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Re: Really cutting back in retirement
Old 04-24-2007, 07:37 PM   #21
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Re: Really cutting back in retirement

modhatter

Get yourself a copy of Quicken to track your spending. It's much easier to see where your money goes using a software program rather than a pen and paper.

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Re: Really cutting back in retirement
Old 04-28-2007, 01:09 PM   #22
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Re: Really cutting back in retirement

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I bought a little calander book yesterday, and yesterday was the first day I wrote down everything I spent
many years ago i tracked all of my spending (all) ... did so for more than several years. it was a real eye-opener and that simple act by itself likely accounts for the majority of my net worth today.
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Re: Really cutting back in retirement
Old 04-28-2007, 03:34 PM   #23
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Re: Really cutting back in retirement

Yes tracking is a useful exercise. We also have adopted a policy that any new acquisition requires something old to be turfed, and we make the decision on the turfing before the acquisition. This imposes a discipline in buying and has reduced our desire for more "stuff".

After all, impulse buying is just an affliction intended to provided a temporary fix. "The joy of the newest acquisition is usually gone by the time the statement arrives."
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Re: Really cutting back in retirement
Old 05-01-2007, 03:54 PM   #24
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Re: Really cutting back in retirement

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Originally Posted by 3 Yrs to Go
It's a mistake to wait until after you quit your job to try to adjust to a downsized standard of living. If you need to cut your expenses to hit your retirement goal, why wait? Cut those expenses now. If you find that you're unhappy doing with less, then you know you have to work longer to afford the budget that works for you.
That pretty much says it all.

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Originally Posted by modhatter
I need to spend less when I retire, and I hope I can make the adjustment without feeling deprived.
For your sake, I hope so, too.
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Re: Really cutting back in retirement
Old 05-01-2007, 04:26 PM   #25
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Re: Really cutting back in retirement

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Originally Posted by kcowan
Yes tracking is a useful exercise. We also have adopted a policy that any new acquisition requires something old to be turfed, and we make the decision on the turfing before the acquisition. This imposes a discipline in buying and has reduced our desire for more "stuff"...
I tried that with DW. New clothes required the tossing of old ones. Well that was a mistake!

Seriously, she has lost a lot of weight so she really needed to start over with everything. I hope that since she seems to have stabilized her need for stuff will slow down. With my ER now in view we have already enacted our post-working budget. With our recent 30+% reduction in expenses plus another 20% in wage-related expenses going away soon our expenses will be about half what they were a month ago. We will need to do some more triming in some other areas as we rebalance expense categories to fund more fun activities....after all...fun...takes funds.
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Re: Really cutting back in retirement
Old 05-06-2007, 04:05 PM   #26
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Re: Really cutting back in retirement

I cut back from spending about $70k/year while working to spending about $50k in retirement. Basically what it came down to was considering alternatives everytime I bought something. The main alternative to consider is simply doing without, and spending the time you would spend choosing/buying/deploying/cleaning/maintaining/storing/disposing the bright shiny object on something that's actually fulfilling.

It is truly amazing how much you can save by doing things yourself. On a recent week long vacation to Baja Mexico, the total cost of the trip for thee people was about $1000. That was because we used our own truck to get around, mostly ate groceries that we stored in coolers for the trip, and camped in great spots by the ocean. That's much lower even than the $110/day I spent on average while I travelled around the world myself.
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