"Have a monthly budget"
Why?
1️⃣ If you make a budget you can discover where you "leak" money. Meaning where you spend seemingly too much money for non-sense things, or things that you might not need actually.
2️⃣ This way you can set a fix savings rate, that will give you perspective how much time you will need to reach financial independence, or even early retirement.
3️⃣ If you have your monthly spending for the month at one place (cash, one bank account, etc), where you don't have access to your other money, it is easier to stay in the budget, because you "won't be able to spend more". Of course, you shall only use this source...
4️⃣ You need a budget to calculate how much money you need to retire early.
5️⃣ You need a budget to have a sensical FU money, that you can tap into when there is a problem, or to give you independence. (E.g.: To quit a toxic workplace...)
6️⃣ By knowing your budget, you could also think about how to lower it, so you can retire even earlier or you can be even more independent, because you don't have a lot of costs to cover, that can force you to take different type of jobs, or decisions. So lowering your budget can give you more options.
7️⃣ Having a budget means, that you control your costs. If you don't control your costs, they will control you.
#frugaltip #frugal #fire #FIRE #financialindependence #retireearly #saving #FUmoney #FU #moneysaving #plebchain #nostr #grownostr
The Frugal Fren
npub1hv…cq5qt
2024-03-03 11:41:33
Author Public Key
npub1hv0z2fal93sjw43zvp06qwn50jxj5f407z089llvm69m9tc54edshcq5qtPublished at
2024-03-03 11:41:33Event JSON
{
"id": "49338b5fc3a0fc048fc18dab921b2049b4e9bd84d49cb168ddc6feb5ec845ca0",
"pubkey": "bb1e2527bf2c61275622605fa03a747c8d2a26aff09e72ffecde8bb2af14ae5b",
"created_at": 1709466093,
"kind": 1,
"tags": [
[
"t",
"frugaltip"
],
[
"t",
"frugaltip"
],
[
"t",
"frugal"
],
[
"t",
"frugal"
],
[
"t",
"fire"
],
[
"t",
"fire"
],
[
"t",
"FIRE"
],
[
"t",
"fire"
],
[
"t",
"financialindependence"
],
[
"t",
"financialindependence"
],
[
"t",
"retireearly"
],
[
"t",
"retireearly"
],
[
"t",
"saving"
],
[
"t",
"saving"
],
[
"t",
"FUmoney"
],
[
"t",
"fumoney"
],
[
"t",
"FU"
],
[
"t",
"fu"
],
[
"t",
"moneysaving"
],
[
"t",
"moneysaving"
],
[
"t",
"plebchain"
],
[
"t",
"plebchain"
],
[
"t",
"nostr"
],
[
"t",
"nostr"
],
[
"t",
"grownostr"
],
[
"t",
"grownostr"
]
],
"content": "\"Have a monthly budget\"\n\nWhy?\n1️⃣ If you make a budget you can discover where you \"leak\" money. Meaning where you spend seemingly too much money for non-sense things, or things that you might not need actually.\n\n2️⃣ This way you can set a fix savings rate, that will give you perspective how much time you will need to reach financial independence, or even early retirement.\n\n3️⃣ If you have your monthly spending for the month at one place (cash, one bank account, etc), where you don't have access to your other money, it is easier to stay in the budget, because you \"won't be able to spend more\". Of course, you shall only use this source...\n\n4️⃣ You need a budget to calculate how much money you need to retire early.\n\n5️⃣ You need a budget to have a sensical FU money, that you can tap into when there is a problem, or to give you independence. (E.g.: To quit a toxic workplace...)\n\n6️⃣ By knowing your budget, you could also think about how to lower it, so you can retire even earlier or you can be even more independent, because you don't have a lot of costs to cover, that can force you to take different type of jobs, or decisions. So lowering your budget can give you more options.\n\n7️⃣ Having a budget means, that you control your costs. If you don't control your costs, they will control you.\n\n#frugaltip #frugal #fire #FIRE #financialindependence #retireearly #saving #FUmoney #FU #moneysaving #plebchain #nostr #grownostr",
"sig": "22fd8f3e7fa3f94870d3cd5346d6ad72a9422757561404f567769126dfda6a721e12c7fcd3bc739e481066567138db23d3d1512fe2f5395ac8014271fd91a39b"
}