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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.

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

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

A Frugal Tuesday

February 16th, 2011 at 06:40 pm

The best financial wisdom I have picked up for over the years is that there is usually a way to have something virtually identical for much cheaper.

Just seems to be a constant recurring theme in the discourse of personal finance. A recurring theme in everyday conversation with people around me.

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Today's topics? Haircuts and V-Day cards.

**I finally got a LONG put off haircut. I probably try to go 2-3 times per year. It has been about 8 months since my last haircut and I meant to get it cut in January.

Went to great Clips and had a coupon for $9.99. The stylist did not cut the layers as short as I asked. It had been so long, I Was just like, "eh." IT was getting late and my son was sitting and waiting for me. I Also tend to chop off my hair in May, anyway, when it warms up. I'll be back soon enough.

Anyway, the haircut looked GREAT. I usually ask for it on the short side simply because I can get by 9 months without a haircut, when I do. Big Grin I see why their natural incliniation is to always go this length. But usually they ask me a little more up front - "this long??" - and I ask them to chop off a couple of more inches.

Yes, this length is very nice, but it will get all scraggly a lot faster, too.

Anyway, I prefer shorter hair, overall, but over the years I find that it is just too much time, maintenance, etc. for shorter hair. Over the years I kind of settled on the "Jennifer." Don't remember what they call it, but the long layered hair made famous by Jennifer Aniston on Friends. I may have tried it at some point when it was in vogue, but over time I realized it was the perfect frugal cut. Very flattering for my hair/face (my stick straight hair actually has BODY!?!) and yet it is such a basic haircut I don't think it has ever been screwed up. So, it is the perfect style for the cheap haircut chains. Since adopting this hairstyle I have never had a BAD haircut.

OF course, I initially chose these hairstyles because they were flattering and 100% "wash and go." IT's only with time that I really have come to appreciate the frugal aspect of said hairstyle. Beyond the fact that the only hair product I buy is shampoo...

My last cut was:

Yesterday, more like:

Or, the second picture is more how my hair looked without cutting it for 8 months. It just grows out real nice. Yesterdsy was merely a touch up. It had been cut so short last time I didn't really want to cut too much length yesterday.

At $9.99 per haircut, that's $20-$30 per year for a "movie star hairstyle."

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In other news, I bought V-day cards for the kids' classes, yesterday. There were 50% off. I am sure we could have waited longer for deeper discounts, but last year I went too late - the cards were gone. So, yesterday I dropped by with BM and the cards were not marked down. They had some really cool 3D ones - so we grabbed 2 boxes. I had forgotten to ask at the register if they were marked down, but they rang up $1.49 (versus $2.99). We could make our own, but I am not sure we would come out ahead with the cost of ink and paper. Plus, this took about 1 minute of my time. Just popped into the store on my way home.

Since BM was with me, we had a talk about how waiting after the holidays and planning ahead for next year was an easy way to save money (so you have more left for other more important things). I told him we could even wait a few more days and pay less, but all the good stuff would be gone.

I am not big on spending any length of time to save a buck here and there, but for no effort, I will of course take 50% off!!! $3 saved - easy peasy.

Posted in | 7 Comments »

7 Responses to “A Frugal Tuesday”

PNW Mom Says:
February 16th, 2011 at 08:45 pm 1297889104
1297889104

I think it was called the "Rachel"??
MonkeyMama Says:
February 16th, 2011 at 09:16 pm 1297890989
1297890989

Aha - that's why "Jennifer" didn't quite sound right!
Looking Forward Says:
February 16th, 2011 at 10:31 pm 1297895463
1297895463

Those are cute hairstyles. My co-worker who was laid off had her hair exactly like the second picture.

I've GOT to get my hair cut soon. Getting all scraggly at the ends.
LuckyRobin Says:
February 17th, 2011 at 02:09 am 1297908567
1297908567

I usually get the Rachel haircut, too. It just grows out so nicely, so twice or thrice a year haircuts are all that is necessary!

Do you cut the boys hair yourself? I got a clipper a couple of years ago and do my husband's and son's hair (though son is getting a bit more picky now as he gets older and wants his bangs long which is quite a trick with a clipper!)
MonkeyMama Says:
February 17th, 2011 at 02:20 am 1297909218
1297909218

No. I probably could get away with it - with LM. He doesn't have much. BUT, my spouse likes to keep his hair longer (no clippers), and BM's hair is kind of a nightmare. He has so much hair!

Honestly, I think their hair is more complicated than mine!

I literally cut their hair until they turned 3-ish, and then I stopped torturing them - I Was terrible. I did the DIY cuts, then the beauty school (a couple of bucks), but these days we just take them to the salon - with the economy we can generally find $6 or $7 haircuts for the kids. Beauty school charges by age, so it's equivalent, but much better and faster these days.

But yeah, I should probably look into some clippers. Can save some money with LM. BM even wants to grow out his hair, so some clippers for his sideburns might be fine in the interim.
FrugalTexan75 Says:
February 19th, 2011 at 03:36 am 1298086607
1298086607

Heh! That's the cut I always get too. I don't go for short though - I like it at least long enough for a good ponytail.
MonkeyMama Says:
February 20th, 2011 at 04:08 pm 1298218104
1298218104

That is generally my rule - at least long enough to put up (somehow). I ignored that rule because it was insane hot last spring. Back to pony tail length now. Phew! (Which is really cooler in the end - can get the hair off my neck!)

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Monkey Mama*s Monkey Money Blog

Over Prepare, Then Go With The Flow

A Frugal Tuesday

7 Responses to “A Frugal Tuesday”

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