I was checking my expense this year and found out that I will be spending around 5% more than last year, but at the same time I have saved around 1.3% more. Now it's good that I have saved more than last year but at the same time, I am not happy with the expense.
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Now the expense is contributed for variety of reasons like the inflation has increased, school fees has increased by more than 10%, rent increased by 5% and at the same time my salary also increased by 6.5%. So overall the expense increased by 5% but also my investment increased by 1.2%. I thought of investing 35% this year but it's not happening and I am stuck with 31.2% only. Though it's not that bad but saving only 30% will not help me retire early.
Either one of your investment skyrocket. In my case if Hive goes to 10$, I can retire today itself. Or you have to save more than 50% so that in some years you can retire early. In my case both is not happening, so the retire early part is not happening. But again I will recheck by the end of this year to see if the stats is increasing or not.
I have been checking my expenses from the last 3 years and found out that year to year the expenses have increased by 10% which is ok because the inflation is also around the same range. Along with that the investment have also increased by around 15% which is also at the good range. Now the target is to reduce the expenses and increase the saving. And eventually I can get there. My next target for the next few years is to get to the 50% saving mark. And hopefully i can get there.
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The mere fact that you're tracking your expenses consistently is a win in itself.
Which apps do you use to track?
We are all like that, my friend, we try all year to progress and save and live a better life and in the end we see that not only did we not progress but we only worked harder. Every year, everything in the world becomes more expensive, from services to the price of products. I don't know why it became like this from a certain time and the income was only for the sake of living, not for progress.
Wow. I am still on deficit due to all the medical bills and settling debt.
I pray I can start saying HIVE and HBD without anymore withdrawals. 🥲