There are many people who struggle saving money but that wasn’t the case with Kyle Stimpson and his partner Lauren. The duo earned a lot over 3 years and then opted for an early retirement.
While giving an interview to Business Insider, the 27-year-old said that it does not make any sense to work for your whole life and then opted to save everything for the time when you don’t have the energy to enjoy it. He further said that nobody has guaranteed to live for the coming days, so everyone should enjoy the present rather than waiting for the future. Stimpson is found of traveling and always wanted to have travel experience which can last more than 2 weeks.
He along with his partner Lauren left the USA and moved to Sydney, Australia in 2015 to enjoy the warm weather and to pursuit jobs. The duo worked hard for three years and now they have planned to travel the world for at least six months and their journey will start in June 2018.
The travel lover said that traveling is not only for the rich and one who spends life on roads can also enjoy it as rich people do. Stimpson is determined to enjoy mini-retirement every 10 years. He further said that he loves doing things which have some meaning and allow him to contribute positivity.
There is no point of retiring from the work at all, he continued. The 27-year-old said that why not take a mini break from the hectic work routine and the enjoy some time with the family? It is important to charge the batteries before starting the new project, Stimpson said. With the help of budget and saving plan, he saved 30 to 40% of his savings for 3 years. The frugality of Stimpson paid off as he was able to save $80,000 in those 3 years. And he has allocated $20,000 for his first mini-retirement with his partner Lauren.
On every paycheck Stimpson received, he put away a handsome percentage into savings. And the rest of money was allocated in different spending categories like travel, food, bills etc. And at the same, he made sure that no categories exceeds its limit. With the help of this simple budget, he was able to use his leftover money wisely.
And what makes his dedication more astonishing is the fact that he managed to save such a huge amount while living in one of the most expensive cities in the world – Sydney, Australia. According to the report of Deutsche Bank, the cost of beer in Sydney is $6.10, while average monthly house rent of a two-bedroom apartment is $2,052 and average monthly transportation costs $127.10.
Regardless of these stats, he was still able to the enjoy different offerings of the city and still managed to save. Stimpson was able to save following categories:
Manage Living Standard:
As the house rents are expensive in the city, Stimpson and Lauren saved $1,000 to $2,000 by living in a non-renovated thrid-floor walking apartment instead of living in a more expensive and lavish apartment.
Use Public Transport:
Fortunately, he has company’s car and would never have his own otherwise as it would cost him $2,00 on tolls and $3,00 on fuel and $3,000 on registration as well. Uber also costs twice in Sydney as it does in Chicago. However, public transport was what helped Stimpson as it cost only $1.50 to $5, depending on the length of the trip.
Shop Local And Cook At Home:
This where the couple made the real saving. Lauren and Stimpson saved hundreds of dollars by shopping for food items from farmer’s market and cook food at home.
To enjoy things other than daily routine, the couple never missed a chance to go to outdoor activities like visiting beach, hiking and visiting parks.
Minimize Beer Consumption:
If a person spends one or two nights in bar per week in Sydney, he has to spend a handsome amount doing that. But Stimpson kept himself away from using alcohol.
After their stay in Sydney, the duo planned to visit Southeast Asia where they are supposed to spend $2,000 per month.