Steve Adcock says those initial cuts to expenses hurt the most when pursuing early retirement. Now that he's a millionaire, he doesn't regret them.
doesn't miss watching SportsCenter as much as he thought he would." — he knew he'd have to increase his savings rate as much as possible by cutting back on expenses. The cable package was one of the first things to go.
"The hardest part is getting over that initial hump of ... 'Oh, I can't live without this,'" he says. "You have to think, 'I want to achieve this, so I'm no longer going to spend money on that.' Once you've made that decision, everything becomes so much easier."You're not going to know where to cut your budget unless you keep track of your spending — another aspect of pursuing FIRE that Adcock acknowledges can be difficult.
But once you look your budget in the face, you'll have an easier time trimming it, especially if you're surprised by where your money was going, Adcock says. "Sometimes it's like, 'Holy s---, I'm spending $500 a month at Subway.'"Rather than trying to figure out every little line item to cut, start with your overall financial goal and work backward, Adcock suggests.
Having that understanding of exactly what you can afford can help keep you from feeling as if you're depriving yourself.Cutting back on your spending may mean having to forego some things that used to be part of your social life. Adcock recalls cutting back on how much he was going out for drinks with friends, for instance.
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