For Kyle Stimpson and his partner Lauren, opting for a mini-retirement over an early retirement was a no-brainer.
"It has never made sense to me to work your whole life and save all of the fun and enjoyment for the end, when you might not have the health or energy to do the things you want," the 27-year-old told Business Insider. "Not to be morbid, but we're not even guaranteed a long life so we need to enjoy today and not postpone truly living."
Stimpson has always enjoyed traveling and wanted to experience a trip that lasted longer than two weeks. He and Lauren left Chicago for Sydney, Australia, in pursuit of change, warm weather, and new jobs in September 2015. Fast forward three years later, and he and Lauren decided to break away from work and travel for at least six months beginning in June 2018.
"Travel is not just for the rich, since once you leave behind your expensive lifestyle, life on the road can actually be fairly cheap," said Stimpson, who envisions taking a mini-retirement every 10 years.Advertisement
"I enjoy my work when it's something that has meaning and allows me to contribute something positive to society, so I don't see the point in ever completely retiring from work," he said. "However, at certain stages in life, why not take a break to travel, spend time with family, or recharge your batteries before starting a 'new' project?"
To fund his mini-retirement, Stimpson saved 30% to 40% of his post-tax income for three years by creating a budget and savings plan. His frugality paid off — he saved over $80,000 during those three years, and he's allocating $20,000 toward his first mini-retirement with Lauren.
In order to save, Stimpson put away a percentage of every paycheck directly into savings. He divided the rest of his money into spending categories for every expense, such as rent, food, bills, and transportation, each of which had a limit to ensure he didn't overspend.
By adhering to this simple budget, Stimpson used his leftover money wisely and sparingly. What makes his dedication even more impressive is that he did all this while living in one of the most expensive cities in the world — Sydney, Australia.
In Sydney, two-bedroom apartments are on average $2,052 a month, the cost of a pint of beer is $6.10, and the monthly cost of a transportation ticket is $127.10, according to Deutsche Bank's "Mapping the world's prices" report.Advertisement
Source : http://www.businessinsider.com/mini-retirement-budget-saving-tips-2018-6Terima Kasih for visit my website