SP on Nostr: Let's bring some #FIRE to #nostr my Frugal Fren! Keep it up! ...

Let's bring some #FIRE to #nostr my Frugal Fren! Keep it up!

quoting note1fye…5m3l

"Have a monthly budget"

Why?
1️⃣ If you make a budget you can discover where you "leak" money. Meaning where you spend seemingly too much money for non-sense things, or things that you might not need actually.

2️⃣ This way you can set a fix savings rate, that will give you perspective how much time you will need to reach financial independence, or even early retirement.

3️⃣ If you have your monthly spending for the month at one place (cash, one bank account, etc), where you don't have access to your other money, it is easier to stay in the budget, because you "won't be able to spend more". Of course, you shall only use this source...

4️⃣ You need a budget to calculate how much money you need to retire early.

5️⃣ You need a budget to have a sensical FU money, that you can tap into when there is a problem, or to give you independence. (E.g.: To quit a toxic workplace...)

6️⃣ By knowing your budget, you could also think about how to lower it, so you can retire even earlier or you can be even more independent, because you don't have a lot of costs to cover, that can force you to take different type of jobs, or decisions. So lowering your budget can give you more options.

7️⃣ Having a budget means, that you control your costs. If you don't control your costs, they will control you.

#frugaltip #frugal #fire #FIRE #financialindependence #retireearly #saving #FUmoney #FU #moneysaving #plebchain #nostr #grownostr