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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

The Expense of Children

September 23rd, 2008 at 11:15 pm

If you don't have children and you think the expensive part is clothing, food, and toys. Well, Teehee! That's the EASY stuff.

It's the medical and dental care, for one.

& other expenses...

Anyway, BM had another dental appointment yesterday and they filled 2 cavities. Said it may only be one, but it was 2. *sigh*

I guess it's good I have had some time to get used to it. I am less stressed about it all today.

I have 2 more rounds at the roulette wheel. (2 more quadrants with 1 OR 2 cavities each. Won't know until they drill - teeth too close together which is the whole problem in the first place).

He's fine - he thought it was great fun. At least he is taking it well. I am $400 poorer for it. (Though credit card rewards and tax deductions means I get back 23% for every dollar spent. Eventually). They also gave us 10% discount since no insurance, so was more like $360. But it still will be a chunk of change.

3 down, 5 - 7 to go.

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BM got sent to the principal's office today. Wrote all over his white shirt with markers. Oy vey.

Actually they were pretty easy on him but I am at a loss.

To be fair, *I* did not buy the white shirt. MIL did. The school were the stupid ones who thought white was a good color for small kids. ???????

At a loss because he has NEVER destroyed property with a writing utensil. I guess there is a first time for everything!

Shirt will no doubt be tossed. I will be glad to see it go. Will probably take a chunk from his allowance to replace it. With a nice dark colored shirt.

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

Anyway, I will knock wood at this point but he has not lost his backpack or lunch box yet. (knock on wood furiously). I was eyeing his jacket with the weather probably cooling off soon and wondered how long until he loses it. I am starting to see little expenses adding up that I didn't think of, now that school has started.

It's every morning when I have to remind him about his backpack as we get into the car AND as he gets out of the car that I start to think about these things...

I guess if he doesn't lose everything, the plus side is plenty of hand-me-downs for LM. That is the other rule of children. 2 kids is not twice as expensive. Phew, for that.

Honestly, surprised the white shirt lasted that long! But no, not the demise I expected.

Posted in Just Thinking | 6 Comments »

6 Responses to “The Expense of Children”

Joan.of.the.Arch Says:
September 23rd, 2008 at 11:23 pm 1222212194
1222212194

Regarding twice as expensive--I have an acquaintance who has a child and a grandchild just one year's difference in age. Any time she buys a toy for one, she buys a duplicate for the other. She says it is the fair thing!
thriftorama Says:
September 24th, 2008 at 12:26 am 1222215987
1222215987

No kidding. Food is cheap compared to the 529 plan and the money I'm giving up because I have no affordable care option. It sucks.
frugaltexan75 Says:
September 24th, 2008 at 01:36 am 1222220208
1222220208

Did BM say why he wrote on the shirt? Would bleach get the marker out?
sillyoleme Says:
September 24th, 2008 at 01:41 am 1222220471
1222220471

I'm with frugaltexan... I'd be interested to hear BM's reasoning for his "artistic expression".
debtfreeme Says:
September 24th, 2008 at 02:26 am 1222223177
1222223177

a school that does not use washable markers? interesting...
monkeymama Says:
September 24th, 2008 at 02:28 pm 1222266516
1222266516

We'll see. It looks pretty bad. Even if they wash out I am sure they stain white. But we'll see.

He tried to pass it off as an accident to dh. I told dh over the phone, "Was he the only one?" Because it did seem a little out of character.

SO anyway, when *I* asked him he told me his trouble maker friend did it first. (It is clearly no accident).

I didn't get the impression that was the case (you think the principal would have mentioned) and wondering if he heard me over the phone or something. Stinker.

He's certainly a class clown type and his teacher's explanation was that he thought it would be funny. That sounds about right. I think he realizes it wasn't very funny.

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Monkey Mama*s Monkey Money Blog

Over Prepare, Then Go With The Flow

The Expense of Children

6 Responses to “The Expense of Children”

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