She Strengthens

Unlocking the Secrets of Early Retirement: Insights from the LeanFIRE Community

As I dove into the world of Financial Independence, Retiring Early (FIRE), I was struck by the meticulous planning and discipline required to achieve this goal. Recently, I stumbled upon a subreddit dedicated to LeanFIRE, a community focused on retiring before 60 with an annual expense of less than $40,000. What I found was a treasure trove of practical advice and honest confessions from individuals striving to trim their budgets and live below their means.

The Power of Community

One thread in particular caught my attention, where users shared their biggest budget-busting expenses. The responses were refreshingly candid, with many offering solutions to combat their overspending habits. This sense of camaraderie and support is precisely what makes the LeanFIRE community so effective.

18 Confessions of Overspending

From home improvement to booze, here are 18 LeanFIRE enthusiasts sharing their most significant areas of overspending:

Home Sweet Home

• “Home improvement. I’ve got a fixer-upper house and a masochistic DIY streak. I bought it super cheap, knowing I’d need to put money into it over time. [It costs me] about $400/month right now, with the hope that eventually the place will be absolutely lovely to live in.” — PointiestStick

Entertainment Expenses

• “Movies and shows are at an all-time high: we have Netflix ($96/year), and we occasionally also go to the dollar theater or buy a Redbox. Over our lifetimes, we’ll have to work a couple extra months if we continue to pay this much for TV and movies.” — KatieM2015

Wheels and Deals

• “Cars. I drive a $2,500 shitbox about 11k [miles]/year currently, which according to my calculations, costs me $2k/year in direct operating costs, and closer to $2,900 after factoring in depreciation and opportunity costs.” — hutacars

Knowledge is Power

• “My main over-expense is books and foreign language-training materials. I’ve been using the library a lot more so the book expense has been way cut down, thank goodness.” — alcibiad

Fashion Faux Pas

• “Clothes. I only buy from companies whose #1 focus is quality in fabrics and durability. I just bought a $200 pair of pants — yes they ‘cost’ more, but I own less, they last longer, and I don’t have to do laundry as much.” — 53×12

The High Cost of Convenience

• “Internet. I pay ~$100/month on my internet, but it’s hard to cut back as I work from home and need a reliable internet connection.” — ChrisIsKinky
• “Mobile phone bill — I pay, I think, £16 a month and barely use the inclusive. I’d probably pay less than £5 a month on PAYG [pay as you go].” — strolls

Food for Thought

• “Food, definitely. Combination of poor planning, long hours and laziness. It’s definitely a work in progress, and I am improving.” — Lindsey-905
• “Electronic cigarette liquid. My husband and I spend $60-$80 a month on it.” — YesMyGlassesAreReal
• “Tobacco. Roughly $4.50 a can per day for me, or $135 a month (roughly $1,500 a year).” — SonOfLamb

Traveling on a Shoestring

• “Traveling/camping. I have more time now, and I’m doing more things that require specialized gear, like a 21-day rafting trip down the Colorado.” — CassandraVindicated

Health and Wellness

• “Health insurance. My work is a small start up and doesn’t offer it. I’m paying $206 a month for a bronze plan that doesn’t even have great coverage.” — findsomelight

Membership Has Its Privileges

• “Costco. Four hundred dollars a trip once every three or four weeks (in addition to regular grocery shopping). I can’t cut back, and I don’t know why.” — ghsebldr

Social Butterflies

• “Food is bad for me. I’m a social single millennial which means my friends are always going out. I’m also lazy and rarely feel like cooking.” — Riodancer
• “[On socializing and eating out.] Same, except I’m married, and the wife and I are both lazy and hate cooking.” — schraderbrauishgood

Vices and Habits

• “Booze.” — OrganicRolledOats

These confessions serve as a poignant reminder that even the most disciplined individuals struggle with overspending. By acknowledging and addressing these weaknesses, we can work towards creating a more sustainable financial future.