10 Steps to Retiring Young

7) Live Frugally

Retiring young requires two things. It will require an income and control of your spending. Learning how to live frugally will get you to your goal faster than not living frugally. For example, living in a studio apartment instead of a two-bedroom apartment can save you over $1,000 per month. Choosing to shop at a farmer’s market or a discount grocer can save you hundreds of dollars a month. Buying generic, or not making impulse purchases, can easily save you thousands of dollars per month.

The more frugal you learn how to live the more your retirement income grows, and grows faster.

This not only resonates well while you are young and saving, but also builds good habits for your early retirement, which could allow you to live longer on what you have saved, and perhaps retire even earlier than you initially planned. As Thomas Jefferson alluded to, no one was ever hurt by living modestly.