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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

2011 Goals

November 30th, 2010 at 03:12 pm

I usually keep my goals pretty simple. That said, I don't really have any new goals for 2011. I am just cutting and pasting a lot from 2010.

Financially, I only expect to put about $8k in our ROTHS (about 10% gross). But, I will stretch and make my goal to max out for 2011. If nothing else, we are starting contributions in January, and I can use next Jan, Feb, March, April to max out. IF we are in a good cash position in Jan 2012, we can max out.

Our cash savings will be $400/month come January. I need to work enough overtime to cover our medical deductible (2012). Otherwise, no idea where that will come from. Those two add up to $8k. & interest and credit card rewards, etc., go to cash.

Of course, come fall 2011 I expect my spouse to be working a bit. Our primary goal will be to build up cash. Then, mortgage pay down would probably come second (assuming the ROTHs are maxed).

HOUSE - I completed some long range goals in 2010, but pretty much ignored the shorter term goals. Will try again for 2011. (My motivation feels about a 0 at the moment. Too much other stuff going on).

PERSONAL GOALS - those are all about the same. My quest to read a book a month in 2010 ended up being about 1 every other month (Which was good). But, now I got this giant series to read. Dh read it in a year, so I can certainly read it in a year!

I am pretty content at the moment, so my main goals are the financial ones, and it's good to keep on top of the house stuff, because there is always something!

**Financial**

[ ]$8,000 to Savings ($5k house/car & $3k medical)
[ ]$10,000 to ROTHs (Max)

**House**
[ ]Fix Gutter
[ ]Plant Fruit Tree (February)
[ ]Replace Kitchen sink caulk
[ ]Paint BMs room (maybe)
[/]Price Security Screen Door
[ ]Price Security Upgrades
(I was going to move the last 2 to "buy," but expect too many expenses in 2011 with house and medical. Same story as 2010).

**Personal**
[ ] Read "Game of Thrones" series
(like, a million pages?)
[ ]2 weekends away, with just dh
[ ]1 camping trip
[ ]More trips to the cabin
[ ]More biking & hiking

Posted in Budgeting & Goals | 4 Comments »

4 Responses to “2011 Goals”

ceejay74 Says:
November 30th, 2010 at 03:17 pm 1291130266
1291130266

I love the book goal! I doubt I read a book every other month last year. I thought I'd do all this reading during maternity leave, but I was either sleeping, feeding, changing...well, you know the drill.
I can't believe everyone's coming up with their 2011 goals already! But it is getting me inspired to figure out my own, so I'll probably jump on this trend.
Homebody Says:
November 30th, 2010 at 05:20 pm 1291137615
1291137615

Me too Ceejay, I sort of make them up throughout the year! I have a goal of a book a week though I know that. Of course I don't work anymore and have no children so I can spend a lot of time reading!
FrugalTexan75 Says:
December 1st, 2010 at 03:51 am 1291175499
1291175499

I usually get in a book a week, sometimes more (non-school related.) It's my favorite way of relaxing. Although this past month I've only completed maybe two books - been consumed with Swagbucks on most of my downtime.

Looks like you have good goals!
terri77 Says:
December 5th, 2010 at 04:27 am 1291523240
1291523240

I think my goals remain much the same next year. My first goal is to max out my retirement accounts which is $21,500 for. I've been able to do that since 2008. Next goal is to increase my liquid savings. Pay off credit cards and pay down loans. I wish everyone success on their 2011 goals!

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Monkey Mama*s Monkey Money Blog

Over Prepare, Then Go With The Flow

2011 Goals

4 Responses to “2011 Goals”

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