How much do you spend per year - ex mortage/rent

JimmyVik

In my 40s. And have squirreled away some investments over the years that can give me a little income from them.

So Ive been seriously thinking of taking a few years off and just traveling the world for a year or two. 25 years working like a lunatic has me just burnt out. My brother decided to do this. Hes a few years older than me and has the wife backing him on his decision. So I got to thinking that I would quite like to do this too.

I was reading about this FIRE movement and I dont fancy coming back to work after i get sick of my world trip

Its very hard to work out what normal living expenses are in Ireland, especially at the moment.

What do you guys think someone would need to live on per year if they paid off their mortgage.
Im thinking roughly (Ive added a little room for it to increase)

€500 - Property Tax

€300 - House Insurance
€1000 - House repair fund

€160 - TV license
€200 - Bins

€200 x 12 = 2400 - Pub, entertainment

€250 x 12 = 3000 - Car, insurance, petrol
€100 x 12 = 1200 - Electricity, heating etc

€50 x 12 = 600 - Subs like netflix, spotify etc
€50 x 12 = 600 - Phone and internet
€200 x 12 = 2400 - Holidays
€400 x 12 = 4800 - Food and shopping

So need Total about €17k - €20k for the year after tax.
Seems low. What have I left out?
Am I estimating too little or too much in each category?
What would you think would get you by, reasonably comfortably, like being able to go for weekends away or to the pub etc whenever you feel like it.
Not sitting at home like a hermit (There is enough of that this year to do me a lifetime of it)

Anyone else just feel like checking out and quitting work?
What do you think it would take to be able to do it.

Gregor Samsa

You've left out clothing, medical/dental expenses and gifts for others (seriously - a few family birthdays and a wedding or two can add up).

I'm can't comment on your numbers, because everyone is going to be different. I assume you're single with no kids, so the expenses are just yours.

But it seems to me what you're budgeting for here is really just surviving, not living. You'll be fed and sheltered, but by the looks if it you'll be at home watching TV or on the internet all day - except for a weekend away a month. What about hobbies?

You're budgeting €1000 a year for house repairs, and I'd say that's a low number, but it doesn't take into account just making yourself more comfortable as you go. What about deciding to buy a new TV or a smart speaker or a something nice for yourself?

I work to afford the things I enjoy: I want to be in a position that I can buy a new camera lens or guitar when I want. I want to be in a position that I can decide to fit the house out with smart bulbs just for the fun of it. I want to be able to afford to take a course, go out for dinner (or get a takeaway). Maybe those things aren't important to you, and that's fine. But for me, I'd be thinking as much about how I'd be spending my time as my money. And how much I'm enjoying my time.

JimmyVik

Gregor Samsa wrote: »

You've left out clothing, medical/dental expenses and gifts for others (seriously - a few family birthdays and a wedding or two can add up).

I'm can't comment on your numbers, because everyone is going to be different. I assume you're single with no kids, so the expenses are just yours.

But it seems to me what you're budgeting for here is really just surviving, not living. You'll be fed and sheltered, but by the looks if it you'll be at home watching TV or on the internet all day - except for a weekend away a month. What about hobbies?

You're budgeting €1000 a year for house repairs, and I'd say that's a low number, but it doesn't take into account just making yourself more comfortable as you go. What about deciding to buy a new TV or a smart speaker or a something nice for yourself?

I work to afford the things I enjoy: I want to be in a position that I can buy a new camera lens or guitar when I want. I want to be in a position that I can decide to fit the house out with smart bulbs just for the fun of it. I want to be able to afford to take a course, go out for dinner (or get a takeaway). Maybe those things aren't important to you, and that's fine. But for me, I'd be thinking as much about how I'd be spending my time as my money. And how much I'm enjoying my time.

Thanks.
Never even thought of medical insurance.

I went on a major gadget buying binge the last few years.
Ive got everything i will be needing for a few years yet
Ive done plenty of house renovations in the past and have a family full of builders. €1000 a year into the house fund will be fine from my experience.
Im single but I have child maintenance, but i have a fund ring fenced for that which makes the child maintenance and then some. That wont be touched. Clothing isnt a major concern for me

Loads of hobbies and none of them cost me anything. Apart from the pub


Maybe €20k min might be more reasonable.
What kind of yearly expenses does everyone else have?

Gregor Samsa

Edit: Looks like you have your investments sorted out, and your expenses are low. I've neither of those, but I've a job I enjoy that pays relatively well, and a family, so it suits me to work.

Go for it!

PhilOssophy

FIRE in America = easy if you are clever with both the money you earn and how you invest it.
FIRE in Ireland = nigh on impossible, because even if you've already paid tax on the income you've invested to generate the extra income, Paschal wants a huge chunk of it. And if Sinn Fein ever get in to power, that chunk will be even larger.
But if you can manage it OP, I wish you all the best as I'd love to be able to do it!
Note, things like 200 quid a month on socialising isn't exactly a lot for a single person.....in my view anyway.

Potential-Monke

I earn 37k a year. I spend 37k a year. I would spend more, but I don't have it.