Who has never dreamed of leaving their work behind in their 30s and experiencing life at its greatest? That is why the FIRE movement was created - to make this dream possible ☁️
What is the FIRE movement? 🔥
FIRE stands for Financial Independence, Retire Early, and it consists of saving a high percentage of your salary so you can retire early. Yes, that means that instead of buying a mojito on a sunny terrace, you’ll save those 7 Euros. But that also means that when you’re 35 and your friends are stuck at work, you’ll be enjoying your life by sleeping in and traveling. How great is that?
How do I do it? 👀
The FIRE movement has a simple principle: decrease your expenses and increase your income. Easier said than done? Agreed. While it might not sound easy it’s actually feasible if you’re willing to make your savings a priority. Here are a few tips to start with:
With the bunq app, you can easily create a Savings Goal for your early retirement and save automatically as you go, using Auto Save! With every purchase or payment you make, a small portion of your funds will be automatically transferred to your Savings Goal. It may seem like amounts deposited to your savings are small, but you’ll notice how quickly things start adding up! Read more about Savings Goals and Auto Save here.
Of course, you’ll still have to buy groceries and pay your rent, but try cutting unnecessary expenses wherever possible. Sharing a flat is one of the easiest ways to cut down on expensive rent. You’re gonna need to save a very high percentage of your salary to retire early: every Euro matters!
- Cut corners on inessential things 🧐
Want to change your sofa to match the new trends? Don’t! Thinking about buying this lovely jacket you saw on your friend yesterday? Don’t! Your current sofa and jacket are probably still doing their job very well, so why swap something that still has a lot to give? You don’t and you save that money to retire early. Plus, in the current fast-fashion society, squeezing some extra mileage from clothes and furniture is a great way to cut down on your carbon footprint!
Whether you have the possibility to grow from your current position or have a little business on the side, every way is good to increase your income. What matters is that you work with one goal in mind: earning more and saving the difference!
In a few years, you might just have saved enough to retire early and enjoy a life where your work needs you more than you need it, and that’s the dream, right? ✨
Don’t forget that bunq is here to help you in this journey, activate Auto Save to start saving automatically without even thinking about it!