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About Me:

Monkey Mama

Just a 47-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.

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
...($230 @ 8/31/24)
...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
MM YEAR 5

DL YEAR 1 ✔
DL YEAR 2 ✔
DL YEAR 3

[ ]$10,000 to savings
...($7,749 @ 10/31/24)
...$1,000/month, plus interest
...Topping off with snowballs

[ ]$7,500 to investments
...($4,786 @ 10/31/24)
...~~$350~~ $400/month, plus snowflakes
(Snowflakes: credit card rewards and dividends)
...Topping off with snowballs
...Note: Bumped up to $400 9/1, re: reduced food expenses

[ ]$2,025 to mortgage
...($0 @ 10/31/24)
...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% @ 10/31/24)
...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 @ 10/31/24)
...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>
2023: +$ 90,000
TOTAL: +$570,000

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

Spending Spending Spending

September 2nd, 2009 at 03:15 pm

With the whole car repair thing, I am putting off expenses more than usual. Credit card closes Thursday. Friday I can go wild with September spending - yeehaw!

My list:

1) Bike helmet (had put off one month but decided I should buy a seat now since I am riding a lot. Fall is ideal biking weather).

2) School logo clothing (for workouts). May go workout clothe shopping this weekend. Need more/brighter clothes for bike riding.

3)Underwear - I was thinking I needed some more and Saw Hanes.com has free shipping and a big sale through Labor Day. Guess it's a good weekend to shop?

4)I have to pay for an extra curricular class for BM (he is all excited about it and I told him he could go if they still had spots on Friday).

That would be about it - not a HUGE list.

BUT, dh secured babysitting so I told him I am booking the hotel ASAP. !!!!

Wait a minute, I better wait until Friday. *sigh*

Anyway, what I totally forgot about is SCHOOL. I am still adjusting. Dh is staunchly opposed to taking BM out of school. I pretty much refuse to go on vacation if we can't leave Friday a.m. LOL. I will win. Womenly wiles will win. But either way, we came to the realization that the journey is going to be a large part of our weekend away. We better enjoy the journey and not just the destination. (It's only 10 hours of driving. Which is why we never make it there any more, living more up north!).

We may work out a compromise on the school, but we might have to drive 5 hours straight and leave later than I had planned. Which is why we better enjoy the journey. Will see!

I will fish out prices. The cost is coming out of savings anyway, so maybe I should jump while prices are good. I will check their last minute prices for this weekend to see how they compare...

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What else is up this month? Probably some clothes shopping for BM. I guess it adds up fast!

Lord know what is on dh's list.

The cupboards are bare and usually he doesn't participate (when I ask him to hold off shopping a couple of days. He never listens). But he told me he was grocery shopping Friday. I am glad he is being nice this month. He realizes how spendy August was, I guess. I am unaccustomed to empty cupboards though. But it's doable.

Posted in Spending | 5 Comments »

5 Responses to “Spending Spending Spending”

MomEsq Says:
September 2nd, 2009 at 09:49 pm 1251924584
1251924584

Thanks for the tip on Hanes.com! There are some coupon codes floating around the internet too. I always check retailmenot.com before I buy anything. Enjoy the weekend!!
frugaltexan75 Says:
September 3rd, 2009 at 02:06 am 1251940006
1251940006

Could you take BM to school on Friday, and have the babysitter pick him up afterwards? That way both you and your DH can be happy.
kimiko Says:
September 3rd, 2009 at 07:01 am 1251957687
1251957687

hmmm...I took a look at Hanes.com and their sale prices on the items I want to buy is still higher than regular price in stores like Target.
monkeymama Says:
September 3rd, 2009 at 02:53 pm 1251985996
1251985996

On the Hanes - probably not the lowest prices - just the best products and experience (saves me days of looking in the stores for the products I religiously buy). I buy specific underwear and bras through them - takes a minute.

FT - that's the compromise we are looking for. But I think we will skip school (means we can get a 2-hour headstart the night before. We could probably talk MIL into staying overnight and watching the kids, but too much hassle since she usually babysits nieces Friday, etc., etc.)
monkeymama Says:
September 3rd, 2009 at 04:47 pm 1251992865
1251992865

Kimiko - ah, quality over cost.

I shopped around a bit online (you got me thinking) and I could not find my products in my size anywhere else. Other sizes cost more at Wal Mart. I could pick up something I don't like for cheaper, but don't see the point in that! ($10/bra isn't half bad for the quality).

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Monkey Mama*s Monkey Money Blog

Over Prepare, Then Go With The Flow

Spending Spending Spending

5 Responses to “Spending Spending Spending”

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