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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

More Christmas Spending

December 26th, 2010 at 06:52 pm

I had just tallied the Xmas spending in our last post. But maybe I spoke too soon!!!

We got a free Kindle from credit card rewards.

We LOVE it, but have decided in the process that the nook is more useful. (Our library does not check out books in a format compatible with the kindle, being one of the main factors).

Anyway, that unexpected $50 gift card from a client, was for Barned and Nobles. I haven't perused the website too much, but I know there probably isn't much I want to buy from B&N. (I am sure I could find something, but nothing on my current want list).

On a whim, I opened up the website and started to look around. I thought, "Gosh, what I really want is a nook!" Dreaming of checking out ebooks from the library...

I called dh and said, "I think I want to buy a Nook!" He said he had just read an article that in households, there is an 80% chance is one person has an ereader, someone else in the household will get one. Basically, he wasn't surprised.

Of course, if we get the nook, we will fight over it, for sure. Or it may lead to the purchase of a second nook, in the near future...

At current, I am thinking of buying the nook from Target (I can get 5% off with my RedCard). I will peruse the internet for other deals. Then I can use my Barnes & Noble G.C. for a nice cover and maybe a couple of books? OR, I can pay full price there and just use my gift card. Depends what comes out the cheapest in the end, I suppose. None of the B&N coupons I can find apply to the nook. Figures!

If you see any good nook sales, let me know. We may just go buy in the store this weekend. B&N, Target or Best Buy. The sweetest deal we can find (there doesn't seem to be much in the way of deals at the moment). I buy so much online - I am excited to pick one up in person. Though, I may hold back and wait for a sale.

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ETA: Wanted Nook because dh kept telling me he thought it was better. But now he is researching all the other e-readers, to be sure. Will see. Nook is the front runner, but maybe no hasty decisions this weekend.

Posted in Just Thinking | 5 Comments »

5 Responses to “More Christmas Spending”

anon-y-mouse Says:
December 26th, 2010 at 08:07 pm 1293394020
1293394020

I bought a nook about 6 months ago. I love it. I purchased a cover for it much cheaper through Amazon.com. I'd rather use the money to buy books. I love that every Friday B&N offers a free Nook book for download so I haven't had to purchase many. You can load the gift card onto their website so you don't have to use it right away and it's there if you do want to download a book.
MonkeyMama Says:
December 26th, 2010 at 08:26 pm 1293395172
1293395172

Thanks for the tip about free books on Fridays!
PNW Mom Says:
December 26th, 2010 at 08:58 pm 1293397086
1293397086

My dh bought me a nook color for Christmas! Can't wait to try it out. The main reason he purchased that one was because it is compatible with our library system also.
patientsaver Says:
December 27th, 2010 at 01:43 pm 1293457398
1293457398

I know about Kindle, but I never heard about Nook!
HouseHopeful Says:
December 27th, 2010 at 03:58 pm 1293465518
1293465518

I've heard great things about both. What I really like is all the free books available for download that have had their copyrights run out. I am saving some gift cards to go towards a reader & when I do, I plan on working through Jane Austin, Sherlock Holmes & other classics!

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Monkey Mama*s Monkey Money Blog

Over Prepare, Then Go With The Flow

More Christmas Spending

5 Responses to “More Christmas Spending”

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