<< 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

Just an Update

February 13th, 2009 at 04:14 pm

I can't tell if I have allergies or a cold. Feels more like allergies, but LM has had a bit of a fever with his runny nose. So I don't know!

So I have been miserable, just trying to survive. Haven't worked out in like a week either. Just not up to it. Lucky I could work, though I can't say I have been terribly productive. Ugh, I have so much to do!

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

I met an old college/work friend for lunch the other day. She moved here recently. Anyway, we met at Olive Garden. I was looking forward to it because I love OG but hadn't been in AGES!!!!!! Largely because the place is so packed it is miserable to go. I looked forward to a less packed OG but realized something was wrong when I pulled in and there was nowhere to park. At 11:50AM. Yeah.

Anyway, needless to say, OG was more crowded than I had ever seen it at lunch. What in the world? Most of the places by our house have been shutting down and such. The restaurant crowd has really thinned. But apparently certain areas seem to be still thriving!

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

So yeah, I now have a bike buddy. All I need is a bike.

I feel like such a dork. I mentioned before, but I used to love riding my bike from my parent's house and to all the surrounding hills, in my youth. We moved here, it was flat, and I was sad. I didn't bring my bike. (Always stored at my parent's house). I figured there was no point riding.

So I have been bike riding more with BM and we have been having a blast. It's been so long that a flat short ride feels like great fun.

Anyway, so on a whim I asked if my friend (at OG) biked (I knew she ran) and it turns out she is an avid biker with no one to bike with.

Which scares me a little, but maybe she will whip me into shape. LOL.

Of course she is making all these plans, and I am like, "whoa I need a bike first."

It will also be interesting because our income levels are very different. She doesn't understand why I just don't get a $800 road bike. Um, because I am just starting back into the sport? LOL. But they both work high level jobs and I see this could be interesting. It's been a while since I spent much time with anyone who was doing well financially. I know people who make as much, but are struggling. I am meeting one for lunch today, we often meet at Taco Bell. So, you know, it's just different. I can afford Taco Bell far more often than OG for a lunch date.

Anyway yeah, a bike is one thing, but all the accessories that come with it are endless. So I think I have my work cut out for me, aiming to make it a frugal hobby as possible.

Also, there was a big article in the paper yesterday about what a bike riding mecca Sacramento is and it showcased a couple of local bike clubs. It was like a sign. I think all in all something like a bike club may be more my thing due to the flexibility, but hopefully I can get my friend to join as well.

I am a dork for writing off the bike mecca when we moved here. I will of course miss being able to ride from my house to some gentle rolling hills, but there are plenty of hills if I am willing to drive a bit. Not what I am used to, but I guess we could do worse.

I am also going to bug my friend in San Francisco to get a bike and see if we can meet up a bit in between for some rides. She was my riding buddy in San Jose.

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

Today the kids' have dental appointments. If they both have a clean bill of dental health I think we may go out to dinner to celebrate. Don't ask me why I chose Friday the 13th!

Since BM just had like 10 fillings I am not so worried about him. I doubt 10 more cavities have popped up in the meantime. But LM has not been in a year and I am wary if he ends up like his brother. So I will be holding my breath a bit today!

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

Financially, I don't know. With our refi and all the financial strife around us, I feel like we are doing extraordinarily well. I am not obsessing much these days, and blogging much less as a result.

By the same token most days I have no idea how we will afford piano lessons for the kids, afford college, or how I will afford all my bike dreams. Big Grin You know, it just depends on the day. For now I am happy to be contributing significantly to our retirement and other savings. So I feel like I can relax for a bit I guess.

Now that we have some savings (above our emergency fund) we are also working on some stuff around the house. We've got a few things to take care of, which are keeping us busy too.

& well, work is crazy busy, and I am working on a nice overtime bonus. Big Grin So yeah, I've been a little extra busy. But also less money obsessed lately. Which is a GOOD thing.

Posted in Just Thinking | 4 Comments »

4 Responses to “Just an Update”

my english castle Says:
February 13th, 2009 at 07:20 pm 1234552837
1234552837

I think it's the soup/salad breadstick lunch special at OG that makes it popular then. It's a cheapo mini-splurge.
Hope you feel better!
mimipaula1@yahoo.com Says:
February 13th, 2009 at 08:24 pm 1234556687
1234556687

My granddaughters take piano lessons from an older woman who plays for their church. I know that she could, occasionally, use lawn care in lieu of cash payment. Maybe that's something you could consider: bartering for music lessons. What talents or special skills do you/your husband have that could be traded instead of cash?

Craig's List and Freecycle would be great places to advertise your bike needs. Also, how about (AGAIN!) offering your services to a bike supply place? My husband is a tax consultant/accountant/finance man who has saved our family LOTS of money by trading his skills for all types of things! Recently, he did tax preparation for a family and received a whole home-grown hog, processed and wrapped, in trade! Great and FREE eating!

As for college, I believe in encouraging kids to save their money and then helping them with their efforts to procure their own education. My husband and I have raised seventeen children with no help from government. Of that number, two received their Bachelor's degrees from full athletic scholarships, two are in college now in the Naval Officer Training Program, one is attending college now on VA benefits after serving 4 years in the US Navy, one is a licensed mortician/funeral director who funded his school by working his way through his apprenticeship, and one received academic scholarships to fund four years, but did not maintain the GPA his scholarships required. The rest are either too young for college or made the decision to enter the work force after graduating high school. My husband and I offer free room and board, plus meals, as long as our children are attending college and/or working. Since they entered elementary school, we have told them, "Either work hard in school (through academics and/or athletics) to fund your higher education or work your way through college--both are noble pursuits!" This has worked for our family!
monkeymama Says:
February 14th, 2009 at 12:33 am 1234571590
1234571590

MEC - yeah - you are probably right. That deal is hot. Expensive for my personal taste (I am a cheap eater outer! Usually hit the $5 buffet I guess). But I See why it is attracting crowds. With a soda and tip it cost me $13. *choke*

MimiPaula - Um thanks. LOL. I am probably less worried about college than most people here as I largely share your philosophy. But doesn't mean I can't freak out about it once in a while. I like to be overly prepared, so I have little worried here and there if I am prepared enough. Like if my kid has a burning desire to go to MEd school, and since I only have a couple of kids, I would like to be able to help out. I'm not planning to put my kids through Med School, but I am also not naive enough to think that they will never need any help with anything. Every kid and situation is unique.

That being said, you totally need your own blog! It sounds like you have a lot of ideas (& experience saving money with 17 kids!). We would all love to hear more!
frugaltexan75 Says:
February 14th, 2009 at 05:08 am 1234588088
1234588088

I hope you get feeling better soon. My allergies have been kicking in big time lately here, not fun.

(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

Just an Update

4 Responses to “Just an Update”

Leave a Reply