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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.

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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

Bye Bye First Credit Union

October 30th, 2006 at 10:02 pm

It's kind of a sad day but I just closed out my first bank account and credit card. I opened the checking account when I Was probably 15 or so and got my first credit card when I Was 16.

I finally got around to trying out a local credit union, mostly because I like to mail my deposits and the US mail has become increasingly slow. Plus there are many reasons to have a local bank. Since we tend to pay cash for cars from private parties, etc., one of these days we may need to get a cashiers check, and I am also going to open a safety deposit box. Etc., etc. We have had issues a couple of times people not taking checks that were not from local banks. So overall it was a good move, about time really - we have lived here 5 years!!! But I just wanted to try out our new bank for a while. Well, they are super awesome, their online bill pay trumps my old one by a mile, and now when I pop my checks in the mail they arrive the very next day. Plus if I Was so inclined there is a branch right down the street from my house, if I Was ever in a huge hurry to make a deposit. I have yet to step inside, but I actually lived about 30 miles from my old credit union before and I don't think I ever stepped inside that one either in the 10 years I lived in the area.

Oh yeah, so I got my new rewards card and a $15 annual fee bill for my old credit card in this last week or so. I decided it was time to close it out - haven't used it in years.

Oh well, it is just a little bittersweet to cut up the first credit card I ever owned. Mostly because it all kind of symbolizes how well my parents taught me about credit and banking, making me start young. I am grateful that I do not rue the day I got my first credit card. Wink

Oh yeah, I also went by the Dollar Tree at lunch and spent $16 on stocking stuffers and gifts. I had a little too much fun. The good thing is I didn't grab a basket and I reached a limit to how much I Ciould carry. That was when I knew it was time to go.

I think just dh's family left with the whole christmas thing. & my one son actually. Getting there...

Posted in Just Thinking | 3 Comments »

3 Responses to “Bye Bye First Credit Union”

JanH Says:
October 30th, 2006 at 10:17 pm 1162246637
1162246637

I remember closing and cutting up my first credit card a couple of years ago. It was a store card and 25 yrs ago, it was the only one that would give a card to a young couple. Credit was much tighter then. But I got rid of all store cards, still it was a bittersweet moment.
Broken Arrow Says:
October 31st, 2006 at 02:15 pm 1162304137
1162304137

I remember that day as well. I remember having a hard time cutting them, as though they didn't want to die!
Also, while I was tempted to try something online (like WaMu), I also stayed with a local credit union as well. For my checking anyways. Everything else is online. I like the fact that my basic banking needs can be accessed physically, and I can talk to a real life person if I want.
first credit card Says:
February 9th, 2010 at 02:13 am 1265681588
1265681588

if you are planning to acquire for your first credit card you should learn how to manage your finances. You have to be responsible with your spending habit to avoid bad credit and debt problems in the future.

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Monkey Mama*s Monkey Money Blog

Over Prepare, Then Go With The Flow

Bye Bye First Credit Union

3 Responses to “Bye Bye First Credit Union”

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