She Strengthens

Transforming Our Finances: A Journey to Financial Independence

Waking Up to a New Reality

My fiancé and I had a profound awakening in 2016. We realized that we needed to take control of our finances and make a conscious effort to achieve financial independence at a young age. It wasn’t easy, but we’ve made significant progress and are excited to share our journey with you.

The Power of Frugality

Our third year of focusing on financial independence was a breakout year. We managed to double our savings rate to 40% for the entire year and even tripled it to 60% in the final quarter. We’ve developed a new appreciation for frugality and the people who consistently save a significant portion of their income.

Habits That Drive Success

We’ve learned that once you establish good habits, momentum takes care of itself. Here are some key strategies that have helped us achieve our goals:

Take Action Today

Stop reading and start doing. We’ve wasted too much time reading about great tips without implementing them. Don’t make the same mistake.

Living Large in a Small Space

We’ve chosen to live in a modest home, saving us around $12,000 per year. It’s not about depriving ourselves, but about making conscious decisions that align with our values.

Negotiating Rent and Salary

We’ve learned the art of negotiation, saving us $2,400 on rent and $17,000 on salary increases. Building strong relationships is key to success.

Ditching the Car

By living within walking distance to work, we’ve saved a whopping $8,698 per year on car ownership costs.

Refinancing Student Loans

We’ve refinanced our student loans, saving us around $250 per month. It may not seem like much, but every little bit counts.

Frugal Hobbies

I’ve taken up ironing my own shirts, saving us $1,347 per year. It’s not about being cheap; it’s about being mindful of our expenses.

Delayed Gratification

We’ve delayed buying new clothes and triathlon gear, saving us around $550 per year. Our priority is achieving financial freedom, not indulging in luxury items.

Home-Brew Coffee and Movies

By making our own coffee and watching movies at home, we’ve saved around $600 per year. It’s not about sacrificing quality of life; it’s about making conscious choices.

Cancelled Subscriptions

We’ve cancelled magazine subscriptions, saving us $97 per year. It’s about being intentional with our time and money.

Credit Card Transfer

We’ve transferred our credit card balance to avoid interest, saving us $750 per year. It’s about being smart about our finances.

Frugal Gifts

We’ve opted for frugal gifts, such as reading through our “good” memory jar, saving us $750 per year. It’s about valuing experiences over material possessions.

Cooking More

We’ve started cooking more, saving us around $5,000 per year on groceries. It’s about being mindful of our expenses and eating healthier.

Fiancé-Cut Hair

My fiancé has taken up cutting my hair, saving us $540 per year. It’s not about being cheap; it’s about finding creative ways to save money.

The Big Picture

Our journey to financial independence is about building smart, daily habits that drive success. We’ve saved a total of $50,556.06 in 2016, and we’re excited to see what new heights 2017 will bring.