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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
...($1,250 @ 3/31/24)
...$350/month, plus snowflakes
(Snowflakes: credit card rewards and dividends)
...Topping off with snowballs

[ ]$2,025 to mortgage
...($0 @ 3/31/24)
...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 @ 3/31/24)
...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

I Admit It - I Pay for Convenience

September 10th, 2008 at 08:49 pm

I think a lot of what I am willing to pay for in life is for convenience. Everything else we can scrimp on. Wink

I think this is my true financial philosophy...

Anyway, called AAA around noon since I had a meeting and was useless if dh needed help in the morning.

Took them forever of course.

But it was just the battery (we weren't sure) and they replaced it for $120.

I am sure we could have done it ourselves for cheaper, but dh called me to ask my opinion (I am more the car one anyway - I know - so many reversed roles).

I said, "how long will it last?" He said he didn't know (typical dh). I said "whatever, if it gets the car up and running now, and the guy is there, just PAY the guy."

It was through AAA and he was able to charge it. So that was nice.

Small enough to even fit in the budget I guess.

So, um, 2 batteries in a couple of months - LUCKY us.

Dh's battery was about EIGHT years old and we probably should have kept on it. This one was about 3 years old - factory battery - what can I say. Everything factory on the van SUCKS. !!!

HEck, the Ford was the original one as far as we knew - lasted 90k miles - not bad. SO between the 2, I feel okay.

In the end this one is warranted for 3 years and semi-warranted up to 6 years. SO all in all, it's okay. Just to get 'er done!

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We attempted to jump the van Monday night but failed miserably. Oh well. Why we didn't think it would be so easy.

I have to admit I am glad it was so easy.

I was griping to dh as we hooked up jumper cables how in this day and age people are so freaking scared to jump themselves. A monkey could do it. But I guess we didn't do so well - LOL. I think the terminals were too corroded and I hope the guy cleaned them a bit. If not, a project for us I guess.

Posted in Just Thinking | 1 Comments »

1 Responses to “I Admit It - I Pay for Convenience”

thriftorama Says:
September 10th, 2008 at 09:32 pm 1221082352
1221082352

We sometimes pay for convenience as well. Although, the battery on my Honda Civic gave out as I was driving to AutoZone to buy a new one. Of course, the car went dead three blocks away in the middle of a busy intersection. Some fellow drivers helped me push it UPHILL into the nearest lot. That was nice of them. I walked to Autozone, lugged the new battery three blocks back to the car, only to have to walk back because I didn't have the right tools for the job. And hour later and a lot of exercise and I had the new battery in. I would pay AAA too!

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Monkey Mama*s Monkey Money Blog

Over Prepare, Then Go With The Flow

I Admit It - I Pay for Convenience

1 Responses to “I Admit It - I Pay for Convenience”

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