Back on track may be the wrong phrase. Much more aware of the suck that life has (had) on retirement progress. A few years ago I assumed I was on a good track to save for retirement, but the spending was getting out of hand... so it's a bit like shooting yourself in the foot (Example: if you save 2 million but need to live on 200K a year). Really got to the bottom of why that was... see I've been saving 20% toward retirement consistently since I started working 12 years ago. I assumed that just continuing a 20% savings rate means I could spend everything else... and so I did. My income has almost tripled since then and I had a epiphany of sorts last year (as I saw my dream to FIRE by 50 keep slipping a year at a time as my income went up)... it's the spending that is a real threat!
2014 Numbers:
Income: $161,000
Savings:
- Retirement Savings: $32,500/yr
- Cash Savings: $0/yr
Costs:
- Mortgage: $50,600/yr
- Car(s): $18,000/yr (5 year loans being paid down)
- Living Expenses: $30,000/yr
(Taxes seem to soak up the rest)
(sold house... planning to get back into the housing market, but waiting to find the right kind of place, not a McMansion)
2016 Numbers:
Income: $212,000
Savings:
- Retirement Savings: $52,000/yr (maxed on company contribution and my own)
- Cash Savings: $50,000/yr
Costs:
- Rent: $24,000/yr
- Car: $7,200/yr (only one loan now; keeping car till it dies)
- Living Expenses: $30,000/yr
- Travel: $18,000/yr
(Taxes seems so soak up the rest...)
Heading in a better direction...
My income has gone up quite a bit, by my overall spending has gone down. While adding in more travel money (something I love; makes me feel much richer in life) I was still able to reduce spending for the year by 20%... upped my savings by a factor of three. To be honest I do spend some of the "cash savings" but not on anything I would consider yearly or monthly expenses. I'm banking closer to 40% of my income now (not just 20%).
My FIRE date which had been getting pushed back further and further toward upper 50's (raised income seemed to be a negative in that regard) is now in my late 40's. Need to maintain this new philosophy (of sorts) through my 30's and I think I'll be set