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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

This & That

August 26th, 2012 at 04:19 pm

**Dh got offered a $85 focus group - woohoo! It's been pretty dry since we have been getting all these credit card rewards. Nice to score both types of extra income in the same month.

**I was dreading the car rental reservation for Florida (guess I HATE planning vacations) and finally did the deed yesterday. It was much better than I expected - I found a car rental for about $100 for 8 days AND this was not a "pre-paid/non-refundable" cost. So basically, I am pleased I didn't have to pay for it ahead of time.

Since it was much cheaper than I was expecting, that leaves more money to enjoy in Florida. Phew!!

**The school year has been very busy. BM was invited onto a Lego Mindstorm team - some regional competition in the fall. Lego Mindstorm is a robot building kit. BM already has a set because my dad bought him one a couple of years ago. This is right up his alley!

**This month has been REALLY low-spend (we plan the same for October). BUT, this has been offset by all the back to school sales. I stocked up a bit on summer stuff for next summer (new swim stuff for the kids - on clearance - replaced my pricier/better support flip flops on clearance, etc.). I haven't shopped Kohls all year, but they were having a pretty big sale + 20% off yesterday, so I online shopped a bit. I ordered a frame print that I think will go really nice with our new couch. I figure I might return some of it. I also bought some socks and underwear on clearance (Hanes.com and Target in-store).

Staying home with the kids has meant a lot of years of "doing without," and I am sure we still do on some level. As were college years. So, I feel delight when I Can stock up on things "before I even need them."

The socks were an interesting purchase because I gave up buying socks in the name of frugality, or maybe moreso priorities, many many years ago. (I just buy packages of plain white socks, as needed). I spotted a bunch of colorful socks on clearance and I thought I suppose I could spare $10 to replenish my sock drawer with some color. Such a small splurge, but makes me feel "rich."

**The plan is to no-spend for the next 9 days or so - credit card closes the day after Labor Day. Back to School sales aside, no-spending has been easy with our busy schedule - with school starting back up and work being such a busy time of year. {No spend means everything except for groceries - will probably be about $100}.

**Oh yes - and yesterday was a big day for soccer - BM had four games. We met up at Jack in the Box to switch off adult duties, mid day (& so LM did not have to sit in the sun all day). We had credit card reward gift cards so it was a free meal. We went for $1 ice cream afterwards, at Rite Aid, but they had raised the price. So spent about $3 for ice cream for two.

**& speaking of credit card rewards - dh also bought a baby roku. I call it a baby roku because it is SO SMALL! Our old one never worked very well (but we have two - and we knew it could work better!). So, it looks like a lot of problems we thought were Hulu problems were more roku problems. IT was nice it didn't cost any money to replace it. We obviously don't plan to sell the old one because it sucks. I suppose it is official that we are committed to "no cable" for the long run. Probably even moreso now that our primary roku is no longer a PITA.

Posted in Just Thinking | 7 Comments »

7 Responses to “This & That”

CB in the City Says:
August 26th, 2012 at 10:25 pm 1346019912
1346019912

I thought maybe you were like Einstein, who never wore socks because they were redundant! i.e. shoes covered your feet, so why socks? Of course, that leaves your ankles naked, so what was he thinking? Too smart for his own good.
Homebody Says:
August 26th, 2012 at 11:32 pm 1346023952
1346023952

I love socks since I didn't have enough as a kid! My kids don't have cable, only Netflix. I am here for 3 weeks so I am getting used to it.
wowitsawonderfullife Says:
August 27th, 2012 at 01:13 am 1346030009
1346030009

Robotics is a fantastic hobby for anyone. Both my sons are involved it's a great opportunity to be part of a team, be creative, learn about fund raising and marketing, and extend professional courtesy. That's the tag line for F.I.R.S.T. Robotics. Google it. It's really amazing and as I'm typing I have goosebumps just thinking about the tournament challenges. They are amazing.
FrugalTexan75 Says:
August 27th, 2012 at 01:52 am 1346032347
1346032347

I've heard a lot of great things about the Lego/Robotics team challenges. What a great thing for BM to get involved in!
patientsaver Says:
August 27th, 2012 at 01:45 pm 1346075145
1346075145

are you saying that white socks are cheaper than socks of color?
Monkey Mama Says:
August 27th, 2012 at 02:14 pm 1346076841
1346076841

It probably means since I am so fitness focused that I just buy multi-purpose white socks and wear them all the time. I can't imagine wearing cute colorful socks for working out - but maybe people do. A package of white sport socks can withstand a lot of abuse.

Color coordinating and accessorizing, is in general more costly and time consuming.

& obviously this is no huge money savings, but has just been at the bottom of my priority list for a very long time. Too many more important financial needs and wants.
Looking Forward Says:
August 28th, 2012 at 06:12 pm 1346177558
1346177558

Four games in one day! Phew!

Nice score on the rental car.

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This & That

7 Responses to “This & That”

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