Some of you may have heard of Financial Independence, or Financial Freedom. For those you who haven’t, it’s the status of having enough income to cover living expenses for the rest of your life without having to rely on formal employment.
Commonly this is paired with Retire Early, which I already know isn’t for me. I would like to continue working even if I had the ability to retire early as a means of keeping my mind active and remaining social, while still contributing back to a society that has blessed me with so much.
One of the first steps to financial independence is understanding your budget. At the beginning of 2020, I was looking to rent and move out and came up with a rough draft my expenses.
Here’s a rough outline of my planned monthly expenses, at the time:
| Rent | 1200 |
| Food | 400 |
| Utilities | 400 |
| Internet | 150 |
| Car Insurance | 400 |
| Gas | 160 |
| Cell Phone | 100 |
| Spotify | 10 |
| Gym | 65 |
| Netflix | 15 |
| Adobe | 100 |
| Total | 3000 |
This adds up to 36,000 a year.
My current costs are:
- Gas
- Cell Phone
- Spotify
- Gym
- Netflix
- Adobe
