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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

This & That

March 6th, 2014 at 02:23 pm

**ROTHs passed the six figure mark last week. Woohoo!

**Earned $50 credit card reward in February- redeemed to ROTH today. That is my first 2014 ROTH contribution, because otherwise hoarding up every dime I can to finish funding 2013. (I couldn't earmark this contribution for 2013).

**American Express miscalculated my credit card rewards AGAIN. I am looking at other rewards cards. A lesser reward card that actually pays the rewards could be a much better deal...

**I paid the mortgage this week. Snowflakes accumulated were:

$350 insurance rebate
25 credit card reward (last month's credit card reward - got gyped on this one too)
20 carpool gas savings
15 Internet discount (for one year)
-----
$410 Total

Phew! BM had an expensive filling and cat needed a vet visit, so my resolve was wavering on that one big snowflake. Glad it didn't melt! (Vet visit got pushed off to this week, which helped).

Thanks to some big snowflakes the first few months of the year, I think we are on track to knock $5,000 off the mortgage this year. & that's if I divert all snowflakes over to investments in April, as planned.

**I am not sure what it is, but this has been the easiest tax season ever.

Time is just a FLYING.

I think the mild weather helps too.

I can't believe it will be daylight savings next weekend? I am usually starting to get a little burned out by then, and the daylight savings gives me my second wind. (So nice to come home and take the kids to the park or go for a walk or whatever). This year though, not sure I will care too much. Maybe because it's been so warm and sunny in general. Which I don't know why it matters if I am holed up inside 6 days a week, but it seems to help.

**Maybe the sprinkling of activities has helped too. Dh and I went to a GREAT concert the other night with a few friends. & had a bit of a pre-party at our house. I totally blew off work for that.

I will probably be in the "buckle down/no fun" mode for the next 6 weeks or so. But I am well rested and up for it. (Heck, only 5 more weeks??? Just checked a calendar. Seriously, how can that be?)

Posted in Just Thinking | 14 Comments »

14 Responses to “This & That”

creditcardfree Says:
March 6th, 2014 at 03:57 pm 1394121421
1394121421

Nice snowflake to your mortgage! Daylight savings is THIS Saturday night (technically Sunday morning).
scfr Says:
March 6th, 2014 at 04:51 pm 1394124719
1394124719

Is it almost Daylight Savings time already?!?

Good job on the Roth.
ceejay74 Says:
March 6th, 2014 at 05:55 pm 1394128529
1394128529

I haven't noticed Amex messing up awards, but I guess I don't look very closely. How do you check -- look at how individual charges are categorized or calculate the percentage of what you spent on groceries?
Miz Pat Says:
March 6th, 2014 at 07:23 pm 1394133813
1394133813

I would be interested in how you check your rewards on the Am Ex too - I just got my once-a-year voucher from Costco Am Exp. for $153.00 and was very excited. I'd be more excited if it was more.
MonkeyMama Says:
March 6th, 2014 at 08:02 pm 1394136164
1394136164

I have a AmEx Blue, and their rewards system is just crazy. (I believe is the first true AmEx card I have ever had. I have another AmEx but it's issued through Fidelity. That card is not eligible for a lot of Am Ex benefits, so why I Say it is not a "true" AmEx card).

#1 thing that drives me crazy on the Blue Card: They don't issue rewards until the following statement. Something else I have *never* experienced before. Usually get the reward when you earn it.

So, on February statement there was an itemization of January charges and rewards: X dollars groceries x 6% = reward amount, Y dollars fuel x 3% = reward amount, and the rest goes in the 1% column. Then there is a grand total. Since I have all my finances set up in Quicken I just run a quick report of gas and grocery spending for that time period. (I don't even remember if I checked their math - I probably should.) We only shopped at one grocery store the entire month but they left out one grocery purchase on the 3% row and moved it to the 1% row. SO ANNOYING.

Of course, you can't even send them online messages for customer support, so is adding to my frustration level with the whole thing.
ceejay74 Says:
March 6th, 2014 at 10:59 pm 1394146764
1394146764

Huh! It took me a while to figure out their system (listing rewards on the next month's statement), but I see what you're saying. We only shop at two grocery stores, and they recorded most of December's purchases correctly, but inexplicably categorized one under the 1% category.

I'm going to have to think about this. I still probably get more with their 6% (even with the $75 annual fee) than I could with any other card, but that's really annoying to think they've been shaving off some of my potential rewards.
MonkeyMama Says:
March 6th, 2014 at 11:14 pm 1394147699
1394147699

I caught a typo in my last reply - they moved about $100 from 6% category to 1% category. (Not from 3% to 1%).

That's the final nail in the coffin - that the card has a fee. I am willing to pay the fee to get a full 6% back on groceries, but not just "some of the time".

Thanks for replying ceejay. I guess it's not just me!! I suppose I shouldn't be surprised that their system is just all messed up. But I find it interesting that you found the same error.
ceejay74 Says:
March 6th, 2014 at 11:19 pm 1394147955
1394147955

I called them and I was looking at year-end stuff, so it's possible I hit the $6000 reward limit. I opened an inquiry with them and will be keeping a closer eye on my statements from now on (now that you explained how to interpret them!). I did see that I got $350 in credits in 2013, which is very close to the $360 it's possible to earn (and I wouldn't have been able to redeem in a $10 increment) for the 6% category, so hopefully it's working OK for me.
MonkeyMama Says:
March 6th, 2014 at 11:50 pm 1394149819
1394149819

How did you do the inquiry??
FrugalTexan75 Says:
March 7th, 2014 at 12:27 am 1394152044
1394152044

We've been talking about that at school, how the time is just flying. I counted the number of weeks til school's out (excluding spring break) and it was eleven! I'll only have the 8th graders for 7 more class periods (if I'm lucky) and the others for 8 - 9 class periods. The year has just flown!
ceejay74 Says:
March 7th, 2014 at 05:05 am 1394168753
1394168753

MM, I just called and complained and the lady said she would have an inquiry done or something. She said I'll hear back in a couple weeks by mail. I'm not expecting much to tell the truth! But, now knowing I get pretty much the max amount per year makes me feel a bit better about sticking with Amex.
MonkeyMama Says:
March 7th, 2014 at 02:35 pm 1394202935
1394202935

I thought maybe you were able to do an online inquiry. OMG about them getting back you by mail in 2 weeks. What awful customer service!!
Looking Forward Says:
March 10th, 2014 at 10:48 pm 1394491703
1394491703

I was just thinking I had contacted AmEx online twice..
Sign in. Click payments. Scroll to the very bottom and click "Contact Us". Online should be an option there.
It's strange because it seems if you click the contact us on the home screen the online option isn't there??

Hope it helps!
Single Guy Says:
March 21st, 2014 at 02:02 pm 1395410563
1395410563

Congrats on the Roth amount. I'm inching there myself, currently around $95k, but unless there is another run-up this year, 6 figures will probably have to wait for 2015.

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This & That

14 Responses to “This & That”

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