Frugal To FI, Jane – I am a single woman on a late start journey to pay off a lot of debt via living frugal, keeping a budget and using cash envelopes.
After finding the Mr. Money Mustache Forum and the blog, No More Harvard Debt – I was able to straighten out my personal finances and get my daily expenditures under control.
I even have a great plan to be able to retire in the nick of time.
Plan (not calculating SSI):
|Assuming I keep adding (@ 8% return)||$1,000|
|Retire in (years)||15|
|Yes, I am okay to retire at:||60|
|Always earmark at least $12,000/yr pretax 401k|
|Pay off Debt|
|Save $5,000 – $20,000 Emergency Fund|
|Then downgrade the job due to a disability (anticipate $55K year)|
|Move to nature (anticipate $3,000/m expenses)|
|Forever live frugally|
|Allot $4K/yr to travel|
|Retire at 60|
But… I still own credit cards or have a habit of taking out loans. While a lot of people can handle credit responsibly, I have ADHD. Which means I struggle with impulse control and executive functioning. Especially when it comes to travel, concert tickets and emotions.
A “You Only Live Once” mindset is hard to exchange for delayed gratification.
I can pay down debt, but I need to learn how not to take out more credit even when the options are eagerly available to me.
Until I get that under control, it’s likely I will continue to struggle with getting out of debt.
- is a good income earner
- but has a lot of debt
- has a fantastic credit score
- introverted, ADHD, OCD
- has a dependent and a cat
- lives in a HCOL area with small sq. footage
- now uses money envelopes and budgets religiously
- Has a plan that would allow her to retire by 60 or give her self the Option to Retire
- Jane’s Cycle of Debt
- Monthly Recaps
- Resources I Like
Frugal To FI – Jane
Little bit edgy. Artsy, foodie, avid coffee & tea drinker. Loves to read the daily horoscope. Would love to travel when the time is right.