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 of your 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), and ways to reduce spending so that you’re more likely to reach FIRE status.