**Will be streaming LIVE on December 9 at 8:30PM EST!
Mike’s sister Jackie agreed to come on the air and talk about her finances and upcoming car purchase.
Some people seem to think we live in a cardboard box and eat ramen noodles to save money. In this video we talk about how we save money in the 3 categories that people spend most of their money.
According to the Bureau of Labor Statistics, the average household spends $1400/mo on housing, $750/mo on transportation, and $550/mo on food.
We make up a lot of our savings in these three areas by being flexible on house size, driving only one car, and limiting our restaurant eating.
Food is still a work in progress for us, but we’re getting better.
Hope you’re feeling nosy! We’re about to strip down to our financial birthday suit and reveal our income, expenses and net worth. We did it to keep ourselves accountable to our goals and make things more interesting for you guys.
We debated for months whether we should or not, but decided it would need to happen sooner or later, so why not sooner!
We’ll cover our expenses in detail in another video.
Here’s a link to the Blank_Net_Worth_Projections spreadsheet I referenced in the video.
Let us know if you have any questions in the comments. Thumbs up if you like this video, and don’t forget to subscribe!
Here is a tour of our house. We show just a few of the ways we’re able to save 75% of our income every month.
The biggest budget items for most people are:
We keep costs down by living simply in a small house, saving cash for our car, and limiting our restaurant eating to $50/mo.
Also be sure to DIY everything, buy used, and cut your energy costs as much as possible (gas for the car and electricity at home).
Want to know why we do the things we do? Our goal is retire extremely early by saving 75% of our income. If you’re interested in financial independence definitely check out Mr. Money Mustache (link below).
You don’t need a high income to retire early. But, you are going to need to give up a lot of “things” for financial freedom. Some people think living without luxury isn’t living, we think living without time isn’t living. We just want people to know they’re making a choice.