Every once in a while I like to write out my goal to retire early to help keep me motivated. Of course I have my budget on a spreadsheet with 6 different scenarios and I have my retirement plan on another spreadsheet with 6 different scenarios. My budget is $700 right now but here is my pared down budget after I retire:
$44 Car insurance and registration
$50 Gas (I won't be commuting anymore)
$39 Cell phone
$36 Life insurance (not sure why I have this)
$80 Food (this will be a challenge)
$3 Trash (trip to dump every 3 months)
$30 RV registration and insurance
$68 Property tax
$9 Mobile home tax
$4 AAA (in case my car breaks down in the middle of the desert)
$20 Christmas gift fund
$140 Health Savings Account
Total income from rental house after I pay off the mortgage= $600
I'm still 2-3 years away from paying off the mortgage but after that, with my basic bills taken care of I will be able to pursue other goals like travel, volunteering and hobbies. I also want to get a fun part time or seasonal job for extra income and experience. Maybe something in the arts or gardening.
I also have my retirement fund which I am hopefully not going to touch until I am 65. By then if the stock market plays along and increases my investment by an average of 9%, I will have $942,000. I can't imagine what I will do with that money if I am used to having such a low standard of living but I'm willing to give it a try. I'm sure I'll think of something.