Do you know how much you need to invest each month to retire in X number of years? Well today I’m sharing a Financial Independence Retire Early and Compound Interest Calculator I created in Microsoft Excel that assisted me in finding the answer out for myself.
Late last year as I was approaching burn out I decided that in 2021 we would be taking a different approach to achieving our financial independence goals. We decided to calculate how much we actually needed to invest each month to reach financial independence, and contribute just that amount. Anything above that would be put towards living our best lives now (and not waiting for early retirement).
In the process of calculating our monthly figure I decided to create a simple calculator in Microsoft Excel. After creating the calculator and inputting our details it was clear that we could to take the pedal off the gas a little from 2021 onwards, and adjust our investing goals. This had the awesome consequence of me being able to reduce my hours at work, and will enable us to do more renovations to the house to improve our comfort levels.
I’m sure I’m not the only one who could benefit from doing a similar FI/FIRE Calculation so I’ve decided to upload this free to my blog (no sign up required although I would love it if you did).
I’ve included a few screenshots below of what the calculator looks like so you can make the decision to download or not (Please note the data in the spreadsheet and screenshots is example data only – not mine). The link to download the file is at the end of this post.
The spreadsheet contains two worksheet tabs:
FI / FIRE Goal Calculator – Where it calculates your FI number and gives you an indicative amount of how much you need to invest to hit your FI/FIRE goal.
Compound Interest Calculator – This is just a bonus really so you can have a play around and see what the future value of your investments may be.
To download the file simply click on the download link below.
Since this time I’ve been busy continuing developing other products following requests I’ve received via social media and Etsy. This is a passion project rather than a desire to make money. I work in data and analytics and as part of my role develop solutions for visualising data in multiple platforms for large organisations. I get a lot of joy out of creating solutions for individuals, and working with people to build something to make a work process more efficient (eg through automation of tasks).
I’ve now formally created my Etsy Store aptly named ‘The Frank Basics’. My store now contains 12 digital products at the time of posting as listed below.
I will continue to add to these products as I develop them so please check in regularly if you are interested (or if you have an idea you would like to see me bring to life get in touch).
Alternatively I also offer Microsoft Excel development (with advanced VBA/Macros) and customisation services to meet your individualised needs.
I’ve put a lot of work into each of my products and have priced accordingly, but for those that follow me on the blog/Instagram I’ve decided to provide you the following coupon code to save you 10% off all products (as a thank you for following along).
I’ve been working on this baby for years. Initially it was as my own budget and dashboard and it developed into something I would like to share with others.
Update 25th January 2021 – Please note that since this article was posted I have created additional Personal Finance products to suit individual requirements. I recommend you taking a look at the following post (‘The Frank Basics’ Etsy Store) before purchasing to ensure you find the right product to meet your needs
The Personal Finance Budget Spreadsheet and Automated Dashboard has been a few months in the making since I first decided to share it more widely than my computer hard drive. I have always enjoyed using spreadsheets and it remains the one part of my job that I quite enjoy. As a result I decided to modify my tried and tested one into something that others might find helpful (not everyone likes spreadsheets and this one aims to do the work for you).
For a full list of specifications I would recommend checking out the Etsy listing here.
Calculate the % paid off of your debts, and mortgages.
Calculates how close you are to reaching your savings goals (Emergency Fund, Sinking Funds, or other Savings Goals)
Calculate your income from multiple jobs
Calculate expenses you pay weekly, fortnightly, monthly, or yearly
The Dashboard shows you how much you have spent on each category (You decide the categories you want – completely customizable)
The Review sheet shows you how much money you have left
The Expense Review sheet is an optional sheet with a little quiz guiding you on where you could make changes to your budget to save money.
What you will receive:
One Microsoft Excel file template
One Quick Start Guide PDF
Created on Microsoft Excel 2016 (only works with Microsoft Excel not Google Sheets)
Please note that this spreadsheet uses Macros so please ensure when you open this file you ‘enable macros’.
Please note that every sheet on this spreadsheet has built-in instruction buttons to assist you with completing each sheet.
I’ve put a lot of work into it and have priced it accordingly, but for those that follow me on the blog/Instagram I’ve decided to provide you the following coupon code to save you 10% off (as a big thank you for following along).
Feel free to get in touch before hand if you have any questions or additional information you would like before making your purchase. I’m also happy to field questions to assist you to get the most out of it post sale.
If you do end up purchasing it please let me know your thoughts and feedback. I’m keen to create some more spreadsheet style items so let me know what other trackers or dashboards etc that you would like to see.
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