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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.

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

**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

Random Thoughts

January 4th, 2010 at 03:08 pm

Phew!

Credit card closed on our spendy month. I am going to get gas this a.m., and book the hotel, as mentioned.

Actually, both our cars need gas. But as such, I can't leave that for dh to take care of - I need some gas to get to work. Big Grin

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

I've decided that our GPS will be completely invaluable with dh in the hospital. The kids will be staying with 3 or 4 relatives where I always get lost because I am not quite as familiar with their city. (Problem is I think I know where I am - then I drive around in circles). The hospital is in a completely unknown area, etc.

I was thinking if I should get a hotel for longer, but eventually decided against it. The fact is I will be doing a LOT of driving though. BUT, I figure if I could find the nearest library (which dh pointed out will probably have wifi - woohoo), the nearest Taco Bell (cheap food), and the nearest Borders type store (a cushy chair to read in) that I would probably do okay. I am not a fan of coffee shops. Over-priced drinks that I don't like anyway. I'll be going for the library instead! (I suppose our library has cushy chairs, too. So maybe that will be my hangout of choice).

& I also realized if I need to leave, I should probably be with my kids. So, driving it is. Lots of driving back and forth. (I had forgotten about the kids!!)

The GPS will allow me to find all this stuff on a whim. & keep me efficient as I drive all over tarnation.

It never would occur to me that their was "medical rates" for hotel rooms. Particularly ones so close to the hospital. I did see that mentioned by the hospital as well. I doubt if the rates will be much better than my AAA discount and such, BUT I will of course ask before I finalize anything. (Thanks everyone for the tip!!)

Someone asked if I use Hotwire. I actually use Cheaptickets (this was the most awesome travel deal website in the 90s). BUT, in the end, I usually search rates and book the hotel directly. In this day and age, I find the best deals are by calling up and asking. & by booking directly (cut out the middle man!) & in an extreme example, the last hotel we stayed at cost about THREE times as much through all the travel websites. As far as I can tell, those websites are all the same really. I am just loyal to cheaptickets. Though the catch is you do have to prepay. Then again, I haven't actually booked a room through them in a few years. It's just a jumping off point, for me. I have also tried Priceline or whatever, where you don't get to pick your hotel, and had a HORRID experience. I know with a ton of effort, you can work it to your advantage (& get an idea what your hotel will be). But the experience really turned me off. I will just pick my hotel room, thanks!

ETA: Oh Hotwire is one of those where you don't get to choose the hotel. Nope - not going there... Will be in the same area that I had the terrible experience with. Too much "good area" mixed in with "bad."

I've chosen the hotel, so I just need to call and see if I can get a cheaper medical rate. In this case cheaptickets = booking directly (price wise). So I will just book directly... Then I don't have to prepay the room.

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

In an effort to cheer myself up, since I know 2010 will be a mess financially...

It occurred to me that I am further along on my cash goals, than imagined. When I look at my year-end cash balances for older years (years that I am striving to live up to), I just get my 12/31 statements and look at my cash balances.

I was just thinking about it, because I have $5k sitting in my checkbook today. For net worth and measuring progress, I don't count my checkbook. That money is earmarked to be spent the second it hits my checkbook. Whatever is not to be spent immediately, is transferred to savings, the second I get it. So, for net worth, I don't count my checking. Nor my credit card balance, which do tend to cancel each other out a bit.

So, I thought about it today. If I look at it that way, I can add $5k to my cash balance and be that much closer to my goal. I know it doesn't change anything about where I am at now. But it does change the fact that this elusive goal of $30k cash, is much closer than I realized.

I am not changing my goal, but once I have $25k or so, I Am going to pat myself on the back for making it to a DINK cash level. Big Grin

$30k is still an extremely worthy minimum cash savings goal. We are living on one-income, we own a house, and we have kids. We NEED a lot more cash than we needed as DINKS. But there is something warm and fuzzy about saving as much as we were before kids. I think we are closer than we realized.

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

Speaking of which. I did update my net worth on 12/31.

Official Result: Net worth DOWN $2300.

Culprit? House! Did awesome on the retirement savings this year. But the house continued on it's backward slide. We start 2010 with the house worth what we paid. I expect 2010 to be ugly, but since we've paid down about 30%, I won't lose sleep over it...

*Cash was about $20k
*The kids are up to about $10k in college money
*Retirement is up to $80k
*we have about $75k in home equity (From $450k at the PEAK!)

I think 2010 will be rather stagnant, in comparison. I don't expect the stock market to be on fire, I don't expect to save as much (with so many large impending bills). & well, I do expect the house value to slide considerably. It's just ugly around here - I don't feel like we have neared the rock bottom on house prices. (Though for the long run, I am not too worried about it - just the short run is pretty ugly!)

Posted in Saving, Just Thinking, Budgeting & Goals | 10 Comments »

10 Responses to “Random Thoughts”

momcents Says:
January 4th, 2010 at 04:27 pm 1262622434
1262622434

Glad to see that your mind have cleared from some of the fog of dysfunctional inlaws? Anyhow, have a good day.
monkeymama Says:
January 4th, 2010 at 05:39 pm 1262626792
1262626792

Out of sight - out of mind! Which usually works pretty well.

Dh even decided to stay home this weekend, since his sister wasn't available to shave his head. Woohoo!!!
monkeymama Says:
January 4th, 2010 at 07:06 pm 1262632014
1262632014

In the end - best rate was "nonrefundable advanced purchase." Wasn't 100% sold - but dh talked me into it. $100 for 2 nights near San Francisco - not half bad.
John DeFlumeri Jr Says:
January 5th, 2010 at 12:32 am 1262651541
1262651541

I have never gotten over the devaluation of our residential real estate.

John DeFlumeri Jr
frugaltexan75 Says:
January 5th, 2010 at 12:39 am 1262651971
1262651971

That is a great rate!
Lisa Says:
January 5th, 2010 at 01:19 am 1262654380
1262654380

Everyone's experiences are different, but we've done really well with Hotwire near SF, LA and DC. You don't get to choose the hotel, but they do guarantee a certain star rating and they'll tell you where it is... not exact address, but nearest intersection in our case. Last time we were in LA, cheapest hotel we could find in the area we looked was $102/night plus all the fees they add. We got $53/ night--- TOTAL, prepaid. It was easy, and turned out to be a beautiful hotel (I think the regular rate was over $150 per night!).

I was skeptical, but we have a friend who uses hotwire ONLY for all his business travel, so we decided to try it.

I'm glad you found something you're comfortable with! You don't need a bit of extra stress, that's for sure!

Don't feel like you have to be with the kids during all your down time. They will be fine. You will likely need some time to yourself! Yum. Taco Supreme!
Broken Arrow Says:
January 5th, 2010 at 01:28 pm 1262698120
1262698120

Hmm, housing market still deflating? Anyways, please take care.
monkeymama Says:
January 5th, 2010 at 02:29 pm 1262701746
1262701746

BA - um yes - BIG TIME!
monkeymama Says:
January 5th, 2010 at 02:32 pm 1262701976
1262701976

Lisa - yup - all that and I even checked with a friend about the exact area, and still got stuck in skid row. It was a a 5-star hotel in skid row, literally. In fact, my friend who lived in a TERRIBLE area asked if I rather stay with her - if you think I am exaggerating. I probably rather would have. Those sites are hardly foolproof. Glad you had good luck - but I cringe thinking about it.
Joan.of.the.Arch Says:
January 5th, 2010 at 05:30 pm 1262712656
1262712656

About the driving? Ahead of time, give yourself permission to use taxis and limos part of the time. Even to pick up the kids and bring them to you sometimes. You might not be thinking as clearly as one should for driving in an unfamiliar area. So if you find driving doesn't seem quite the healthy thing to to, put it in the hands of a paid person....On the other hand, sometimes just taking care of the ordinary things in life helps center us in crisis times. Ordinary things like driving to pick up and drop off the kids. Also, some people have a habit of being able to calm themselves while driving, having gotten used to do it to wind down from a rough day at work as they drive home....Allow yourself to make choices day by day.

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Monkey Mama*s Monkey Money Blog

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Random Thoughts

10 Responses to “Random Thoughts”

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