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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

Target Credit - 5% Off

July 15th, 2010 at 11:07 pm

Target offers 5% back on purchases

http://blogs.consumerreports.org/money/2010/06/target-offers...

Considering that our local Target now has a full grocery section, and we have been utilizing it a bit, this is a department store card that probably makes sense for us. (I also do a fair amount of shopping there - household items and most of the kids' clothing). I suppose I will apply! 5% is pretty darn good. If we spend $50/month at target, we would save $2.50/month. All for just getting a Target card.

My general credit strategy is to utilize one card for rewards, and keep a backup. We have always avoided specific department store type cards, though I know we opened a Sears card 2-3 times for big purchases (instant discount - pay off and close the card immediately). That is just how we do things - we have always both had 800-ish FICO scores. I prefer the simplicity of only managing a couple of cards, AND, the only reason we even utilize credit cards in the first place is for the rewards.

So, my strategy would be to take advantage, as long as possible, though I'd close the card once the 5% went away (as good rewards always do go away, eventually). For now, our Chase Freedom is 3% on everything, so this would be better, for Target specific purchases.

Of course, right now I have 3 credit cards because I have been waiting for Chase to stop their rewards program (they have cut off a lot of people). The second they get to me, I am closing it. I have already opened a credit union card to replace it. In the interim, we may become a 4-card family. (Dh and I share all our credit cards - applied for jointly).

Posted in Just Thinking, Credit Card & Bank Rewards | 6 Comments »

6 Responses to “Target Credit - 5% Off”

creditcardfree Says:
July 15th, 2010 at 11:15 pm 1279235749
1279235749

Wow! I might even consider that one. I have a Target three minutes from me...and I shop there ALL the time. I'm always declining the cc offers.
MonkeyMama Says:
July 15th, 2010 at 11:24 pm 1279236249
1279236249

I just double checked and no annual fee. You get a 10% off one purchase, if you apply now for a "Target credit card." I am trying to make sure I apply for the right one - seem to be a few choices - but only one gives you 10% off, up front.
Greg McFarlane Says:
July 16th, 2010 at 03:09 am 1279249765
1279249765

Can I ask what you do with a "backup" card? Is it for, say, the possibility of needing the entire cash advance limit for a medical emergency?

I wonder if the mere existence of the backup account doesn't hurt your credit score. (Of course, if Fair, Isaac & Co. made the scoring formula public we wouldn't have to wonder.)
MonkeyMama Says:
July 16th, 2010 at 01:28 pm 1279286889
1279286889

I am not sweating the credit score - we only carry 2 cards each, in general.

It's for when our credit card is declined. Chase used to be really bad about that - my dh would refuse to carry 2 cards, but gave in when Chase declined his card when he was buying concert tickets. Sure, you called and work it out, but by then all the good tickets are gone. (They would decline anything "suspicious" which for a time was any purchase outside of groceries or gas. They have since improved). What is ironic, is that our "never used credit card" would then be pulled out and used though for large purchases, even though we never use the card. Those went right through, of course!
We don't carry cash so a backup card is a must. I don't want to be stranded somewhere with no means to pay.
MonkeyMama Says:
July 16th, 2010 at 01:29 pm 1279286946
1279286946

P.S. The credit card would be the last thing I would use if I needed a loan or credit. We don't use credit cards for credit - they have terrible terms.
Greg McFarlane Says:
July 16th, 2010 at 05:38 pm 1279301919
1279301919

Amen, sister. People who carry a walletful of cards are like people who store fuel tanks indoors.

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Target Credit - 5% Off

6 Responses to “Target Credit - 5% Off”

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