Here are my current weekly expenses.
$180 for rent, food, internet, electricity, water etc...
$15 for Phone
$15 for Gym
$10 Car Insurance
$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.