You can't make use of your earned income credits if all your income is from investments.We do have an investment fund and cash which is providing us with income until then but I'll double check with Mrs C and the accountant that we are using up all available tax credits or any other areas that might improve the bottom line
Sorry Bronte, just realised I only half answered this question in that postHeating - it went up in 2023/energy crisis, but you got the gas and electric right back down again in 2024, how did you do this?
I'm very much the same, even though I track my spending I'm not analysing it on a daily, weekly or even monthly basisFair play to anyone who wants to log every euro they spend. I know what I spend in my head. I know what and how much I have in our bank accounts and investments in my head.
Anymore detail would drive me mad.
When I compare the cost of the type of holidays we like to do, say an American road trip, they have nearly doubled in cost in between 2011 and 2018 and when researching options for last summer I reckoned they had gone up again by close to 20% or as Bronte indicates it's not getting any cheaperHolidays - can't see that low being the norm for many
Thanks Miracle Girl,This is a really interesting post. Thank you for the indepth detail, explanations and insights. I will be talking to my Mr Miracle Boy if we can adopt something like this to track what we actually need for our lifestyle and customise!!
I have stepped back in my career and working parttime as I was so fed up with the rat race of work..I would love to leave work altogether, but so afraid to " cut the cord".
I also have a side hustle that I earn a modest income from and I do have a uk private and Irish private pension Plus eligibility for Irish contributory state pension and the UK state pension.( i took full advantage off the NIbackdated opportunity)..
I am now going to look carefully at your data,compare it to our own lifestyle and see what I can do to cut those apron strings!!
Thank you for a fab post..
You should start a blog or go on tiktok with your experiences..you would get a huge following !!
Your very welcome nest egg,Great post, thanks for taking the time to share your data. I started tracking our expenses during lock-down, and have become totally hooked on it ever since. While I'm a long way from the OP's record, I've amassed 4 full years worth of data at this point, which has allowed me to start to see the trends. While costs vary from month to month, so far, total expenditure has been very stable, year to year.
We're at a very different stage in our lives with a young family, both of us working full time jobs, and all the associated (eye-watering) costs which go with that. The transition to a cash-less society has greatly helped though, everything goes on a card, so nothing gets left out, meaning we have the full picture (warts and all).
All that being said, having the information hasn't changed our spending. What it has done is give us confidence. Despite all the current costs, we know that for every €1 we're spending, €1 is being invested, setting us up for the future. We know that if either of us lost our jobs, exactly how long we could survive for, and what benefit cutting back different expenditure would yield. We know that once the house is repaid, and childcare/education costs are behind us, how much we'll need for our retirement. Knowledge is power, it's been a revelation, and all being well, 16 years from now, I hope I'll have followed in Cervelo's footsteps with my own 20 year summary.
Cheers Ceist Beag,My approach was more of a budgeting exercise than a recording and data analysis one.
Thanks LS400,Just to echo previous posters comments, fantastic and quite a riveting post there Cervelo,
My reading of your posts is a-kin to a really good book and not wanting it to end.
I'm in the camp of KOW's post (16) nailed it to a T.
Have hit 60, and want out, but have stressed about the decent salary coming to and end.
Wife is of the opinion, and I know she's right , doesn't want to leave a bundle to the tax man after kids receive the threshold inheritance amount.
But, having worked day and night to get where we are, and accumulate what we have, jumping off the ship and spending it whilst not being replenished goes against the grain and has been filling me with dread, trust me, we``ve had a few ding dongs in the LS house hold over it. Found it easier to deal with giving up a 20 a day habit than thoughts of coming off the regular pay scale.
Reading about your experience has tbh cleared considerable brain fog. Fair play to you.
Yes I was kind of the same except mine are all in 3 A5 Filofax's but a few years ago I borrowed a shredder and shredded lots of financial stuff from statements to receipts etc etc and when I was compiling the 20 year spreadsheet during the summer there was more than one occasion where I regretted that decisionI've tracked my spending for 40+ years, think I started in 1983, anyways just used basic yearly diaries (page a day ones) and wrote in everything, never switched to spreadsheet or similar when that became possible, in the habit of the diaries now. I have a collection of them in the top of the wardrobe, can't bring myself to throw them out! Knowledge is definitely power, you need to know where the money is going to manage any sort of control over it.
I know! I hate throwing away records of any sort, I moved into this house in 1991 and have every gas and electricity bill since then, well until the esb ones went online at least! Gas is bulk tank so still comes as a physical invoice.Yes I was kind of the same except mine are all in 3 A5 Filofax's but a few years ago I borrowed a shredder and shredded lots of financial stuff from statements to receipts etc etc and when I was compiling the 20 year spreadsheet during the summer there was more than one occasion where I regretted that decision
My father echoes this. His biggest regret is that he didn't retire sooner.I often think of my retirement through the eyes of a 10 year old me on a never ending summer holiday from school and I'm having just as much fun now as I did back then
Richard Nixon begs to differMy father echoes this. His biggest regret is that he didn't retire sooner.
This saying is not a million miles from what my father used to say, he was in the catering business and maintained the profit was made from controlling waste and not just sales. One time we hired a new chef, unfortunately a comment we heard too late about him was the bin lorry will have to call twice! Noted for his wasteful ways, no money in that!"The money is not made on the road (sales) but on the production floor (costs)"
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