Friday was the day I formally submitted my letter of resignation, so step 1 of our journey to Financial Independence has been completed.
I have asked to leave on 9th June 2017, which is earlier than my contracted notice period, but I believe that I will be able to leave on this date.
Mrs FIUK (who will also stop work on the same date) and I have picked the 9th June as it is around the time when I will have earned the full value of my annual tax free allowance, so all my earnings for 2017 / 2018 will be tax free, as an added bonus I will have paid tax through PAYE therefore I will get a refund at the end of the tax year. We have also picked this date as it will allow us to start our Financial Independence period during the long days of Summer, and should also be able to be outside doing the things that we enjoy instead of being shackled to our desks in an office.
Once we no longer have to turn up for work 5 days a week, it will allow us to get up later in the morning, look at the weather and choose to do what we want to do, so if the weather is good that day we can go out walking or cycling in the beautiful scenery that surrounds us, see photo below of Ennerdale which is about 20 minutes away.
We could choose to work in our garden, which although it is not massive, has been left mainly as grass to minimise the time required to maintain it during the two days per week we currently have off work. In future we will be able to create a garden that we enjoy, as the time we have for tending to it will only be governed by the weather.
If the weather is not so brilliant, we could choose to bake bread, cook a lovely meal from scratch, make meals that we can freeze for future to use up leftover food (which we tend to throw away at present). We may also not feel that we want to minimise the time spent doing our weekly shopping as we will have seven full days a week instead of two, and therefore we can shop around to get the best value, which may involve shopping at several shops in order to obtain the best quality at the best prices as compared to currently wanting to â€œwasteâ€ as little of our weekend as possible. This should also allow us to keep more of our spend local and help local shopkeepers.
The extra time will also give us the opportunity to undertake voluntary work either for charities to help people who are in need of assistance, or for nature and wildlife organisations to help protect the environment in which we live.
Red squirrel from our living room
All in all, once we have finished work, we have total choice of the things that we do, and when we do them, so it fits in with our chosen lifestyle as compared to the present where it has to fit around the demands of our employers.