much different other than health insurance. Gas and car insurance is higher in Calif then other places but utilities are usually less depending on where you live.

However if you plan to marry, have kids, but a house, own a couple of cars and have a higher cost lifestyle you need to project that. Calculators can't do that so you'll need to put in numbers that you think will be reasonable expenses to account for that stuff. I'm a single kidless FIREee in Calif and it's cheap for me. I doubt I could have FIREd if I was supporting a family and had to have a larger house and all the other stuff that comes with living in a HCOL area and having kids.