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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.

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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.

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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

Christmas Update

December 21st, 2007 at 09:28 pm

YEah, I know I have said that I am very relaxed, and long past done preparing for the holidays. I chalk it up to just not playing the game; not buying into all the hype...

But there was something I didn't admit. My spouse stays home and he has done tons to prepare for the holiday. Which really lessens my load greatly. I had him pick up some gifts during the weekdays. He is busy trying to sell some things online for extra cash. IT has been so busy at work I have been having him gas up my car (I just take his when mine gets empty, etc.). HE ran 4 bags top Goodwill for me yesterday (HAllelujah - tax deduction). Lord knows when I would have found time.

It's like having a Christmas Elf doing a lot of my work for me. Wink

Anyway, I read and hear too much about a lifestyle like ours being deprived. Pinching pennies so a spouse can stay home is deprived. I think back to my depression-era grandparents and I would hardly call our life deprived. I wouldn't dare even think it. But when you look past the things, it is so much more than things. Does it really matter if you have the latest and greatest stuff, if you can just slow down and take it easy? I'd rather take it easy any day. Wink

So that is another piece of my relaxing holiday that I just haven't given much credit to. My dh rocks! Big Grin

You can see why we are trying so hard to not ever rely on a 2nd income again. At all. In no way, shape or form. BEcause really, this is the life. We don't want to both work as long as we have kids who need us. Really what it comes down to. When the kids are grown... We may both work full-time. It's just such a different ballgame with small kids. I feel like we work 10 times as hard sometime, even though only one of us is getting a paycheck. Who wants another full-time job on top of that? (Oh I am sure plenty of people do. It's just not us).

I think dh is excited too because with the kids going off to school he can have more time to pursue some of his hobbies. I know he is somewhat jealous I get to go to work (because I enjoy it so much) and interact with adults every day. But he'll get his time soon enough. & I think he deserves that break. (Plus I know the kids will keep him plenty busy for many years to come; in various ways).

Posted in Just Thinking, Living on One-Income | 0 Comments »

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Monkey Mama*s Monkey Money Blog

Over Prepare, Then Go With The Flow

Christmas Update

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