<< Back to all Blogs

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.

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

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.

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

**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

Merry Christmas!!!!!!!!!!!

December 25th, 2006 at 04:07 pm

Merry Christmas everyone - hope all are having a wonderful Christmas!

We did christmas eve with dh's fam yesterday and the kids got about 20 presents. ???? IT was so totally INSANE and I was a little caught offguard. IT seemed as the grandchildren multiplied they calmed down a little last year and I expected it calmer with a 4th one in the family this year. Well apparently dh's family had a good year because they went crazy. The kids were bored after 1 or 2 gifts so I had to open the other 16 or so. I was really annoyed. Just ridiculous. I know 4 gifts (2 gifts each) were from other family members, but I have no idea which ones - what was from whom. ???? That annoys me too. I forget they also have 4-5 gifts still at grandma's house from the whole cousin gift exchange debacle. Oy vey!

The flip side to all this was that my strategy worked!!!!! We saved so much this year. All the cool toys we wanted to get we put on the wish list. No one paid attention anyway, because I have said before, everything on the wish list is up to major scrutiny, no one likes what we put so whatever. But we decided to buy 1 nice gift each for the kids (they are toddlers) and take the cash and gift cards to get everything else we had our eye on, AFTER christmas.

Anyway, we didn't get much in the way of cash or gift cards this year, but that is a-okay. After yesterday I don't think they need another toy for another year. Or 2 or 3. So because the way we approached it we hardly spent anything on the kids ourselves. AND we haven't opened gifts today yet but I am so PLEASED they each only have 1 gift to open because frankly that is all they want. They have no interest if there is a mound of presents once they open that first gift!

I told dh there needs to be some serious changes to Christmas. I feel awful not knowing what came from my niece's family or from dh's great aunt. I have no idea. I wrote out all the gifts and will call his mom and go through the list to narrow down what was not from her.

Bah, I am trying to be grateful to have too much as to not enough, and I am, but the whole thing annoys me all the same.

Us adults actually made out pretty well. Dh got a cool little travel game system worth about $250. Plus some games. I got 3 books, slippers, bathroom accessories (needed) and a toaster/toaster oven so now that everything in my kitchen is black - I love it! Plus some significant cash. Yeah we made out pretty sweet. It is nice, but I could live without too. I am sure I am forgetting something too. Piles of DVDs, etc.

BUT today should be pretty nice! My parents are coming over, probably no gifts, maybe 1 for each kid max - PHEW. Going to have pizza and fudge and just keep it low key, hang out, play with all the new toys I guess...

& Big Monkey was happy when he woke up that the Grinch had not stolen our Christmas. LOL. Wink

Hope everyone has a wonderful holiday!

Posted in Just Thinking | 1 Comments »

1 Responses to “Merry Christmas!!!!!!!!!!!”

carol Says:
December 25th, 2006 at 05:35 pm 1167068146
1167068146

We did a switch up for Christmas this year. My No 2 son has his birthday on December 8th. It's a hassle for me and his dad to do birthday presents, cake, etc., then turn around and have to buy Christmas presents for the boys and ourselves on a tight budget.(I'm getting better at saving, he still has a long way to go.)

Anyway, we simply combined birthday presents and Christmas together. Everyone got one nice gift each, after we sang happy birthday and cut the cake. So for Christmas, I did the outside and inside decorations, spent a total of about $30 for Christmas morning goodies(chocolates, soda, grape drink, crackers, etc.,) and arranged everything into 4 dressed up baskets. I waited until boys and dad were in bed, then placed all baskets out on front room table around 1 foot tall decorated artificial tree and other tabletop decorations. Treats were a smash hit. So dad has decided to be nice and do up a good Christmas lunch. Smoked ham, baked beans, mashed potatoes, and chocolate cupcakes for dessert.

Merry Christmas to everyone!!

(Note: If you were logged in, we could automatically fill in these fields for you.)

Name:	*
Email:	Will not be published.
	Subscribe: Notify me of additional comments to this entry.
URL:
Verification:	* Please spell out the number 4. [ Why? ]

vB Code: You can use these tags: [b] [i] [u] [url] [email]

Monkey Mama*s Monkey Money Blog

Over Prepare, Then Go With The Flow

Merry Christmas!!!!!!!!!!!

1 Responses to “Merry Christmas!!!!!!!!!!!”

Leave a Reply