Read? Retirement Income for Life??? (10)
Know Your Monthly Family Expenses!
How does Uncle8888 know that he will likely to have enough retirement income for life?
He has been tracking his monthly family expenses for five persons since Jan 2001 when he realized that to reach the Edge of Financial Independence he has to know his family expenses.
One easy way of maintaining records is to dedicate one bank account where all expenses are charged and doing inter bank fund transfer. At beginning of each month, we just need to download the bank statement and copy and paste into our Family Expenses Tracking Microsoft Excel Worksheet.
Uncle8888 knows his expenses. How about you?