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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

Credit Card Reward Update

September 13th, 2011 at 09:25 pm

Received check from plastic jungle - $182. Woohoo!

Dh was approved for Southwest Chase.

SW Chase = $250 Amazon gift cards minus $69 fee.

New grand total of cash and usable gift certificates?

$2,654

I can still easily earn some AmEx cash rewards (regular credit card - have resumed its use).

If I apply for this no-fee Citi card, I can make it an even $3,000 for the year. (Citi reward is $300 gift certificates).

Dave Ramsey would say, "No one got rich off of credit card rewards."

My reply? "Tell me how else to legally and ethically earn $3,000 with an hour or two of *work.*"

Living on one income, this stuff is some serious GRAVY! "Little" stuff like this adds up big time, and makes ALL the difference.

That said, we usually make about $1,000 a year or so, on credit card rewards. This year is just UNREAL with the rewards.

Posted in Living on One-Income, Credit Card & Bank Rewards | 4 Comments »

4 Responses to “Credit Card Reward Update”

ceejay74 Says:
September 13th, 2011 at 10:32 pm 1315953120
1315953120

Dangit, I've got to get NT and AS working on those Citi Mastercard and Chase Freedom deals. We're up to ... let's see ... $2160 or so in bonus money, not to mention the purchase reward money we're getting on all our groceries, travel etc. If they get these two, we'd be at $2560! And that's just in the past 6 months or so. I bet my raise (if I even get one) won't be that much more money per 6 months!
ThriftoRama Says:
September 13th, 2011 at 11:09 pm 1315955379
1315955379

My favorite card program just got axed. I'm in the market for something new.
MonkeyMama Says:
September 13th, 2011 at 11:40 pm 1315957225
1315957225

Well, I think that's the problem. They are axe-ing the good ongoing rewards for good one-time rewards. My best reward card also got axed earlier this year.

I do admit that I am not sure I can keep up this momentum (endless one-time rewards) for the long run.

I actually just got a CU credit card. Only 1% cash back - but at least they won't change the terms every 5 minutes (hopefully). Days of "3% back on everything" seem to be gone. I get 2% with Fidelity AmEx. For now.
fern Says:
September 14th, 2011 at 01:36 am 1315964213
1315964213

Yes, you have definitely mastered the art of maxing out potential rewards from credit cards. Good for you! That's quite a feat!

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Monkey Mama*s Monkey Money Blog

Over Prepare, Then Go With The Flow

Credit Card Reward Update

4 Responses to “Credit Card Reward Update”

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