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Old 01-22-2017, 07:25 AM   #81
Thinks s/he gets paid by the post
Join Date: Dec 2010
Location: Midwest
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Originally Posted by daylatedollarshort View Post
One thing we realized closer to retirement age was that for us cutting the fat out of our budget had more of an impact on our retirement plan than working another year or two. For example, every $10K we could cut off our annual expenses over 50 years meant needing $500K less in total retirement funding, which was a lot more fruitful for us than working another year and saving even $100K.

We made probably a hundred or more small changes like making the house more energy efficient, doing our own taxes and yard work, using Groupons when we go out to eat, dropping the landline, changing where we grocery shopped, changing hair stylists, etc. and it shaved quite a bit off our annual run rate without lowering our standard of living. They all added up to tens of thousands of dollars less a year in expenses for us. We actually ended up buying nicer cars and have a bigger entertainment budget now, because we lowered our overhead quite a bit.

I still keep looking for ways to shave little expenses and ways to add passive or simple extra income every year so our retirement plan has been getting better over time. We still have a long list of potential projects so it is a fun hobby for me to implement a few each month.
Well said and excellent points all.
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