Posts tagged with "expenses" - page 4
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My Expenses Compared with MMM
Some of you might have heard of Mr. Money Mustache (MMM), who retired at the age of 30 in the US and is quite popular in the F.I.R.E world. I have always wanted to compare my expenses with him and see if I can be as good as him with my expenses. I always believe that there are some similarities when I compare myself with him (like workouts, DIY, minimalism etc). My expenses should also be similar then? You know that I have this habit of looking back at my expenses in the past year and write a post on it in the beginning of the new year. This year, MMM also posted his expenses on his blog, so it was easy for me to compare my expenses with his. So am I better at managing my expenses compared to him? Lets find out. The results may surprise you!
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Year In Review - 2019 Expenses
This is the continuation of my 2019 year in review series. See my previous post if you missed my returns report. As you probably know, I maintain two set of expenses -- one for monthly expenses and another for annual expenses. The monthly expenses include expenses that occur more frequently than once a year and the rest of the expenses go into annual expenses. Lets dive deeper into the report.
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How Much Should I Invest?
While having a conversation with one of my friends, it occurred to me that the current calculators are not sufficient to figure out how much to invest per month while increasing the SIP every year to meet your retirement goal. Lets say, you have an age in mind at which point you want to retire. And you want to know how much you should invest every month of every year until you reach your goal. Throw in a twist, which is that you want to increase your investment every year by some fixed percent. There is no calculator on this blog that will tell you how much you should invest every month. Naturally I thought there should be one, and here is that calculator. Hope it helps you reach your goal. Here are some instructions on how to use it.
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Funding Child's Education Expenses
In the past, I wrote about how to fund children's education expenses, but some of my readers felt that there should be a calculator to figure out education expenses. So naturally, I am obliged to fill the gap with this calculator. I would strongly urge you to read the previous post before using this calculator to understand the basics first. Lets get some shortcomings of the calculator out of the way before using it.
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Record Your Expenses
In my previous posts, you have seen my monthly and annual budgets. Now it is time I explained how I actually track and record my expenses, so I know how I am performing compared to the budgeted numbers.
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My Annual Expenses Explained
In my last post, I went over my monthly expenses. In this post I will go over my annual expenses so you too can plan your annual expenses along those lines. For the year 2018, I budgeted an annual expense of Rs. 3,60,000. That comes out to Rs. 30,000 per month. Annual expenses are those expenses that occur less frequently than a year. So things like property tax, buying a car, painting your house etc will come under annual expenses. My annual expenses planning is shown below.
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My Monthly Expenses Explained
In one of my previous posts, I briefly mentioned that I planned my monthly expenses to be around Rs. 50,000 per month. In this post, I want to explain a bit more on how I arrived at those numbers. May be it will help you figure out your own expenses in your retirement.
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Year In Review - 2018 Expenses
Continuing the "year in review" series, this time lets go over my expenses last year. Did they go according to plan? Did I over estimate or under estimate? I wrote a couple of posts explaining my monthly and yearly expenses. You can check those out for more details. But for this post, I will just go over them briefly and how they panned out over the course of last year.
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Should You Retire Early?
Early retirement is not for every one, and it is not like everyone need to retire early. Don’t blindly follow the bandwagon and join the F.I.R.E (Financial Independence Retire Early) cult. You subconsciously know who you are, and whether early retirement makes sense for you. Here are some reasons why you may not want to retire early.
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How Long Will My Money Last?
How long will your money last? The oft given cliched answer is -- it depends. It is true if you want someone to answer for you. But if you put some effort, you will be able to answer the question yourself. The only problem is that you should be able to make some good estimates of your expenses, inflation and investment return long into the future.
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