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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.

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

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

Christmas Numbers

December 26th, 2010 at 04:20 pm

I think we usually spend about $500 for Christmas. This year, I didn't pay much attention, but we ended just about dead on at $500.

$60 Teachers, etc. (cash/gift cards)
$0 Scholastic ($230 worth of books for teachers)
$50 Boss gift
$20 Work gift exchange
$75 In-laws gifts (went in with sister/cousins)
$3.50 (for $207 worth of books/games at Scholastic).
$17 Bday/Xmas mom
$35 Bday/Xmas dad
$8 game for sister
$35 treated parents to lunch for bday
$4 Dollar Tree (stocking stuffers)
$50 easel/art set for LM
$15 Marie Callendar pie for birthday
$127 Other gifts for each other (dh, kids, moi)
-----
$500

As usual, we got far more cash than we spent. Worked out pretty well!

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

We've got games coming out of or ears, here. Board games (LOTS), video games, etc., etc. I think the kids will find plenty to do this next week off of school. (Not that I was worried about it before Christmas!)

Oh - the big gift from my folks (for BM) was the Lego MindStorm. It's basically a robot building/programming set. It is SO COOL! Very expensive, and we all kind of thought it might be a bit over BM's head. In the end, it looks like it is right up his alley and he will learn a lot. Definitely a big score there. I am just pleased it turned out so well and am awed by how educational it is. That thing will keep him busy all year (there is so much complexity you can add to it).

Posted in Just Thinking | 3 Comments »

3 Responses to “Christmas Numbers”

ThriftoRama Says:
December 26th, 2010 at 06:35 pm 1293388528
1293388528

The robot gift sounds very cool. I will have to catalog that for when my boys are older. I am curious about the Scholastic books. Did you say your hubby organized or worked the fairs, ergo got a lot of books for less? I'd like to do that, since books are our biggest line item around here. Do tell me more...
MonkeyMama Says:
December 26th, 2010 at 06:45 pm 1293389136
1293389136

HEre, the Scholastic warehouse pays its volunteers in vouchers (to buy books). It's $10 per hour vouchers, but everything is at least 50% off at the sales, so it is like earning $20 per hour in books.

If there is a Scholastic warehouse near you - you can look into it. Not sure what the odds would be.
ThriftoRama Says:
December 26th, 2010 at 08:03 pm 1293393813
1293393813

I will look into that!

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Monkey Mama*s Monkey Money Blog

Over Prepare, Then Go With The Flow

Christmas Numbers

3 Responses to “Christmas Numbers”

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