Hi PocketChangers! Can you believe it? We’re about a month into our Financial Independence journey! One of the benefits of having a blog is the ability to freely write about anything and everything. Another is that it also provides grounds for accountability! Each month, we’ll reflect on our progress towards FI, as well as share some highs and lows that may have altered our progress. This will hopefully encourage you to stay the course, or perhaps take the first few steps! We’ll also share some specifics steps we took towards financial independence, hoping to not only continue to push us towards our goals but encourage you along your journey! Here’s our progress report for May:
Current Years to FI
24 years, 4 months, and some change! Yikes, but we’re working on ways to get that number down! This puts us at age 55 to reach financial independence.
May was crazy! Not only because we started the journey towards FI, but we also started the process of buying our first home! If you’ve been in this position you understand this comes with some upfront expenses, so our calculated FI numbers have fluctuated. We had several large one-time expenses such as the inspection and appraisal, etc.
We calculated and scheduled reaching our first FI goal of a net worth of $25,000 in August 2018. At the close of May, that has been pushed back to November because of the larger expenses! Ouch, but understandable. Stay tuned for a post from Mrs. Pocket Change about some of the ways we were able to lower our specific expenses as we make our move!
As we push into June, we’re looking forward to the move into our first home, as well as figuring out how to tighten up our expenses and push forward!