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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

Birthday, Check

May 21st, 2010 at 12:50 am

I didn't go the cheap route, but I did go the SIMPLE route.

Got the kids' party reserved.

Was going to say, now all we have to do is show up. BUT, I suppose I need to send out invites first. Then track RSVPs, and then show up.

& if I drive down some day at lunch (not too far from the office) I can pick up 15 invitations.

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

We've got room for 15 kids, including my own 2.

We want to invite about 45 kids. Is that insane?

Thing is, the 20 kids from BM's class, and about 10 from LM's - I don't expect most of those to show. It's hard to say though. Last year we did a weekday party (only a few showed). On the flip side, even if Saturday is more popular, it is still in the middle of summer when everyone is on vacation.

Also includes cousins in another city who likely will not come.

cousins = 4
friends = 7
my kids = 2

That leaves 2 random kids to show up. More like 6 since I don't expect the cousins to show.

For another $45 we can double the size of the party, up to a week before. So I will just hope people respect the RSVP! I wouldn't mind doubling it if the turnout is big. I just don't expect it to be big.

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

Dh has scored a bunch of video games and books for the kids, and has some Scholastic shifts this next month (where he gets paid with games and books). SO, I ain't shopping for them or anything. The in-laws will also spoil them rotten.

I'd say, that was the easiest birthday to plan, ever! It took a 10-minute phone call. Big Grin

Posted in Just Thinking | 3 Comments »

3 Responses to “Birthday, Check”

rob62521 Says:
May 21st, 2010 at 12:54 am 1274399679
1274399679

Good planning on your part...and after you get more than 25 kids anywhere, what's another 20? You know it will be noisy and fun.
Frugaltexan75 Says:
May 21st, 2010 at 01:40 am 1274402445
1274402445

Sounds good.
Looking Forward Says:
May 21st, 2010 at 07:50 pm 1274467800
1274467800

I don't think that number sounds crazy for a party for two. Even for one. And I am sure you're right, summertime not very many will be able to make it anyway.

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Monkey Mama*s Monkey Money Blog

Over Prepare, Then Go With The Flow

Birthday, Check

3 Responses to “Birthday, Check”

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