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1. 

   Stark
   

   Novice
   Joined: Jul '11
   Posts: 23

   Here are my current weekly expenses.

   $180 for rent, food, internet, electricity, water etc...
   $15 for Phone
   $15 for Gym
   $10 Car Insurance
   $30 Fuel
   $50 Interest free payment for a credit card
   $34 Brazilian Jiu Jitsu Payment

   That's $334. I save $280 a week at the moment. That's $614. I earn roughly $700 p/w on average. So I have $76 not accounted for. I think the majority of it is spent on snacks and eating out. $76 seems like a lot for snacks.

   I have approximately 11 months left on my phone contract. I am not sure whether I should sell the phone and pay the contract out, or keep it and just drop down to a much, much lighter plan when my contract expires. One thing to keep in mind is that I am paranoid and am worried that someone could hack the phone and retrieve my data. Advice?

   I have about 6 months left on my gym contract. I will cancel after that.

   The car and jiu jitsu are a problem. Someone suggested part time teaching to cover my jiu jitsu costs. I think this is a good idea and something I will try to move towards in the future.

   Australia is a big country with relatively poor public transport (compared to Japan, for instance). I can not see myself getting rid of a vehicle altogether. However, I believe I could swap my car for a motorcycle. The motorcycle would be used for getting to jiu jitsu and visiting friends and family, as well as occasional grocery shopping, errands etc... I believe I can get to and from work via bicycle quite easily.

   Unfortunately, I have a few thousand dollars to pay on the interest free credit card. I am looking to pay it off early, however, not in an extreme fashion.

   To deal with my bermuda triangle of snack dollars I think I may start leaving my wallet and cards at home and taking a packed lunch to work.

   If I can institute all these changes my expenses should be $202 p/w. I will round this up to $250 to account for things like birthdays, soap etc.

   I believe I need to save $300,000 for Financial Independence. My goal is to get my savings to $24,000 per year. If this happens I will reach F.I. at 10 years.

   I would appreciate advice and tips.

   Posted 1 year ago #
2. 

   DutchGirl
   

   Master
   Joined: Sep '11
   Posts: 480

   Hey from the Netherlands. If jiu jitsu is this important to you (and I think it is), then I would definitely continue with it. And yes, if you can decrease the costs: great!

   As for the phone: I would keep it, for now. Try to analyze how much you use it; and perhaps try to find a way to use it less (or to make using it less expensive by choosing to use, for example, text messages instead of calls, or maybe data (e-mail) instead of text messages - it really depends on the price for each of these options, and the effectiveness). You've got 11 months to analyze and experiment, so that should be enough to know better what to do in about 10 months, when you have to decide on your new plan.

   The snack budget is much bigger than the phone budget, so focussing on that should help.

   Good luck!

   Posted 1 year ago #
3. 

   Stark
   

   Novice
   Joined: Jul '11
   Posts: 23

   Hello!

   I absolutely do not need to spend a lot on my phone. I think once the contract is up I may need only a $10 plan.

   You are right, focusing on the snacks will have a big impact on what I save.

   Thank you.

   Posted 1 year ago #
4. 

   Stark
   

   Novice
   Joined: Jul '11
   Posts: 23

   Recently I have been thinking about ways to increase my savings, more specifically, further study to earn more.

   I currently earn just under $50,000 a year. I have a degree, but I am not convinced working in that field would grant me a higher salary.

   IT professionals seem to earn good money, so, I think I am going to head that way.

   I am also considering saving for a motorcycle as it would reduce my fuel costs. However, I am not sure if it is wise, to spend thousands on a motorcycle when I have an adequate car.

   While my savings are modest, I have begun to think of each week of savings as a week I don't need to work. For example; $1000 buys me essentially 3 weeks freedom. So, as my savings increase I feel like my tolerance of BS at work will decrease. It's a great feeling.

   Posted 1 year ago #
5. 

   George the original one
   

   Expert
   Joined: Jul '10
   Posts: 1,941

   In the "work harder" category, if you worked an $8/hr job on the weekends, your takehome pay would be $5k more.

   I'm not saying that's the best way, but it would be one of the quickest ways to boost savings.

   Posted 1 year ago #
6. 

   Stark
   

   Novice
   Joined: Jul '11
   Posts: 23

   Lately my savings have been higher, however I have had some unavoidable expenses - several weddings... When (IF) I get married my ceremony will be simple and not put financial stress on the people around me.

   I am thinking really hard about how to get rid of my car.

   As I continue to read and learn I am really starting to believe that F.I. is something that I can actually achieve. Probably not as quickly as Jacob as I can not see how I can get my expenses quite that low in Australia...

   George, I am contemplating your suggestion, a part time job on the weekend in Australia is likely to pay $15 + an hour. It will be taxed hard, but the money should be reclaimed at tax time.

   Posted 1 year ago #
7. 

   DutchGirl
   

   Master
   Joined: Sep '11
   Posts: 480

   If you need to reclaim your money at tax time, that would be perfect for me. If I get a large sum of money all at once, I'm much less likely to spend it on bullshit than when I get several smaller sums.

   Posted 1 year ago #
8. 

   Stark
   

   Novice
   Joined: Jul '11
   Posts: 23

   That's one point Dutchgirl, however, when the government is holding money for me I am not earning any interest on it. It may be a small, perhaps insignificant amount though...

   -----

   I have sold a bunch of my stuff - mostly semi pro audio equipment that I used as a glorified hobbyist (at one point I wanted to be a professional song writer). I am also planning to sell some music instruments which, generally, sit silent in my room.

   My savings are up to $3600. Measly, but remember I started at 0 about a month ago. I am saving approximately $400 a week which puts me at a savings rate of ≥ 50%

   I also managed to negotiate a temporary living situation where I only pay $75 p/w till February.

   I spent $200 on training equipment for jiu jitsu. However, the fabric is strong and should last years.

   I rediscovered the library and it was a joyous reunion. What a novel idea! - free books and dvds without the annoyance of having to store them.

   Finally, I am attempting to make a major move at the end of February which should allow me to get rid of my car. Hurray!

   I feel like my mind has begun to turn from the consumer mindset - I no longer want to buy stuff, in fact, I may be becoming a minimalist. I enjoy having less things occupying physical space around me, but maybe I was just cramped to begin with. Before, I might buy one or two cds a week. With such an abundance of new music I don't think I really listened to it properly. I am now listening through my old catalogue with no significant loss of pleasure.

   One thing I continue to struggle with is movies. I really enjoy going to the cinema, however, I know that it just doesn't make sense to spend $15-17 when I can hire it for $2 or perhaps obtain it for free. It's a work in progress!

   Posted 1 year ago #
9. 

   Stark
   

   Novice
   Joined: Jul '11
   Posts: 23

   Just as a note - if sometimes it seems as if my paragraphs do not flow onto one another well it is because I do not enjoy typing lengthy things. Cheers.

   Posted 1 year ago #
10. 

    jennypenny
    

    Expert
    Joined: Jul '11
    Posts: 1,338

    "My savings are up to $3600. Measly, but remember I started at 0 about a month ago."

    That's fabulous Stark. Not many of us put away $3600 last month. And I wouldn't fret about the money spent on jiu jitsu. It is good for your physical and mental health. If the budget line read "$34 for health" you wouldn't worry about it.

    Posted 1 year ago #
11. 

    bigato
    

    Master
    Joined: Mar '11
    Posts: 920

    You can buy them, used or new, cheaper at ebay or other similar sites. A lot of people buy some good kimonos and just don't keep on training.

    Posted 1 year ago #
12. 

    teewonk
    

    Apprentice
    Joined: Jan '11
    Posts: 94

    I got injured halfway through a year-long gym contract and found out after it expired that I could have cancelled it and gotten some of the refund back, whether I was injured or not. You might want to check into your contract details.

    Do you have a local library that lends DVDs?

    Posted 1 year ago #
13. 

    Stark
    

    Novice
    Joined: Jul '11
    Posts: 23

    @jennypenny a lot of that was from selling things - so in a sense easy gains.

    @bigato it is a good idea and I am kicking myself for not doing that :(

    @teewonk thanks, I will look into it. And yes to the DVD library.

    Posted 1 year ago #
14. 

    graynomad
    

    Apprentice
    Joined: Oct '11
    Posts: 54

    I to recently "discovered" libraries and they are great. While we're on the road though they aren't an option so we now download free/cheap books from the web.

    Be careful with a motorbike. I've been riding since the 70s without any major falls, but many of my former mates weren't so lucky. Some didn't live long enough to worry about ERE. They are bloody dangerous. That said they are great in the city as you can park just about anywhere.

    I still have a bike but I would never again have one as my only form of transport, they are just too impractical.

    Posted 1 year ago #
15. 

    cgreg2000
    

    Novice
    Joined: Oct '11
    Posts: 4

    Hi Stark, you're making great progress from the looks of it. I'm in about the same income bracket as you, and have always lived on less than half of it, as I'm currently making mortgage payments. My rent is $130/week, and is my highest expense so far. I live within 5 minutes walking distance to work, and have no car, ride my bike wherever I need to go, as I live in a rural city. I'm trying to work on my food budget very closely, as I think that is where I can most make an improvement on spending.

    Posted 1 year ago #
16. 

    Stark
    

    Novice
    Joined: Jul '11
    Posts: 23

    Hi Graynomad - I think you can still borrow library books as long as you stay in the one spot for a few weeks or so... I remember borrowing books on holiday before.

    I have largely given up on the idea of a motorbike, instead I am planning a move to Sydney and getting rid of my car altogether! If everything goes to plan this should happen around February.

    Hi cgreg2000,

    Good to know someone else is in a similar position! Your situation sounds ideal! I too need to work on food.

    Posted 1 year ago #
17. 

    graynomad
    

    Apprentice
    Joined: Oct '11
    Posts: 54

    Hi Stark, yeah maybe you can, I haven't tried to be honest. Trouble is we never stay in/near a town for very long, and when we do settle somewhere it's next to a river in the middle of nowhere.

    We have about 200 real books and a huge amount of ebooks so we're not short of reading material :)

    Posted 1 year ago #
18. 

    Stark
    

    Novice
    Joined: Jul '11
    Posts: 23

    I have sold more of my crap and my savings is now over $6000. This is the most money I have ever had in my bank account. It is odd for me to not be scheming for something to buy with that money. The desire is not really there. It is strange - like I am outside my body observing myself - is he really there not spending money? I am running out of things to sell. I expect that my savings will settle down into a more regular amount now.

    I have been feeling at times desperately suffocated by my job, to the point where I have been thinking of taking what money I have and escaping to thailand, japan or brazil and just training martial arts full time for a year. However, at some point the money will run out and I will have to return to this drudgery. Another option is just working part time in Australia and training the rest of the time. This would be a more permanent escape. I would happily just work at a pizza shop for a few nights a week and indulge my interests in my free time. I can already hear the voices of my family telling me that this isn't getting me anywhere...

    Posted 1 year ago #
19. 

    bigato
    

    Master
    Joined: Mar '11
    Posts: 920

    What about the move to Sidney? If you can drop the car this way and live with ony a bike, things will get much better to you. Moving to another country right now does not seem a good idea. Too little money yet! But if you are really serious about it don't forget to talk to me about Brazil. You could teach english here. But I really think it would be better to stay in your place one or two years.

    Posted 1 year ago #
20. 

    aussierogue
    

    Master
    Joined: Nov '11
    Posts: 344

    I just wanted to say g'day and give you some encouragement to keep up the good work.

    I agree with bigato

    remember - most people feel suffocated in a job. Take some crazy solace in that! At the rate you are going you seem to me to be right on track. Psychologicaly you have made some great breakthroughs (which will save you hundreds of thousands over the next 40 years) and soon your cash position will continue to improve.

    The english teaching abroad idea is a good one if it does all get too much...

    So if you do decide to run for a while your nest egg is protected. Indonesia, thailand and brazil are cheaper places to live and the aud goes a long way..

    The other option is to find a ifepartner who is loaded. I am sure there are websites for that..

    cheers
    aussie

    Posted 1 year ago #
21. 

    Stark
    

    Novice
    Joined: Jul '11
    Posts: 23

    HI Bigato and Aussierogue,

    Thanks for your wisdom and support!

    I have read posts from both of you and I get the sense that you are decent, smart people. Thanks.

    I think I will stick to the plan, continue to save, move to Sydney and ditch the car.

    Posted 1 year ago #
22. 

    Stark
    

    Novice
    Joined: Jul '11
    Posts: 23

    I am sorry people. I have bailed on the plan. I hate my job so much I had to leave. I am leaving in may and am planning to live in an asian country for about a year. I will not work during this time.

    Thanks to ERE tactics I will have saved enough money by may to do that.

    I guess it will be a taste of what permanent retirement is like.

    I am not planning to return to my consumer ways. I see it as a hiatus from the accumulation of capital.

    I think my way forward will be some sort of semi-ere, working part time and pursuing my interests the rest of the time. I would like to say after may I will never work full time again, but we will see...

    Posted 1 year ago #
23. 

    Catanduva
    

    Apprentice
    Joined: Sep '11
    Posts: 48

    Go for it and keep us posted!

    Posted 1 year ago #
24. 

    ExpatERE
    

    Journeyman
    Joined: Jul '11
    Posts: 219

    Cool! As Catanduva said, keep us posted. Be interesting to hear what this experience is like for you. Wish you the best.

    Posted 1 year ago #
25. 

    Stark
    

    Novice
    Joined: Jul '11
    Posts: 23

    Hi Folks,

    I haven't posted here for a while. I have just been saving and preparing for my trip, but I had an interesting opportunity come up. I have been offered a job that seems interesting, is three days a week and may be worked remotely. I may or may not be postponing my trip. There will be a short learning curve for the job and I will have to demonstrate I can do it remotely, before leaving. The good thing is, if I do go, my expenses will be covered by this part time job and I will not have to use my savings.

    My expenses are going down, for instance: I got rid of the credit card payment I was making and my gym membership; I made a lot of strength gains, but have decided owning one kettlebell for a lifetime makes more sense than $600 a year forever. Besides, getting stronger is largely repetitive, constant work, so just having one tool to do it is fitting.

    Will update the log once I have started this new phase.

    Posted 1 year ago #
26. 

    bigato
    

    Master
    Joined: Mar '11
    Posts: 920

    What did happen with the opportunity? I hope it went well!

    Posted 1 year ago #

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