Our bare-bone budget is under $12,000, with a paid off house and no personal debt. At that level, it means hanging out on our little island paradise doing a number of local free activities such as kayaking, gardening, hiking, biking, camping, surfing, etc. So if worst came to worst, we'd still be able to live a pretty decent and comfortable lifestyle on social security (CPP and OAS). For the next 20 years after FIRE, we hope to spend 4-6 months a year abroad in SE Asia, Japan, South/Central America, and parts of Europe so i have budgeted about $8K for frugal travel once a year.