I have been reading Jacob's blog since 2009 and I have always found the articles to be very interesting.
Seeing as how I like to keep track of things -- I have all my receipts from 2006 neatly filed away in monthly folders -- I thought I might as well document my ERE journey online.
Net Worth: Approximately $130,000
2010 Income: $69,600
2010 Living Expenses (Including Tax and Insurance): $45,500
2010 Savings: $24,100
Retirement Target Date: 35-40
I have been pretty good at saving about 35% of my gross salary over the last 5 years but the ERE blog has certainly inspired me to cut back my expenses even more.
During my undergraduate years (2001 to 2005), I managed to live off of $600 a month (excluding tuition) and I have had "life-style" consumption creep since then. Looking back, I can't believe that I managed to scape by on $600 a month! Compared to my undergrad years, I am definitely living it up.
My major consumption vices are travelling ($5900 in 2010), eating out ($3782 in 2010), and groceries ($2485 in 2010).
I am able to save so much because I do not own a car nor do I need to pay for rent. Based on these two factors alone, I should be saving more!
I am hoping to save in the $500,000 to $625,000 range so that I can live off of $20,000 to $25,000 a year assuming a 4% withdrawal rate.
After I retire, I plan on teaching yoga, reading, travelling (more cheaply through couchsurfing and woofing), and volunteering. That may change as time goes on.
In any case, this post is just a start and I hope it motivates me to really look at my expenditures now that they are online for everyone to see!