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Cut These 11 Expenses Now to Retire Early

Many people dream of retiring early. In fact, there’s even a movement these days, called FIRE, that offers the hope of financial independence (“FI”) and the ability to retire early (“RE”) from the grind. However, it’s important to note that in many cases, FIRE requires a great deal of planning — and sacrifice. You might need to reduce or eliminate some spending to set aside enough money to reach your FIRE goals. Let’s take a look at some of the expenditures common to U.S. households, according to the Bureau of Labor Statistics (BLS). Then, we’ll look at ways to reduce spending so that you’re more likely to reach FIRE status. Note: The following costs from the BLS are for households of all ages and many sizes, including families, single people and more than two people living together. 1. Shelter The average spent on shelter by U.S. households in 2019: $12,190 2. Groceries The average spent on groceries by U.S. households in 2019: $4,643 3. Vehicle purchases The average spent on vehicle purchases by U.S. households in 2019: $4,394 4. Eating out The average spent on eating out by U.S. households in 2019: $3,526 5. Gas and motor oil The average spent on gas by U.S. households in 2019: $2,094 6. Clothing and footwear The average spent on clothing by U.S. households in 2019: $1,883 7. Cellphone service The average spent on cellphone service by U.S. households in 2019: $1,218 8. Car insurance The average spent on car insurance by U.S. households in 2019: $1,545 9. Alcoholic drinks The average spent on alcoholic drinks by U.S. households in 2019: $579 10. Prescription drugs, over-the-counter drugs and vitamins The average spent on drugs and vitamins by U.S. households in 2019: $486 11. Cleaning supplies The average spent on cleaning supplies by U.S. households in 2019: $185
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