*Finally* actually calculated annual spending, and I'm pleasantly surprised!

[trix76]

I got on the MMM train in Sept. 2015, around the time I was already making some lifestyle changes in that direction (selling my car and starting to commute by bike, investing in index funds in my taxable account, bringing lunch to work a few days a week, etc.) Since then, I've been estimating my annual spending to be between $35-40K year when I use ER calculators and try to figure out my FIRE date. But in truth, I hadn't bothered to calculate my actual annual spending. (I've used Mint for years, but for a variety of reasons, the data in Mint wasn't an accurate reflection of my actual spending, and I hadn't done the work to exclude things like buying VTSAX from my "spending.")

Last week I finally sat down and figured out what I'm really spending per month/per year, and was pleasantly surprised that it's below my estimates! If I look at the past 12 months, my average monthly spending was $2800, or $33,600/year. And if I just look at the past 7 months (since I found MMM), it's $2,375/month, or $28,500/year. And I know there's plenty more I can cut...

I'm so happy to have found this community, because it's really shifted my priorities and gotten me on track to be FIREd by age 44 or so. Thanks for all the inspiration and advice, you beautiful people!

[forummm]

Way to get started! I tally our expenditures every month to keep track of how we're doing and to help plan for FIRE. You'll learn a lot by doing this on an ongoing basis, and may be able to see additional ways that you are able to cut your spending to help you get there faster.

[ysette9]

Nicely done!

[Metric Mouse]

I got on the MMM train in Sept. 2015, around the time I was already making some lifestyle changes in that direction (selling my car and starting to commute by bike, investing in index funds in my taxable account, bringing lunch to work a few days a week, etc.) Since then, I've been estimating my annual spending to be between $35-40K year when I use ER calculators and try to figure out my FIRE date. But in truth, I hadn't bothered to calculate my actual annual spending. (I've used Mint for years, but for a variety of reasons, the data in Mint wasn't an accurate reflection of my actual spending, and I hadn't done the work to exclude things like buying VTSAX from my "spending.")

Last week I finally sat down and figured out what I'm really spending per month/per year, and was pleasantly surprised that it's below my estimates! If I look at the past 12 months, my average monthly spending was $2800, or $33,600/year. And if I just look at the past 7 months (since I found MMM), it's $2,375/month, or $28,500/year. And I know there's plenty more I can cut...

I'm so happy to have found this community, because it's really shifted my priorities and gotten me on track to be FIREd by age 44 or so. Thanks for all the inspiration and advice, you beautiful people!

Congrats! THat's pretty badass.

[tarheeldan]

Awesome!

Not sure if you have looked at Personal Capital but the retirement planner can use data-driven "dashboard estimates" for your annual spending.

In my case it was spot on, as it has been treating investments as it should and credit card payments as transfers.