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Early retirement costs & targets - September 2022

What does a retired accountant, a carpenter, a sports masseuse and an economist have in common? It sounds like the start of a bad joke, but the answer is we all share an interest in understanding what we spend. The fact that two of them are youngsters suggests they'll likely have a rosy financial future.

I'm sure we were the only people in the cafe discussing our costs in such detail. I don't really understand why tracking costs is considered such an odd thing to do. In comparison to how much time and effort goes into earning our money, the tracking part seems a tiny and obvious thing to do. Without understanding our spending, how can we objectively know whether to be happy with it, and how can we change things if we're not?

I guess the arguments against tracking spend are:

  1. "I keep a mental track, that's good enough and there's no point in tracking it more than that"

  2. "My budget is tight, I only spend the minimum, so whether or not I track costs isn't going to help me spend less"

  3. "I'm too busy and don't have time to track my spend"

I'm sure there are elements of logic in these arguments, but I don't really buy them. My experience has been:

  1. Time can always be found for something if it's considered important enough. How about a little less time on Facebook, watching TV or YouTube? I used to watch a ton of football, now I watch almost none, and don't miss it at all - it's freed up hours of time to spend on other things.

  2. Keeping a mental note of what we're spending is a good thing, but it's not the same as keeping proper track. I thought I had a good handle on our costs, but the first time I listed out all of our actual expenditure, I was amazed at how much money was spent on things that didn't give us much in return.

  3. In truth, it's been quite some years since I've been on a very tight budget, but taking a little time to see where the money goes can't do any harm, and just maybe there will be some opportunites that might make life a little easier.

Our early retirement costs

I'm in a phase where tracking my costs feels a bit boring and wonder whether I should keep doing it. I don't mind the recording so much, it's the end of the month process when I look at them that I'm losing interest in. So I need to remind myself that it really doesn't take much time to do and that it can tell me some things that I might not have realised.

For example, I'd never have thought the monthly spend on our car (fuel/tolls/oil change) would average £504/€600/$681. Or that we (OK, mostly me) spend an average £264/€315/$357 a month on sports related stuff? These costs are way more than I would have guessed, but because I track our costs, I know about them, can have a look at how they've come about, and can decide if I'm happy with them or want to try to make a change.

Why isn't everybody tracking their costs?
How much early retirement costs - our early retirement costs for September 2022
Our early retirement costs for September 2022

Early retirement targets

Although there are still 12 weeks until the end of the year, for almost 7 of them we'll be in the Philippines, then Christmas will be upon us. So there's not much time to make progress on my targets.

My focus for the next few months will be on:

Exercise: While in the Philippines, I'm going to focus on stretching and strength work more than running. I think this will be good for my body.

Medical: We've booked to have our comprehensive health check up while we're in the Philippines.

Blog: I'll keep posting at least 3 posts a month. My friend retired early to the Philippines and I'm fascinated to hear what his life is like there. I hope he'll let me share some of it on my blog.

French: To keep doing at least something, but I really need to make a better plan than "hope".

Tour du Mont Blanc: With my friends, we need to firm up the plan and make some accommodation reservations as they get booked up very early.

Campervan: I'm not going to get to my target of 30 nights, but maybe I can squeeze in a few extra nights in December.

Adventure: I know Sally will cringe when she reads this, but I still want to think of what big idea/adventures we can target for the next year or two.

Invest cash: If I could automated this, I would. But there isn't an option on the platform I use, so I must remember to manually invest on the first day of each month.

Setting targets, and then taking a little time to check in on them once a month really works for me. It seems there are still quite a number of things to focus on...exactly how I like my early retirement to be!


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I can't wait to hear about the Philippines. My grandfather was stationed there during WWII. I'm interested in seeing it but there are other places I'd like to see that are SO much closer! Interested to hear what you think though.

Your post was a good reminder to me about keeping track of expenses. I hate doing it, and we're close to the end of the year- maybe my new Year's resolution...

Replying to

It's quite a distance to the Philippines, the draw for me is that it's somewhere new and we have friends there. I wish I knew more about my Grandpa's time during the war, but unfortunately I don't think there is anyone around to tell me. All I know was that he was in North Africa at some point. As to tracking your expenses - maybe in your case, why do it if you don't like doing it and, I'm assuming here, don't need to do it? Just don't tell the FIRE police🤣. But I guess the serious point is that there's more than one way to get to and then do early retirement, we don't all have to do the same.


Oct 10, 2022

Thx David, timely post as I sit here preparing my tax and reviewing everything we spend during the year. Love to hear about your planning for Mont Blanc - that's on my bucket list, I need to decide whether to do it as a guided walk with everything taken care of, or a more challenging but cheaper and possibly more satisfying self-guided walk. I'm leaning towards the latter but that takes more preparation.

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Re Tour de Mont Blanc, we're doing the latter of your options, I like that it feels more of an adventure that way. We went through a similar thought process when we decided to cycle the Route des Grandes Alpes - the question of having a support van was raised but, to me, it took some of the excitement and adventure away from the trip. We went without, and I'm glad we did. I also enjoy having the planning to do, even if I often procrastinate and end up rushing at the end. On that note, I'd better book some accommodation for the Philippines trip, given that we depart in less than a week!


David, thought provoking post as usual. I don't find tracking costs takes that much time, I record every transaction using a phone app that I transfer to Excel at the weekend, never takes longer than half an hour for the weekend work and minutes to record transactions on the App, just need to get in the routine, but then you already know this. At month end I just focus on annual trends, have our insurance premiums gone up, do I need to focus on looking for better deals, are we spending more when out and about on coffee & cake, are we happy with this or should we be taking our food/drink with us? Typical decision points just to keep…

Replying to

Hi Peter, your description on tracking costs is spot on, it takes hardly any effort or time once one gets into the routine of doing, and the payback can be tremendous.

Exciting news about the campervan - maybe you'll put a picture or two in a comment once you have it?


I should be in Singapore while you are in the Philippines. I'm registered for the half marathon. Maybe we could meet up!

Replying to

Is it in early December? It's what my Google search suggested. If that's the case, I'll be back in France by then.

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