The Money Mustache Community
General Discussion => Share Your Badassity => Topic started by: TheRealMFC on January 31, 2014, 08:19:50 AM
-
Quick background... We have been importing all of our information into Mint for a few years, but never did anything with it other than look at the overall net worth. No budgets, categories or anything. We've always saved 15% in our retirement accounts, but pretty much spent the rest of our income the way that the typical American does.
In late 2013 I discovered the MMM blog and read the entire thing. I get the wife and 2 kids to buy into it (for the most part). Myself, I *totally* buy in.
January 2014. I dig into every aspect of our finances and categorize and budget everything in mint - including every transaction from 2013. We apply a ton of mustachian techniques (too many to name in this post).
The end result for our first MMM style month was astounding. We spent 50% of what we spent in January of 2013. We spent 46% less than our average monthly spending for 2013.
I'm doing some projections and suddenly my early retirement is actually starting to feel attainable.
The greatest part of this is that we don't feel deprived at all. The home phone we cancelled? Nobody misses it. The cable TV channels that we no longer have? I haven't heard a single complaint. Not going to a single fast food restaurant or coffee shop this month? My body is thanking me. My negotiating working from home twice per week? LOVE IT. The list goes on and on.
I'm more motivated than ever. Thank you MMM and everyone on this forum.
-
Awesome! I can't wait to see how your 2014 shapes up.
-
Congrats! Every correct decision is like a few extra worker bucks staying in your back pocket. Stay strong! The desire to spend really picks up in certain people around certain holidays unless you can get creative with what's available..
-
Good job! It is impressive you skipped the dining out and coffee. You are an inspiration.
-
Great job! That's an amazing spending cut for your first month!
-
TheRealMFC - I read your post and immediately felt like your family is my families twin. We also discovered MMM late 2013, optimizing everything since. January is our first fully implemented MMM month. I'm shocked at the savings.
Cable TV cancelled - done
Insurance optimized - done
Reduced driving - done
No restaurants - done
Grocery optimized at Aldi - done
Haircut at home - done
More playing outside in the snow - done
More walks to the PO box - done
More delicious meals at home - done
There is still plenty more optimizations to implement, and more extremely fun ways to enjoy the outdoors, but we are well on our way now.
I agree, thank you MMM!
- growingstaches
-
Great job! Wish I could say I accomplished that much in my first month. My biggest problem is "staying the course". We will do great one month then bad one month. Keep it up though!
-
Fantastic!
Yes you'll be amazed how fast you'll get to a positive savings rate.. get the house paid off (if you haven't already done so) and you'll be wondering what to actually do with all the extra income.
Except as a fully fledged MMM you'll know exactly what to do with it..:)
Frank
-
I love these stories. Well done.
-
Inspirational. Thanks for posting.
-
Haircut at home - done
- growingstaches
Awesome! Congrats. How does your hair look? I'm about to let my wife and kids (11 and 7) cut my hair this weekend. Should be a disaster.
-
I've been cutting my husband's hair for about 21 years now -- I watched a hairdresser do it first and asked several questions about her technique. With some practice, I've become quite good at it :-) I also cut my son's hair (age 20), and recently, he was asked where he gets his hair done by someone who wanted the same stylish cut! haha Clippers are your best friend (we like Conair). Start with the very longest guide and work down from there. Longer on the top, shorter on the sides, then blend at the mid point. You can always take more off, but you can't put it back! Lots of you tube videos available these days too. Hope it works out!
-
Awesome job TheRealIMFC!
And I'm going to have to watch that video. I've been cutting my husband's hair for a few months, with rather mixed results :/ Good thing he isn't too obsessed with fashion/enjoys the manly wolverine look.
-
Great. Imagine if you do this month after month. What freedom it will give to your family as you work towards FI.
Go Cuse.
-
Keep at it! Don't get discouraged if you have some months where you slide back a little. That will happen, sometimes due to events out of your normal realm of control.
-
Well done!
-
Congrats..I shave about 800$ a month the first month on here but there is alot more work to be done. It is amazing how many things that you give up, you really didnt feel like you gave up. The big thing with us having 4 kids is were spending alot more family time at the dinner table now since we have kids in sports seemingly all the time. So its a win win.