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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

Updated Spending

January 7th, 2007 at 05:52 pm

Jan. 7 - $26.74 Checks & Deposit Slips
Jan. 6 - $30.11 Junk Food & Dh's toy
Jan. 5 - $95.88 Gas & Groceries & Underwear
Jan. 4 - $85.74 Gas & Lunch & Dh's Toy
Jan. 3 - $74.00 Celebratory Dinner + Health Copay
Jan. 2 - $61.77 Groceries
Jan. 1 - $00.00
---------------------------------------
Week 1 total: $374.24

Items bought new in 2007:
Nintendo DS accessories (2) (dh)
Underwear(dh)

Items bought used in 2007:
Nada

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

Just bought like a lifetime supply of checks and deposit slips. Wasn't the cheapest ever, but I Was pleased with the extra deposit slip option. I am down to using maybe as many checks as deposit slips every month (2-4/month each) so I just wanted a big pile of deposit slips - I never really go to the bank for the most part. Was whining to dh why check printers did not include MORE deposit slips because seems more and more people use bill pay. But then I remember more and more people use direct deposit. I don't have that option so oh well. I ordered a life supply of deposit slips instead. Wasn't terribly frugal, but VERY convenient.

I confirmed dh's purchase ysterday was an allowance item. I keep teasing him about it too - hehe. His balance is -$5 right now, mine is $82 (I bought a jacket last week for $18).

I am frustrated because he was going to save save save, so I put it in our high-interest savings. Oh well, this month is a wash - nothing to add since he took it all out, will move the $5 loss from his allowance to the EF - found $5! In the meantime he is giving me an accounting headache. I will just keep it in checking or something until it hits a limit, like $200, and maybe move over to ST savings. Not worth this high-interest savings back and forth, and keeping track.

Posted in Spending, | 4 Comments »

4 Responses to “Updated Spending”

kristinecfp Says:
January 7th, 2007 at 07:34 pm 1168198469
1168198469

I use as many deposit slips as checks now too, so when I run low on deposit slips I just go to the bank and ask for a stack of blank deposit slips.
living_in_oz Says:
January 7th, 2007 at 07:47 pm 1168199232
1168199232

I ask for a book of deposit slips too. I don't even have to go inside. They have them right there at the drive thru window.
mbkonef Says:
January 8th, 2007 at 05:13 am 1168233201
1168233201

I hope your bank won't do what mine did to me. I try to order about 4 boxes of checks at a time to get the best discount. I had just switched to a new check service and gotten a really great deal. Wasn't even thru the first box when the bank changed hands and I ended up having to get all new checks due to the new bank name and them giving everyone new account numbers. Very annoying - wish they had given people advance notice. (Although I was able to continue using my current supply for several months).
monkeymama Says:
January 8th, 2007 at 06:52 am 1168239122
1168239122

That's great. For me convenience is the factor. I never go to my bank. Runs to the bank just for deposit slips would cost more when you factor the gas. Plus be a PITA - they don't even have a drive-thrus. Convenience wins by a mile. I really like them all pre-printed too.

IF they would hand me 200 blank slips is another story! I could start writing more. But in the meantime I hate going to banks - I never went to my old bank in 13 years - now that is nice!
mbkonef - yeah it's a risk - but what are you gonna do? Bummer!

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Monkey Mama*s Monkey Money Blog

Over Prepare, Then Go With The Flow

Updated Spending

4 Responses to “Updated Spending”

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