<< Back to all Blogs

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.

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

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.

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

**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."}

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

My Pages

Notes to Self, and a Snowball!

December 8th, 2014 at 08:41 pm

Notes to Self, or, Stuff I do not want to Forget:

**I learned in the forums today that libraries have free museum tickets. As a lifetime avid reader and library user, all I can say is, "Wha?????????"

This is good because I feel like 2015 should overall be fairly low-spend for us on most fronts. Planning two big vacations... I see some free museum visits in our future - should keep us fairly entertained next year.

Oh, and they do Passport services too. I think I knew that but don't want to forget. (Can even use just for passport photos).

**That reminds me that our CU also has some discounts that I probably rarely remember when I actually buy any tickets. Mostly amusement park type stuff. Just adding this to the "note to self" section.

**Credit Union has been profitable lately and is increasing credit card rewards. & a nice snowball, which I will get to at the end of this post!

As to the credit card rewards, 3% cash back on gas, groceries and restaurants. Our other cards are better right now but the good rewards come and go. So I Want to remember this for next time I am shopping rewards, or if I ever lose 6%-back on groceries.

I have to work on remembering the restaurant reward - 3% is more than we get from any other card in that category.

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

Snowball:

Our credit union announced a 7.5% rebate on all loan interest paid in 2014. Which would mean a $500 rebate on our mortgage interest. Woohoo! I will receive that in a couple of days!

It probably makes the most sense to plow that back into the mortgage.

But... I am not going to do that right now. I am far more worried about getting 2014 IRAs funded and also funding overseas travel for dh and BM, in just a few months. So, I will happily add this rebate to savings, hoping to reach those goals faster.

I think mostly in the short run I will have a little more cash than I expected, and in the long run I will try to throw the rebate at the mortgage. April should be a good cash month for me and would probably be when I throw it at the mortgage. Once IRAs are funded and overtime is received for tax season.

What's best about this snowball is how out of the blue it is! Big Grin

Posted in Just Thinking | 6 Comments »

6 Responses to “Notes to Self, and a Snowball!”

scfr Says:
December 8th, 2014 at 11:50 pm 1418082628
1418082628

Depends on the library. I think they are few and far between, not here.
Bank of America has a program called "Museums on Us."
Carol Says:
December 9th, 2014 at 12:39 am 1418085546
1418085546

Our libraries have the passes. They are great!
creditcardfree Says:
December 9th, 2014 at 02:39 am 1418092765
1418092765

I don't think our libraries have museum passes. But worth checking for. And nice snowball bonus!!
Looking Forward Says:
December 9th, 2014 at 02:28 pm 1418135329
1418135329

Holy Cow! Nice snowball!
FS Says:
December 9th, 2014 at 08:30 pm 1418157038
1418157038

You should see what NY libraries lend out

http://www.washingtonpost.com/blogs/the-switch/wp/2014/12/04/new-york-city-libraries-soon-will-let-patrons-check-out-the-internet/
FrugalTexan75 Says:
December 10th, 2014 at 02:11 am 1418177494
1418177494

I've heard that before about libraries, but have never asked. I am going to have to do that!

What a snowball!

(Note: If you were logged in, we could automatically fill in these fields for you.)

Name:	*
Email:	Will not be published.
	Subscribe: Notify me of additional comments to this entry.
URL:
Verification:	* Please spell out the number 4. [ Why? ]

vB Code: You can use these tags: [b] [i] [u] [url] [email]

Monkey Mama*s Monkey Money Blog

Over Prepare, Then Go With The Flow

Notes to Self, and a Snowball!

6 Responses to “Notes to Self, and a Snowball!”

Leave a Reply