March 2038. That’s our FI Date. 18 years from now. If nothing changes from last year, which it DEFINITELY will. It already is. This estimate is from the MadFientist’s Calculator, and while I don’t entirely understand all the math behind it, it’s good enough for now.
I’m not going to lie, I’m diassapointed in that date. I was hoping it was a five to ten year timeline.
As a caveot, last year, the big spike in expenses in October was buying our first rental property. We won’t be doing that every year, so perhaps our FI date is closer than we think. Excluding the rental house, our monthly averages for 2019 were:
- Income: $9,458
- Expenses: $6,943
- Savings: $2,515
- Savings Rate: 26%
In 2018, we were riding the credit card float, and I wasn’t sure that I’d have enough from each paycheck to cover the payment. The fact that we made any substantial savings in 2019 was due to joining You Need a Budget (YNAB). My love letter to YNAB will come later, but take my word for it. It’s so worth the learning curve to change how you think about money.
My goal is to update this chart monthly, and track my progress towards shortening that date. I’ve got so many ideas, it’s a bit overwhelming!