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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
...($6,653 @ 4/30/24)
...$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% @ 4/30/24)
...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

Saved $5

October 4th, 2006 at 04:37 pm

I was looking at the credit card and added up Disneyland - $390. I thought it would be about $350 - $400. Oh well.

The really bad thing is opend up my cc bill today online and it threw me for a loop. This $390 popped on and the total was around $2100 for the month. For some reason I was thinking it was going to be closer to $1800. I have NO idea why - LOL. I am not sure if I can afford to stay on top of the budget on this whole lack of sleep thing. Our baby has been teething and sleeping TERRIBLE and I in turn have been super braindead. Maybe I was hoping more would be delayed to next month. Maybe I was getting confused with the cash basis thing. I have no clue what I was thinking. I am saved because we sold Pepsi stock - $1300. Needed $1000 for insurance and figured $300 for an attorney - we are going ot get our wills/estate taken care of. I have no idea if $300 would even cover it, but it's a start. But anyway, that money will help us float by this next month when hopefully we can save money for insurance, etc. I think I am short $100 + plus means no money to emergency fund in October. Man, this stinks. LOL. Though it is very logical that spending an extra $400 made it a non-saving month. I just can't get past I have no idea what I Was thinking.

Oh well, October is long, anything can happen. I have been trying to find time to do some freelance work for a neighbor/client. Then again my weekends are booked - hehe. I better pencil her in FAST so I can put some money away this month.

Oh anyway, we are going to the pumpkin patch next week for my son's preschool and I was to pay $5 for each of us. Since I volunteered to drive 4 kids, they just told me they will pay for me. Yay! Even better since my son just switched to M & W all day, they said he could come Friday instead next week since they are closed Monday. I had thought to ask, but didn't. They are so nice. I don't know how many days when he was 1/2 time they let him stay all day for free because they knew I hesitated to put him in more than 1/2 days, because he just naps all afternoon. Why pay someone to watch him nap? But in a pinch they would keep him all day at no extra charge. & I am glad they are being so super nice on the holiday thing too. They essentially are holding open M/W/F until I can afford to put him back in more. Who else would do that????? Few and far between...

All I know is I save $5 unexpectedly. Yippee.

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Saved $5

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