Financial Plan - Trying to Live Free

Financial Plan - Trying To Live Free

In my last post, I spoke about the time frame I had for trying to live free. Now I am going to try to explain how I am going to do that financially.

I started thinking about this idea of trying to live free after I was retired. That way, I would have my social security, or whats left of it, to live on and that would be all I need. Then I started thinking. No way am I waiting until I am retired. I am going to do this now, make a plan, stick to it and go for it!

So the first thing I am doing is paying off my credit cards. I only have about $2,000 in credit card debt so I am going to start paying that off in August and should be done with that in less than a year. Just by making the monthly payments and not using them at all. This will also help with my credit score when I am trying to purchase a car in the near future.

Then I am going to be done with paying the lease on my car. I either have to give it back or buy the car. I am not going to buy the car. It is a sedan and I either want a SUV or a truck. Plus this is a newer car and I could never afford the payments if I were to buy it. So when the time comes I will give the car back. I will owe them some money because I am going to go over the milage. So I think I will have to pay about $1500 or so in order to give the car back. I will also need another $1000 to put down on a car that I decide to buy. This is where I start to gamble with my plan. I am hoping that by this time I am due for a raise and I can ask to bonus some of that out so I can afford to buy a new car. It's not far fetched, I have done it before and I am sure it will work in the future. So that part is done. Got the car, and now it's time to move on to the next part.

One thing I want to do also while I am waiting to try to live free is travel. So next on my list is to buy a teardrop trailer. This will help with two things. One, to have something to put on my land once I buy it and two, I can use it to travel. While I am doing all this once I cut the cord and live free I won't have any money to travel so I am going to do it now. I have looked around and if I am lucky at the time, I will be able to get one used for about $1500. Now this is a couple years from now so I do plan on getting a loan for this and only having about a year to pay it back. It should be easy enough to do so I am going to stick with that.

Next would be to buy the land. This will be somewhat hard to do as far as finding land that will fit in my price range. I always see land for $200 down and $200 a month for 3 years. I am going to stick with this for now and try to go this route. This will be year 3 of my journey and I will have the trailer and a truck/SUV paid off so I can afford the $200 a month. I will then have the land, transportation, and a trailer to start living the life I want to on a part time basis. I will do this on weekends and when I take my vacation and stay up there as much as I can.

Now for the final part. Getting a cabin or a trailer to live in. This is going to be the hardest part. I will be in year 5 of my journey and I will only have about 3 years left until I am going to do this full time. I know I can find cabins for cheap and also trailers as well but I am still not sure of the route I want to go. Do I want to build something from scratch, or just go cheap so I can start doing this. I will probably go cheap and get this going.

So I think this is going to work out. My plans are doable and I think everything is cheap enough that I will be able to do it and also be able to change things up if they don't go as planned. Next week I am going to talk about how I am going to get the money to live on before I am officially retired and will be trying to live free with out a full time job. If that is possible...

Thanks for reading, if you have time leave me a comment and let me know what you thought of the post. Also, if you can take a look at my social media links on the left and give me a follow. You can also share this blog by clicking on the social media buttons at the bottom of the post. I am always trying to improve my writing so if you have something you want to say and don't want to comment, send me a note using the contact form at the bottom of the page. Finally if you have a google account you can follow my blog by clicking on the blue follow button. Thanks again and talk to you soon.