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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."}

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My Pages

Breakeven!!

December 20th, 2006 at 06:13 am

Made my deposits today, came home and updated Quicken. Still short about $100 for december - not really concerned. But checked the mail and got a $100 christmas check from dh's grandpa. Sweet. For whatever reason everyone in his family from every side is big on cash. No complaints here!!!!! My family, not so much. Okay 1 side is totally poor. & the other side figures they have done enough raising their kids, I guess. I was just pondering why dh's family is so cash happy and mine isn't, just strange in a way. He even has a distant aunt who always sends big checks. Spoiled rotten I tell you!

Anyway, the $100 brings us to breakeven in December. Still $400 left to spend on the credit card too, and stay within budget - will be mostly groceries and gas...

Phew.

Christmas money - there may just be enough coming in the next couple of weeks to finance our wants/needs and to add some to the e-fund. Who knows. Dh wants to put his money towards PS3 - whatever. What can I say. A tight tight year we keep chanting, but a $500 game system when he already has MANY. Whatever... So much for TIGHT! He did give me grandpa's money for bills (didn't give him a choice - hehe). We'll see what we get and compromise I guess - at least he isn't hoarding all the christmas money for this - he is saving his pennies for a few months - we'll come up with a compromise. Maybe he can save 1/2 if he gives 1/2 to the e-fund. Just depends - time will tell...

I need to invest in clothes for work because I am still in in-between size hell. Last year's clothes too big, pre-pregnancy clothes too small. Tax season coming up - need some suits. I seriously have size 16 clothes way too big and 14 way too small. I have no idea if I Can even find anything! Yeah, I want to spend all my money ($200? mostly work bonus) but it is an investment for work. In the meantime my dress hasn't been so hot... I have taken business casual to a pretty casual level.

Kids will get money and we have toys in mind for them. They could probably do well without. But we justified not going crazy pre-christmas by deciding to go crazy with the christmas money for them instead. It is seriously Dec. 19th and they each have 1 toy - and I haven't been tempted to buy more. So far has worked...

On the flip side of all this, I am only $250 away from $6k in the e-fund!!!!!! We have to throw it a bone!!

It all depends how much we rake in on Christmas I guess!!!

Posted in Saving, Budgeting & Goals | 4 Comments »

4 Responses to “Breakeven!!”

fairy74 Says:
December 20th, 2006 at 06:11 pm 1166638293
1166638293

For the clothes have you thought of trying juniors plus clothes they are the inbetween sizes and cut a little smaller then womens clothes, like a 15/17 might fit you perfect now...Kohl's and Walmart have a lot of them (even some business jackets)...
monkeymama Says:
December 20th, 2006 at 06:45 pm 1166640340
1166640340

I just looked at your profile and you don't have kids - LOL. THat is the thing, I have a small frame overall but since having kids junior size is a joke - it just widens you in all the parts that you could squeeze into junior sizes before you have kids. *sigh* I tried last year - I got all excited because juniors sizes had 13, 16, 17, but I couldn't even get past my thighs - LOL.

I swear - you don't have to gain a pound - you have a kid - juniors will never fit you again - they just don't make them for child bearing hips or something.

BUT I have not tried tops and that might work - it is a good idea. I am really small up top and I think that might help! I will cry as I go past the cute pants though. But really I am so frustrtated finding nice suit jackets that don't just hang on me - hmmmm - an idea!!!!

Thanks!
monkeymama Says:
December 20th, 2006 at 06:47 pm 1166640450
1166640450

Oh yeah - I forgot you were expecting. Enjoy that baby-free bod while you can. Ah, it is all worth it though.
LuckyRobin Says:
December 22nd, 2006 at 11:10 am 1166785807
1166785807

Could you take some of your too big suits to a seamstress and get them altered? That might be a good option and not cost as much as replacing them.

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Monkey Mama*s Monkey Money Blog

Over Prepare, Then Go With The Flow

Breakeven!!

4 Responses to “Breakeven!!”

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