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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.

-------------------------

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

Trying to Plan Ahead

September 8th, 2012 at 09:49 pm

**Well, internet/phone was restored at the office mid-morning on Friday. Yeesh!! I was going to probably just take most of Friday off otherwise, but was nice to get some stuff done. We were basically down two full days.

**Going on vacation is such a chore, if you ask me. Blah!! I suppose I much prefer mini-vacations. This weeklong thing is stressing me out.

I was pleased with myself today because I set up all my online bill payments for the first of the month. I just delayed a savings transfer for until we get back from vacation and I get my 10/1 paycheck. Bought me a little buffer. The payments due at the first of the month don't amount to much - they are all set to be paid. When we get back I can deposit my paycheck and do all my savings transfers.

Mission accomplished!

Then I got the mail today and I got a $400 life insurance bill, due 10/1. Seriously? Rolleyes Since when do I get bills that are due in less than a month? I am so annoyed! For whatever reason, it just wasn't on my radar. Partly because I just quadrupled the coverage. I generally have a good idea when all the *big* bills are due. This is just the first time it is *big.*

I put it in and I didn't have to juggle anything around. So, phew!! I just set it to pay next week.

Okay, what next? I think I am all ready for vacation, on the money and bill side!! That *really* should be it for the surprises.

{Yeah, I believe this is my only insurer who does not take credit card payments. Is through my professional association. Which adds to the novelty of getting a bill that I only have 3 weeks to pay}.

Posted in Just Thinking | 7 Comments »

7 Responses to “Trying to Plan Ahead”

FrugalTexan75 Says:
September 9th, 2012 at 01:41 am 1347154868
1347154868

Hope you have fun!
My English Castle Says:
September 9th, 2012 at 03:09 am 1347160143
1347160143

Have a great time!
Looking Forward Says:
September 9th, 2012 at 03:24 am 1347161049
1347161049

I agree about vacations being a chore to get ready for! You *need* a vacation after all the work and hustle-bustle of getting ready.
patientsaver Says:
September 9th, 2012 at 12:31 pm 1347193863
1347193863

I've had my new Amex Premier Rewards Card, and I definitely noticed that, unlike any other card I've used, when i'd get the bill in the mail, I had about 1 week or LESS to get the payment in before the due date. What's up with that? I thought they passed a law that mandated at least 3 weeks between receipt of billing and due date. This is an excellent reason to cancel the card, IMO (once i get my rewards).
patientsaver Says:
September 9th, 2012 at 12:31 pm 1347193895
1347193895

Menat to say that I've had my new Amex Premier Rewards Card for 2 months....
MonkeyMama Says:
September 9th, 2012 at 01:41 pm 1347198072
1347198072

I had a similar experience - don't remember which card. Probably an Amex? Interestingly my fidelity Amex gives me 30 days to pay. So not all Amex is like that. 30 days is generous for industry.
Homebody Says:
September 9th, 2012 at 08:10 pm 1347221446
1347221446

I normally pay my Amex before I even get the bill since it closes on the last day of the month. Luckily I still get the bill in the mail so if I forget, the bill comes and I am like woah....forgot that one!

I think camping is the worst! Takes forever to get ready for that. Luckily I'm too old for camping and DH goes hunting with his friend. So I stay home and quilt!

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Monkey Mama*s Monkey Money Blog

Over Prepare, Then Go With The Flow

Trying to Plan Ahead

7 Responses to “Trying to Plan Ahead”

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