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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

Bills Paid

February 10th, 2012 at 02:44 pm

Still trying to keep +$4000 in the bank to please the refinance people. I usually run my checking account to $0, so it is driving me a little nuts. I did lose out on $3 interest this past month. Plus, hard to worry about checking account being defrauded when there is nothing in there to take. It just makes me feel uncomfortable to have so much cash sitting in there.

Anyway, I double checked when my credit card bill is due. I usually pay it around pay day (16th) but it is apparently not due until the 2nd or the 3rd (I forget already). SO, I just set it to automatically pay on the 28th. Not sure I've ever cut a credit card payment so close, but it is electronic, and I am sure it will be fine. I just usually allow WEEKS to avoid any issues. I get paid on the first, so this should please the refinance people (by mostly keeping my balance high, except for one day or so when credit card is paid). Lord knows when they will ever finish this refi.

If this year continues on a good financial path (Knock on wood!) then I think our primary goal will be getting a bit ahead of the curve on our finances. #1 - I mentioned we will try to get our ROTHs funded on a calendar year basis. #2 - I might start paying bills earlier. (Built in savings/float). I am sure I am farther ahead of the curve than most, as is. BUT, we have also been putting bills on our credit card to push them off a month, etc., to build up savings faster. So, there is still room for improvement. Since I don't like having a lot of cash sitting around, I am thinking of just pushing the bills earlier. I should probably try to pay the credit cards around the end of the month that I am charging (at least have the money ready though I wouldn't pay the bill until I knew the final amount for the month). Maybe I can also start paying the mortgage ahead of time. That is $3000 right there. That would be an automatic *$3000 emergency fund,* if I am paying both of those 30 days before they are due. I admit that charging up the credit cards but not paying the bill for a good 30 days makes me a little uncomfortable. I've been doing it for YEARS, but I will be pleased when I have the money ready ahead of time (& wouldn't have to tap into savings to pay last month's bills, if something happened).

I have lots of lofty goals this year, so WILL SEE.

Posted in Just Thinking | 2 Comments »

2 Responses to “Bills Paid”

baselle Says:
February 11th, 2012 at 04:07 am 1328933233
1328933233

I'm the same way - I prefer to have just enough in my checking for my needs and put the rest where it can do something other than creating a show. I think you've got savings theater here.

How long do you think you have to keep up appearances?
MonkeyMama Says:
February 11th, 2012 at 05:10 pm 1328980216
1328980216

What do you mean? How long until the refinancers tell me I only really owe $2k and I Can put the rest back into my savings account at least earning interest? "Lord knows..." They told me 3 weeks, I have no idea the truth to that statement. The longer it is the less of my cash they will need (less interest due and more principal paid). I already knocked off almost $2000 principal since I applied for refi. I am hoping the show is over before March 1.
Of course, since it is taking forever, I could tell them I want my new loan to be $199k instead of $200k, or just go with whatever my old loan balance is when it finalizes, BUT, I kind of am going with *the less demanding I am, the better.* If I Want this done this month? I have no demands...

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Monkey Mama*s Monkey Money Blog

Over Prepare, Then Go With The Flow

Bills Paid

2 Responses to “Bills Paid”

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