My Money Journey

On April 9, 2019January 10, 2020 By Mr WayIn Finances, FIRE2 Comments

The Beginning

It all started normally enough.

I grew up in a comfortable lower middle-class household. We never really discussed money. My parents weren’t flashy by any means, but they saw it as a matter of personal pride that we never went without.

Looking back, it’s fairly clear that there wasn’t any significant money being put into savings (other than for holidays and new cars!). I now know that any savings my parents did have was all held in cash. My Dad has a fear of the stock market – he has a very conservative approach to money!

The conservative version of a money journey - a wallet clamped shut!

The mindset I had been encouraged to adopt was that of the majority of people in my scenario; work hard at school, get a good job, settle down and have a family in a nice big house with a shiny car. After all, it’s not surprising when that’s exactly what my parents have achieved. These examples were the start of my money journey.

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How Do You Save for ‘FIRE’ in the UK?

On April 6, 2019April 9, 2019 By Mr WayIn Finances, FIRE, Optimisation9 Comments

As somewhat of a personal finance geek, I (Mr Way) have learnt a fair amount over the last few years. As a result, I wanted to share my specific take on saving for FIRE in the UK with you. I am not a qualified financial advisor and nothing in this article should be considered financial advice! This is simply a log of my own findings/opinions in the hope they may help you to do your own research!
Most of the information in this article will be based on my own situation as a full time employed basic rate tax payer. The advice will differ depending on your circumstances so do your own research.
You may well have more efficient ways of saving than I mention below. If so, please let me know!
Mr Way

There are many resources out there on how to save for financial independence. In my experience, most of these are US centric with their own tax and savings implications (401k, Roth IRA, healthcare etc). The general principles are very similar and can be broadly followed. But what about the UK FIRE saving nuances?

Obviously saving for FIRE differs from ‘traditional’ savings techniques because you need to access your money much earlier than traditional retirement dates (55+). If you aren’t planning to retire early, the best course of action will be very different.

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The Importance of Having a Goal

On April 2, 2019April 5, 2019 By A Way to LessIn FIRE, Optimisation, Travel1 Comment

In What is FIRE? we described the process of achieving financial independence and having the freedom to retire early from work. That’s great, but what are you going to do with all that spare time? You need to have a goal!

“One can find time for everything if one is never in a hurry.”
Mikhail Bulgakov, Heart of a Dog

There's a lot of spare time when work is optional. What will you do with it all?!

What Are You Retiring TO?

It’s vital that you understand what you’re retiring TO rather than focussing on what you’re retiring FROM. This is what we mean by ‘have a goal’!

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Monthly Spending – March 2019

On March 31, 2019April 5, 2019 By A Way to LessIn Finances, FIRE, Monthly Spending6 Comments

While developing ‘our way’ and learning about financial independence, we found reviewing other people’s spending really helpful. We can all learn something from each other because there’s so many ways of doing things!

To this end, we aim to regularly summarise our spending for comparison. It will also act as an accountability test for us, meaning we have to justify every purchase!

We will break our main expenses down into categories, starting with the big 3; housing, food and transport. Everything else falls broadly into the entertainment/miscellaneous category, with any large inclusions explained in detail.

So here it is – our March 2019 spending!

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A Way to Less……. Spending! (Frugality)

On March 30, 2019April 5, 2019 By A Way to LessIn Finances, FIRE, Frugality, Optimisation2 Comments

Our Thoughts on Frugality

Frugality is a term that gets thrown around quite a lot. But in our experience it can mean very different things to different people! Typing the word into Google generates this definition and example:

The quality of being economical with money or food; thriftiness.

“He scorned the finer things in life and valued frugality and simplicity”

We actually think that’s a pretty good summary, especially the example!

Essentially, frugality boils down to optimising every spending decision, so that you get maximum benefit from every pound spent.

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A Way to Less……. Cars!

On March 26, 2019April 5, 2019 By Mr WayIn Finances, Frugality, Mental Health, OptimisationLeave a comment

My Experiences from a Car Free Lifestyle

Being car free can be a pretty difficult lifestyle choice to make. It goes against the ‘ideals’ of most people in our society. But the potential benefits are huge. And it goes much further than just the financial gain!

I’m lucky in that I have an office based job. Currently there is no requirement from my employer to own a vehicle. As such, it’s fairly easy for me to walk to work each day.

I’ve chosen to walk rather than cycle for a number of reasons but it mainly comes down to the length of journey. I can walk to work in 25 minutes, whereas cycling would take me 15-20. Allowing extra time for unlocking and locking the bike up and getting changed into suitable clothes, they work out the same. As I’ll discuss below, I get many other benefits from walking which, for me, make it the better option in my situation. However, if my commute was further, cycling would start to look like a much more attractive option. You should weigh up your options but first and foremost, do whatever you prefer. That way you’re more likely to stick to it!

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A Way to Less……. Stuff! (Minimalism)

On March 23, 2019April 5, 2019 By A Way to LessIn Minimalism, OptimisationLeave a comment

To be without some of the things you want is an indispensable part of happiness
Bertrand Russell

Minimalism essentially means wanting less ‘stuff’. Clearly this fits well with those seeking financial independence. When you discover such a productive and worthwhile way of using your money, you no longer want to splurge on unnecessary things.

We really identify with The Minimalists’ definition of minimalism. They essentially explain that minimalism can mean different things to different people depending on your priorities. Being a minimalist is more about intent than any particular number of items owned for example. The intent to reduce your consumption and free your mind from the stress of ‘stuff’ can have a huge impact on your day to day happiness.

Owning stuff comes with responsibility. Each item requires maintenance, upkeep and/or storage. This process saps your energy – financially and mentally.

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A FIRE Trial Run

On March 21, 2019April 5, 2019 By A Way to LessIn Africa, FIRE, TravelLeave a comment

Africa Series – Part 1

The world is always open, waiting to be discovered
Dejan Stojanovic

For quite a while now we have been deciding what the next step in our lives looks like. After much discussion, including options such as working abroad, travel, starting a family etc (see Our Version of FIRE for more), we settled on the idea of a FIRE trial run!

OK we’re not actually retiring, or even leaving our jobs. Actual FIRE is still a distant dream. But we’re taking an extended break in summer 2019 to travel for a month!

But how does this fit with our frugal tendencies and our ambition to achieve FIRE?

‘Be Present’

A concept which we have raised previously is to ‘be present’. What we mean by this is to enjoy the journey to FI as well as the retirement itself! It’s very easy when seeking financial independence to get bogged down in saving every last penny and forego experience until a later date. Delayed gratification is a core principle of FIRE after all! We have been trying to optimise our spending to increase our savings rate and this trip will have a huge impact on those numbers. But it’s important to strike a balance. It essentially boils down to this: Continue reading “A FIRE Trial Run” →

Sanity, Saving & Singing!

On March 19, 2019April 5, 2019 By Miss WayIn Education, FIRE, Mental HealthLeave a comment

“A smile is a facelift in everyone’s price range”
Tom Wilson

Music teaching can be such a rewarding job.

The privilege of introducing music to young children and witnessing the joy it brings them never fails to make me smile. Nothing can compare to the power of an assembly hall full of children singing a song they love, as one. It does wonders for your mood on a rainy Monday morning and makes it all worthwhile!

I qualified as a secondary school music teacher in 2012. I now enjoy a portfolio career as a peripatetic music teacher. My current timetable looks like this: Continue reading “Sanity, Saving & Singing!” →

Our Version of FIRE

On March 18, 2019April 5, 2019 By A Way to LessIn Finances, FIRE2 Comments

In “What is FIRE?” we mentioned that the ‘end goal’ of FIRE differs for everyone. For us, it is important to understand the purpose of gaining our financial independence. This understanding gives us the desire and motivation to continue following the ‘unconventional path’ of frugal living.

The question posed by FIRE is a fascinating one, and we see it as a more ‘sensible’ version of the classic: