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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

Phone for the Tween

September 21st, 2014 at 03:13 pm

Fiscal Minutiae:

Payday was this past week.

Paid off Citi card (charged up for one-time bonus). Redeemed $200 cash; should receive it next week.

Paid a life insurance bill and transferred monthly (set) amount into savings.

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

Dh bought a phone for the kids for their birthday. It was an exceptional deal. It is not compatible with Ting, but the kids do use my old phone for games that they can not get elsewhere. With this phone purchase, they don't have to share the *one phone* so much.

Dh told me he had an eye on some other phone and won't be able to resist next time it goes on sale. This phone would be compatible with Ting. I expressed my displeasure (he's got a PHONE obsession!). My displeasure is because we have plenty of phones (3 already for the kids) and lord knows one of us may be ready for an upgrade before the kids ever need a true cell phone (which will add another hand-me-down to the pile). BUT... I will say this. BM has been using his new phone *a lot* for school. There is some app for video calling that they are using for group projects and so on. The nice thing is the phone will always ring if someone is trying to reach him; no need to leave the computer on and the program up and open (like we do for skype).

The phone is like $50. I have expressed my feelings, but will probably just have to let it go. If we do get that phone then my old phone will have to go. I think dh will agree. (Not sure if we can get anything for it, but at least we can reduce the phone clutter!)

The latest on the phone front? Dh installed the Hangouts Dialer on our cell phones so that we can make phone calls without using minutes. We were testing that out a bit last night and I am sure it will save us a few dollars here and there.

Dh was also toying with the idea of getting a google voice phone #. We decided to put it on the kids' cell phone and make BM the guniea pig, for now. As long as he has a wifi connection he can now make phone calls and send and receive texts. There is also a voice mail feature.

I think this is good middle ground because BM has absolutely no need for a true cell phone right now. It gives him some of the perks, but it's FREE.

We've been bumping up to the next tier on cell phone minutes some months when we travel more. This voice dialer app will keep us from doing that any more. The google voice will also move some of the minutes off of our home phone. (We do pay for minutes on home phone if we go over the base amount). It's not a huge savings, just a few dollars here and there. Every little bit helps!

Posted in Just Thinking | 5 Comments »

5 Responses to “Phone for the Tween”

FrugalTexan75 Says:
September 21st, 2014 at 10:48 pm 1411339737
1411339737

Tell me more about this Hangouts app? Is it video or just call based?
MonkeyMama Says:
September 21st, 2014 at 11:23 pm 1411341783
1411341783

It's just call based.

The one my son has been using for school is oovoo - that one is video chat which can also be used for voice dialing.
MonkeyMama Says:
September 21st, 2014 at 11:35 pm 1411342530
1411342530

So my dh *just* sends me a video call on Google Hangouts. What do I know? I guess you just need the Hangouts app to make video calls.
MonkeyMama Says:
September 21st, 2014 at 11:36 pm 1411342566
1411342566

He was trying it out because my skype isn't working and I will be out of town in a couple of weeks. Just funny that was right after I replied to you FT. HA!
FrugalTexan75 Says:
September 22nd, 2014 at 10:15 pm 1411424115
1411424115

That is funny

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Phone for the Tween

5 Responses to “Phone for the Tween”

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