Calculating our FIRE savings rate

Hi everyone!

Short post today. I just want to put something up that shows our current savings rate. I hope I am calculating this properly - if not, let me know!

OK so we have used our payslips for the current month. I have then used the average spending for the months that we have been tracking. See data in tables below.

So as you can see, we have the following FIRE savings rates:

• Mr = 68.0%

• Mrs = 43.5%

• Mr & Mrs = 59.1%

So how did I calculate it? Well I took our total savings (pre-pay and post-pay) and divided by our total net + lodger payment.

When I refer to “pre-pay” and “post-pay” savings, I am essentially referring to the savings that occur before I receive my salary in my bank account and the savings that occur after I receive my salary in my bank account.

According to the Networthify Early Retirement Calculator, it will take us 7.1 years to reach FIRE if we keep our savings rate at 59.131098% :D (don’t judge my 6 decimal places) assuming our current networth starting point.