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About Me:

Monkey Mama

Just a 46-year-old mom of 2 in Northern California. My kids are Monkey Monkey(MM) and Drama Llama (DL). I am married to Monkey Hubby (MH).

We were a one-income family for 13 years. In late 2015 my spouse returned to work (minimum wage/part-time/seasonal). Something recent on his resume just buys us more options for the long run. The main benefit of this job is that he just works while the kids are in school. As always, we are saving 100% of his income.

{2023 Update: I expect that MH will retire from this job when kids are done with college and/or home is paid off. I think he likes the idea of finding more interesting or full-time work, with kids both adults now. But practically, might just stick out the *good* and very flexible job as long as possible. The very part-time job is allowing him to pursue his film passions. We are only about 5-ish years away from financial independence. Would be very different if we "needed" the money or he thought he might have decades of working years ahead of him.}

We saved a lot while we were very young and also moved to a lower cost-of-living area, to make life much simpler. We still live in California though (in one of the most expensive regions of the U.S.). *Simple* and *inexpensive* is relative.

Likewise, we have never had debt aside from our mortgage.** My blog is a testament to how much simpler life is without debt; how we have that much more money to both save and enjoy!

**Caveat: I have no problem whatsoever with credit cards paid off monthly, or low-risk credit arbitrage (for example, 0%-interest debt while earning 5% on FDIC-insured cash). These are the kinds of debt we have had. Just not interested in high-interest debt, using debt to buy beyond means, and not interested in the hassle that comes with loans and payments. With age and means, the latter (hassle) is our biggest debt avoidance motivation.

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2024 Goals

[ ]Small monthly Charitable Contribution
...($35 @ 1/31/24)
...Trying to be more mindful about how the little amounts add up and are helpful.
...This is not an all inclusive list of charitable giving but it is a new habit I want to add in addition to other donations of time, goods and money

[ ]Pay cash for college
...This is so much a given, to me. But I realize not everyone can read my mind, and so will memorialize in my goal list.
...#1 We don't do Debt
...#2 The student loan system is a scammy and corrupt mess.
...Seriously, wouldn't touch these student loan servicers with a ten foot pole.
MM YEAR 1 ✔
MM YEAR 2 ✔
MM YEAR 3 ✔
MM YEAR 4

DL YEAR 1 ✔
DL YEAR 2

[ ]$10,000 to savings
...($4,529 @ 3/31/24)
...$1,000/month, plus interest
...Topping off with snowballs

[ ]$7,500 to investments
...($1,750 @ 4/30/24)
...$350/month, plus snowflakes
(Snowflakes: credit card rewards and dividends)
...Topping off with snowballs

[ ]$2,025 to mortgage
...($0 @ 4/30/24)
...Topping off with snowballs and/or excess cash
...Keeps us on track with $10K principal paydown per year

[/]9% of household income to work retirement plans
...(9% @ 3/31/24)
...This is the minimum for the match; I'd otherwise rather fund IRAs.
...Note: Total retirement savings rate is 20% (with IRAs)

Goal savings rate = 25% of gross salary, plus funding IRAs from other sources.

[ ]$14,000 to IRAs 2024 (MAX)
...($0 @ 4/30/24)
...Will fund with MH's income
...Will not fund until the year is over. This is for tax and planning reasons. I won't know what mix of Traditional/ROTH IRA we literally can contribute until we do our 2024 taxes. In addition to that, can make a more informed decision based on our financial and tax situation for the entire year.

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**Long-Term Goals**

[X]$500,000 in retirement accounts by age 45.

Current big picture goal:

[ ]$1 Mil in retirement accounts by age 52.

Stretch Goal: Achieve by age 50

Have decided to pretty much stay the course. Keep saving 20%+ to retirement. This means taking 401K match & maxing out IRAs.

NOTE: WE HAVE NEVER CONTRIBUTED LESS THAN 10% TO RETIREMENT. NO EXCEPTIONS.

If we can't achieve at least 10%, then something else has to give. I share because it's infinitely easier to save for retirement if you start early. Let the investments do the hard work for you.

-------------------------------

Debt: $85,000 mortgage
{Home Purchase Price $290,000}

Ongoing goal is to *never borrow money again.*

Took on a $230k mortgage in 2001 and have not added to that.

-------------------------

Net Worth: Increase net worth by $600,000 in the next 10 years. This is my "financial independence" goal.

2017: +$ 70,000 (partial year)
2018: +$ 51,000
2019: +$105,000
2020: +$104,000
2021: +$215,000
2022: <$ 65,000>
2022: +$ 85,000
TOTAL: +$565,000

This is in line with prior goal, saving 100% of our expenses every year.

{Our expenses are far more consistent than our income. Also, helps to prevent "living up to income."}

-------------------------------

My Pages

Phew - a Blonde Moment

November 11th, 2006 at 04:01 pm

Airhead strikes again!! LOL. & I am not even blonde. Wink

When I grabbed my property tax bill I Was looking at the amount due after penalties if paid late. Something like $2400 vs. the $2100 last year - for 1 installment. I was freaking out looking at the budget. For DAYS! I knew some big new school bond passed and I thought it was s'posed to be a few hundred per year so I wasn't terribly surprised.

Anyway this morning I grabbed all of the bills to figure out just how much to transfer from my short-term saving account for this and some other bills. & I looked a little closer and was SO relieved to see the real amount was closer to $2200. I have been GRIPING about how insane our taxes were all week. LOL. Phew - wasn't so crazy after all.

Oh yes - and I tried to get that jewelry I had to have, but read the fine print after trying unsuccessfully, it wasn't available until today. I threw it with the bills and figured if I remembered and grabbed it before it sold out, whatever. If not, good for the budget. Anyway, when I grabbed the bills I saw and remembered today was the day, BUT again it wouldn't let me order. Oh well. I will save money then!!!! I don't think I will even bother trying again. Whatever. I take this as a sign - LOL.

Oh yes - and send good vibes - preschool teacher is going into surgery TODAY. IT is sad since ds could not go monday to say good-bye - she didn't originally think she would get in so soon. Bummer. So we are getting around $500 refunded. I am probably going to give her a generous $100 cash or something for christmas since taking 2 months off so unexpectedly has got to be hard. & we figured maybe splurge on some nice flowers. & still a big chunk to pay down the van - woohoo!!!

Oh yes, and being sick has made our gas bill nil these last couple of weeks. I am going to make it about 2 weeks between fill-up. WOW! LAck of preschool will help that too. Wink We are driving to San Jose today to visit with family but will be WELL within the gas budget - could probably make another visit this month. Yay!

I have been spending WAY too much time on here so I have to go tidy the house and take care of things I guess. Have a good weekend everyone!

Posted in Just Thinking, Budgeting & Goals | 6 Comments »

6 Responses to “Phew - a Blonde Moment”

janH Says:
November 11th, 2006 at 04:52 pm 1163263962
1163263962

Have a good trip and it looks like you are looking on the bright side of not having preschool. Great attitude! I need to practice that!
Ima saver Says:
November 11th, 2006 at 05:12 pm 1163265146
1163265146

Enjoy your blog!
ldyfaile Says:
November 11th, 2006 at 05:24 pm 1163265876
1163265876

Blonde is not a hair color but a state of mind.

Glad to hear the taxes weren't as bad as you originally thought!
Broken Arrow Says:
November 12th, 2006 at 02:02 pm 1163340142
1163340142

Blonde is not a hair color but a state of mind.

Haha, that makes sense. I have plenty of those moments, and my hair color is most definitely not blonde.
monkeymama Says:
November 13th, 2006 at 05:03 pm 1163437419
1163437419

Ah, that explains it.
monkeymama Says:
November 13th, 2006 at 05:05 pm 1163437559
1163437559

I am not the one who has to stay home with the kids so easy to see the bright side - LOL. Plus I don't have to pick him up, etc. I can put even more energy to work and getting a nice raise so it is all good - very good financially. I am changing my goal from 3 hours to 5 hours OT a week. Easier without being a kid taxi. Dh has the hard side of it.

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Monkey Mama*s Monkey Money Blog

Over Prepare, Then Go With The Flow

Phew - a Blonde Moment

6 Responses to “Phew - a Blonde Moment”

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