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Retirement Discussions / Retire Early CampFIRE
|Subject: Re: How low can you go?||Date: 1/14/2000 5:50 PM|
|Author: intercst||Number: 2210 of 762846|
It seems to me it's not how low can somebody possibly go, nor is it how low can somebody like me can go. Rather, it is how low can I go? The best way to answer that question, IMHO, is to keep track of what you have spent in the past. And by that I mean every dollar. Over the last 7 years I have kept track of 99.7% of my spending. (I wish I knew where that last $200/year was going.) I found out I spend more that I thought.
I tracked my spending for 3 years before I retired. I I'm not sure I identified the last $200, but since my spending was more or less level, I figured I had a good idea of what was required.
Also, make sure you add items you may not be paying out of your pocket while employed (e.g., health insurance premiums.)
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