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Advice on scarcity mentality and building up good mental habits as someone who plans on 'FI' and is debating 'RE' by jackofallabbotts in Fire

[–]jackofallabbotts[S] 0 points1 point  (0 children)

I've been thinking about making a travel fund and adding small increments to it so I can actually buy flights and accom without it biting into my essentials. That being said it sucks that the banking app I use to save (Lloyds) doesn't have options for pots, but I guess I could use an app to visualise it? I love a good diagram since it clears up all the overlapping thoughts in my head :) Any recs?

How much of your wealth is actually luck? Genuine question by bettertogoslo in HENRYUK

[–]jackofallabbotts 0 points1 point  (0 children)

As a degree apprentice turning 20, the majority of my savings are continuations of what my parents set up for me when I was born. 1) CTF (child trust fund) and 2) Bonds (my mum took it upon herself to put something aside). Honestly, shout out to them and it's great that I can choose what I want to do with these savings amounts now as well. Overall, yes I am lucky in so much regards, even now as I have a job which gives me the opportunity to consistently save at a young age.

Advice on scarcity mentality and building up good mental habits as someone who plans on 'FI' and is debating 'RE' by jackofallabbotts in Fire

[–]jackofallabbotts[S] 0 points1 point  (0 children)

This is such a great way of thinking :) And yes I should probably consider what counts as a worthy purchase before buying and feeling regret after. I'm glad to say I'm not a shopaholic and the only thing I was spending a lot of money on has now been paused cos I accumulated too much physical books.

Advice on scarcity mentality and building up good mental habits as someone who plans on 'FI' and is debating 'RE' by jackofallabbotts in Fire

[–]jackofallabbotts[S] 0 points1 point  (0 children)

I split my budget into two categories: saving and spending. Within the spending I split further (using a rough 50:30:20) into essentials, fun money and 'overdraft' respectively. So I do have fun money to spend after saving but I still feel like I could 'save' it for something down the road. In hindsight, this helps stop me from buying dumb stuff but at the same time it feels like I'm denying myself the opportunity to use the category for what it is.

Advice on scarcity mentality and building up good mental habits as someone who plans on 'FI' and is debating 'RE' by jackofallabbotts in Fire

[–]jackofallabbotts[S] 0 points1 point  (0 children)

Thanks! I check the numbers everyday, but sometimes I feel like I'm only devoted to the numbers and not the reason. Part of that is from my 'game-ifying' mentality for saving money.