Caught this comment on the blog and had to run the numbers as soon as I saw it :)
In response to our post on what you would do with an extra $1,000:
Well, I kinda don’t need the $1,000 so I would invest it and get myself four days closer to FIRE as we are budgeting about $240 a day when we do blow this popsicle stand! 4 days of additional freedom!!! Woo hoo!!
– The Crusher
A guy who knows what every day will cost him – awesome!!! And a fun break from always focusing so much on The Number we’re shooting for to get a *lifetime* of freedom.
I stopped what I was doing when I saw this and headed straight for my monthly budget spreadsheet, and after dividing our total monthly spend ($7,300) by 30, it popped out OUR Daily Freedom Cost as well…
Which came out to roughly $243/day – almost the same as Mr. Crusher up there! Which admittedly did not excite me because that’s a looooooot of money for everryyyyyyy day of our future lives, however, it then dawned on me that this is our *current* spending and not *future* FREEDOM spending, which after some tweaking dropped it down pretty substantially.
After deleting our mortgage and daycare costs and one or two other little things in our budget we’ll no longer need in retirement, our monthly spend dropped to $4,200/mo which brought down our total cost per day to a more respectable $140/day. Essentially doubling our Freedom Days to a little over 7 which is an entire WEEK of freedom! A hell of a lot more exciting than just a few days! Haha…
(Though we still have more work – and shaving – to do until I’m entirely happy ;) Would love to get it down to only $50/day but not sure how possible that is with 3 kids in tow? Or health insurance down the road? Or any other fun new hobbies/travels we get into?)
Still, a fun exercise to do to better put things in perspective – try it out! And then add it to your monthly spreadsheet/tracking so you can watch it change over the years!
I just did :)
Jay loves talking about money, collecting coins, blasting hip-hop, and hanging out with his three beautiful boys. You can check out all of his online projects at jmoney.biz. Thanks for reading the blog!