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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

Challenge - Moving Backwards

April 2nd, 2008 at 01:50 pm

2008 $20 challenge:

$ 675.00 - 3/20

$ 100.00 - March Interest
$ -130.00 - From Medical Fund
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$ 645.00 - Balance 4/1
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I moved backwards on my challenge money.

Has anyone else ever subtracted money before?

What happened was I was confident in paying $150 or so of medical bills out of the budget. We had some extra money last month - so I put it to the challenge and paid the medical bills, leaving our medical fund intact.

However, dh and I bought show tickets on a whim. For next weekend. It was pretty spontaneous for us.

Anyway, the tickets came to about $130, and when I worked the April budget we were around $100 short. (Paying the march credit card - was a little more than I had expected). I started to worry maybe we shouldn't have made this purchase - maybe I had been too optimistic. Then I remembered we also had a lot of medical bills in March. So I subtracted $130 from the medical fund (for 2 doctor visits), and into my checking account. Worked pretty well.

Oh well, it was nice to think that extra money would go to our savings. But it is nice to splurge once in a while too. Big Grin

We did earn $100 interest for March. This is the last month, for a while, that I expect three-figure interest.

We paid off dh's balance transfer very early in March (around the 10th?) so his $10k was not deposited very long. But we did get some decent interest on that I am sure, in March.

Still have the 5.7% CD which accounts for about half of our interest.

I still have $15k in balance transfers.

We have the CD, some online savings, and also some money market funds. The savings and MM - rates all went down.

& I already added our ROTH contributions to the challenge.

So that's all I have. A decrease...

I have to pay off the $5k balance transfer in a couple of months. That one is coming up fast too (was like a year???).

The other one is in the CD and that one is good as gold. It kind of replaces dh's $10k, though the 2 overlapped for a short time.

That one is due end of year (around when my awesome rate expires). So I am glad to have another good interest year - REALLY helps the savings. I added the $100 interest to our mid-term fund. Getting awfully close to $500. (Though I expect to add about $3k in the summer months with my bonus and with IRS rebates, etc.). But I am relying heavily on the interest to get to my goal of $5k by 12/31.

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Challenge - Moving Backwards

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