10 Ways I Am Striving to Reach Financial Independence

Here is a quick list of 10 things that my husband and I do in order to get closer to FIRE (financial independence retire early):

  1. Set automatic monthly withdrawals to our savings and investment accounts
  2. Save 20% of our take home pay in addition to 5% of our pre-tax income we contribute through work + the additional 5% our employers match for a total of 30% savings
  3. Save 50% of all windfall income i.e.) tax refunds, bonuses, overtime
  4. Buy used for most depreciating assets i.e.) cars, furniture and major equipment
  5. Keep housing costs less than 25% of take home pay (includes utilities and maintenance/repairs)
  6. Give of our time and money. No man is an island, its good to help others when possible. We are very active in our local community and give to our church & other charities.
  7. Be adequately insured. Life and auto insurance. Because we want to be prepared for the worst and hope for the best.
  8. Learn to graciously say no and bow out of commitments that will cost us money that we did not plan for or don’t really desire to attend.
  9. Save for a rainy day by planning ahead financially. We don’t know what the future has in store for us, but we like to be prepared for some of it. Our emergency fund helps us do that.
  10. Spend more on people and experiences than on “stuff” and never compare ourselves to our neighbors.

Categories: Savings

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11 replies

  1. Nice list. I especially like #6 – give time and money. Sometimes us PF get so into the numbers of everything that we need to look around and enjoy time with our friends and family.


  2. Great list indeed. I totally agree with keeping expenditure trim. It pays in the long run.


    • It definitely does. It’s a habit I am hoping to form in the long run. As each month passes it seems to be getting easier. Plus it really helps with de-cluttering one’s life and using what you currently on effectively.

      Liked by 1 person

  3. Great tips. I’m financially trying to get myself together too and I’m happy to say I’ve been doing at least some of those things on your list.


  4. What a great list! #3, saving half of waterfall income, is also something we do and that is where I feel like we gain some serious ground!

    Liked by 1 person

  5. This is great Pamela, you are well focused, keep it up!



  6. Have you found much success buying used furniture? I’ve been searching on Kijiji but haven’t had much luck finding the kind of furniture we’re looking for. The only time we’ve been successful is if we’re looking for an exact IKEA model since the keywords tend to be pretty precise. I’ve also encountered some people trying to sell furniture for more than it sells for brand new!!

    Liked by 1 person

    • Same here. I found on kijiji must people are not willing provide a deep discount. We tried Ikea as well but couldn’t find anything we liked for b what we wanted to spend. So we bought our furniture from a thrift store called World Serve. They had some pretty decent stuff. The only thing I don’t buy used is mattresses.


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