Having a total shift from an expensive lifestyle to a life of frugality can be a real pain in the ass. But there are a few luxuries you MUST give up If you are getting ready to FIRE. By the way, there is this recent Reddit thread on what lifestyle changes to make while trying to FIRE, and here are the top 5 tips from Reddit.
1. Read Free Books:
This user, u/ExtraSpinach says reading free books on Kindle is the way to go when trying to cut down on spending. Kindle is one of the many places you can go to for free books or if you are an old school person, borrowing books from the library is another way. By not spending money on new books, you get to save money and still enjoy your favorite hobby.
2. Move Into A Smaller Space:
According to this Reddit user, u/longlivedasset, moving into a smaller living space helps a lot when going frugal. Whether its a tiny apartment, a cabin on wheels or moving in with your mom, cutting back on rent and bills, build up with time. Although it is guaranteed to feel weird and uncomfortable at first, you will soon grow used to it and most likely start to enjoy living there. Also, when you realize how much of your savings had gone into paying for rents and bills to an excessive and sometimes unnecessary space, then your bank account is sure to be extra bucks grateful.
3. Travel On A Budget
Another user, u/irlyhatejoo says traveling on a budget is the practical thing to do when saving up to retire early. With the help of the internet, it is quite easy to travel the world while spending significantly less money, as you can garner up information based on other people’s travel experiences. Traveling is fun yet an expensive lifestyle and if you are traveling with family, it even means spending more. So budgeting your travel habit will go a long way in adding to your savings account. I recommend these countries where you can visit on a completely low budget.
On your next trip, try;
- Credit card Churning for travel points.
- Couch-surfing – This assures free accommodation and the locals can show you the most interesting places to visit.
- Airbnb to find amazing listings that are safe and comfy.
u/quagmireonfire suggest taking up biking. Apart from the health benefits you get from cycling like increased cardiovascular fitness, increased muscle strength and flexibility, decrease stress levels, strengthen bones and so on, you also get to save a ton of cash on gas or uber. Also if you are a tad bit concerned about the planet, then you should know that bike riding uses minimal fossil fuels and is a pollution-free mode of transport. Cycling 10 km each way to work would save 1500 kg of greenhouse gas emissions each year.
5. Quit Drinking:
According to u/desertfox187 quitting drinking is another sure way to save some money. Not only will you stop feeling like crap the next day, but Time.com also says if you go to the bar an average of two nights a week, you are spending about $160 per week, or $650 a month, on alcohol alone. So imagine if you stopped drinking and start saving that money.
While there are a million of other life-hacks to incorporate into your everyday living, these are just a few practical ways you can save more money towards your financial independence and early retirement. By learning to cut back on those unnecessary excessive lifestyles that only takes money out of your pocket.