Lakisha Simmons, who built a substantial net worth as a single mother through the FIRE (Financial Independence, Retire Early) movement (specifically the “lean FIRE” approach emphasizing extreme frugality), attributes much of her success to disciplined budgeting. Here are the specific techniques she used and shares….
1 Prioritize what you truly value — She evaluated her spending based on personal priorities (e.g., more time with her children and independence). If something didn’t align—like her large family home, which she saw as a “burden”—she cut it ruthlessly.
2. Create and maintain a detailed budget tracker — Simmons used a simple Google Sheet (which she calls her “Budget Bestie”) to track every expense meticulously. She constantly fine-tuned it, reviewing and adjusting monthly to identify leaks and reduce costs further.
3. Make big lifestyle downsizes first — Her largest expense was a $2,410 monthly mortgage on a five-bedroom house. She sold it and moved to a modest two-bedroom apartment (later a townhouse), eliminating extras like lawn care, garbage fees, and maintenance.
4. Cut recurring and everyday expenses aggressively — She switched to a prepaid cell phone plan, canceled cable TV, cooked more meals at home instead of eating out, and scrutinized all monthly bills to lower them over time.
5. Track expenses in real-time and calculate net worth regularly — Using tools like Personal Capital (free at the time), she monitored spending moment-to-moment, subtracted liabilities from assets, and tracked her net worth growth. This helped her precisely know her annual expenses (eventually under $40,000/year) to apply the FIRE rule (save 25x yearly expenses).
6. Budget with investing in mind — Her tight budgeting freed up money to max out retirement accounts (e.g., 403(b) and 457 plans) and invest aggressively, turning frugality into wealth-building.
Simmons emphasizes that budgeting isn’t permanent deprivation—you can always add things back if needed—but starting strict creates momentum. She now teaches these methods through her workshops, book (The Unlikely Achiever), and free/paid tools like her Budget Bestie Google Sheet template. Her approach proves that intentional, value-based budgeting can transform financial security, even on a moderate income.
Single Mothers (are the Heroes of the Modern World)