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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

Busy Saturday

April 30th, 2011 at 02:03 pm

How did my quiet weekend get so busy?

**Paid all the bills today. When I focused on other chores I completely neglected any fiscal chores. No biggie - and it only took about 15 minutes to pay all the bills for May, etc.

Made good progress on several financial goals this month. Over half-way on all savings goals, etc. (Getting extra income this month, helped there!)

The cash infusion means I can top off all my savings accounts. I think some have fees for inactivity - and I haven't kept on top of all that. I have a couple of accounts with $300-ish that I will just round up to $500. I will put a whole $5k back in my Ally account (my mini-emergency fund). Then, the balance in my Alliant account is pretty much long-term savings. It will simplify things. I had paid some property taxes out of Ally at some point, or something, and there was no rhyme or reason to the balances. I didn't want to put more money back in there since the interest rate was low, but now this will simplify things a tad. Being able to just look at my accounts and know that one is strictly for emergency - the rest isn't emergency funds.

(I usually just track total dollars - not separating money. If interest rates change dramatically I may prefer to chase higher interest rates. For now, this will do - all my accounts are paying about the same).

**Work is a little crazy. As much as I was looking forward to getting my weekends back, I don't find it a big deal in the least to work a few hours on a Saturday. I usually go to aerobics, work for 3 hours, and get home by noon. Aerobics just relaxes me and makes me very productive. SO, I hope to clear some stuff off my desk.

I remembered regretting taking a 3-day weekend IMMEDIATELY after April, last year, because I felt so swamped. So, this year, I chose the second weekend in May. I am starting to regret that too. Someone gave me a big project yesterday I spent all day on - like I am not WAY crazy behind on everything else. During April clients are more forgiving, but in May everyone wants everything yesterday.

**Soccer sign ups are this weekend. We can sign up another weekend, but looking at our calendar I decided I better get that all taken care of today. Doesn't start for MONTHS, so I am kind of annoyed to commit to that today. BUT, BM wants to do soccer again.

And so my Saturday turned from lazy to crazy.

All in all, a Sunday home with no plans is something that I haven't had in MANY weeks. So, I will survive. Wink

I'll probably fill out all the paperwork (soccer) while I am at work, and send dh and the kids off to deal with that when I get home. So *crazy* might end at noon, for me.

These Saturday mornings hardly feel like *work* - it will be peaceful and I can get so much done without the interruptions. Will make next week easier. Heck, maybe I can leave early Friday if I get ahead of the curve. I just want to get out from behind!

Posted in Just Thinking | 2 Comments »

2 Responses to “Busy Saturday”

snafu Says:
May 1st, 2011 at 01:17 am 1304212675
1304212675

MM: Have you noticed that inflation is now banging on the door? Gas is up 35%, beef, pork, sugar, fresh fruit and other food stuff costs are increasing with every trip to the store. We are told to expect serious increases for electricity this summer when folks in hot climates turn on AC. The tragedy of tornadoes this week will force house insurance to escalate as the insurers have long lost their profit stream from CDs, Bonds and other short term saving vehicles.

I wonder how to tell you that you are losing money on your savings which is exacerbated by paying inactivity fees. Ally, Alliant et al pay paltry sums, while your buying power is quickly eroding. Would you be willing to run the figures of another financial choice? I know a good Index MF would have returned 8% in the past few months. A good ETF Resource fund increased astoundingly since spring 2009. At much higher risk, the increase in Precious Metals would have paid for my new [to me] car. These funds are easily sold, 2 business days for the money to show up in your linked checking a/c should the money be needed.
MonkeyMama Says:
May 1st, 2011 at 02:36 pm 1304260578
1304260578

Sorry, but nothing and no one is going to talk me out of my savings.

Have you noticed unemployment? I just read that Sacramento, where I live, has the highest unemployment in the entire country. I am not surprised. My savings is there to save our butts in case of job loss. Inflation has nothing to do with that.

For me, I would be nowhere near where I am today without cash savings. So, I don't see the point in changing my strategy - it has worked just fine.

A good index fund returns 8% some days and loses 50% some days. Not an appropriate vehicle for "rainy day cash." My cash is FDIC-insured.

P.S. I have never paid a fee in our cash savings. I believe there is a fee if I am inactive for a year, but that is VERY easy to avoid.

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Busy Saturday

2 Responses to “Busy Saturday”

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