I have worked hard on my cost of living and reduced it considerably. I continue to look for opportunities to reduce it further and it appears I’m on track to achieve a lower spend in 2024. Year to date spend is €4,691.21 and if I continue at this pace I will close out the year at €28,147.26.

My 2024 budget is €31,000 and this is split into €18,000 fixed spend and the rest is variable spend plus sinking funds. There is limited opportunity in the fixed spend unless we move to a cheaper place. We are moving soon but this won’t reduce the fixed spend so I’m accepting it as is for now. I am working on reducing the variable and sinking fund spend by 20% which will free up €2,600. I plan to deliver the savings from optimising grocery shopping, spend less on vacation and opt for lunch dates vs. dinner dates.

Using my 2024 budget, my current FIRE number is €775,000. Calculated below:

Monthly living cost – €2,583

Annual living cost – €31,000 (€2,583 X 12)

FIRE number – €775,000 (€31,000 X 25)

If I deliver the €2,600 savings, the FIRE number will drop to €710,000.

I still have some time to go before I get to my FIRE number. Until then, I will enjoy the journey.

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