Monkey Mama

Just a 30-year-old mom of 2 in Northern California. Big Monkey (BM) is 5 & Little Monkey (LM) is 3. We have been a one-income family for 5.5 years. This arrangement used to be "temporary." Our goal is to make this a long-term arrangement. 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. "Simple" and "inexpensive" is relative. Likewise, we have never had much debt but our mortgage. My blog is a testament to how much simpler life is without debt; how we have that much more money to enjoy! Subscribe to this blog Enter your Email ------------------------- We have done well financially and are taking a little break to raise kids and allow dh to follow his dreams. Trying to pinch pennies a little more so we can continue a simpler lifestyle and yet enjoy a few luxuries too. My brand of frugality is that you can do just a few "simple" things to keep ahead, but keep in mind you only live once, so enjoy your money too! Kids cost more than I could have ever imagined (in lost wages and expenses) so we are pinching pennies and trying to get back to saving more best we can with rising health insurance and such. ------------------------- Liquid Assets: Short-term $ 72 (escrow/slush) Mid-Term $ 3,055 (car/house fund) Medical $ 1,005 (deductible fund) Emergency - 3 months expenses Long-Term: 2008 IRAs: $650 2008 PSP: $3950 Liabilities: Mortgage $208,330 ---------------------------

• Date Started: Sep 14, 2006
• Entries: 789
• Comments: 1,686
• Total Visits: 320,180

GOALS

Short-Term:

Short-Term Savings
Goal: $1,000/month


Car Purchase/House Maintenance Fund
Goal: $5,000/year (Funded by Overtime & Efund Interest & Windfalls)
(Bal: $2,087)
**This will ebb & flow with Efund, as needed.
**Will keep $15k in cash, and invest additional amounts to a balanced fund.


Net Worth
Goal: Increase Net Worth by $25k-$30k Annually


Long Term:

Retirement
Goal: 10% of gross pay, by 2011 (ROTHs)
(Cur: 1.6% of gross pay)
**$50/month 2007, $100/month 2008, $200/month 2009, $300/month 2010, $500/month when LM graduates preschool mid-2010. $600/month 2011.
*In addition to 10% employer contribution.


Investments
Goal: Have excess money to invest - by 2012
(Cur: $0)
*Will be "contra-mortgage account", additional emergency fund, college fund, and/or early retirement fund.


Mortgage
Goal: Pay off Mortgage by 2021
(Cur: $209,000)
Will either start paying down aggressively once ALL other goals are met (probably use any dh's future income for this) OR will decide to invest instead if more profitable. Regardless we should have cash to pay off house by 2021 (Age 45).