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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

Nickel & Dimed

May 17th, 2011 at 02:32 pm

I think it gets better in the higher grades. I got an e-mail recently from a 2nd grade room parent: "Do your own gifts!" IT was the teacher's birthday or something.

Don't get me wrong - both the kids have AMAZING teachers and I am sure they deserve to be spoiled a bit. I have mostly played along when it comes to the extravagant group gifts throughout the year. But, the Kinder e-mail was asking for a ton of stuff for some big year-end party (complete with entertainment and bouncy houses) and then asking $20 for a teacher gift. The thing was this person really wants to get her an airline ticket. I don't know why. We contributed for Christmas but only 1/3 or 1/2 of the families contributed. So, if I Really thought she'd get an airline ticket, and she really wanted one - then sure, whatever. But I don't see it happening. I wrote her back and declined (so she could plan ahead - I doubt anyone else will let her know ahead of time they don't plan to contribute).

I am gifted out. I think it's a bit much.

Lest I feel like I scrooge, dh told me he planned to get her a really nice Scholastic voucher anyway. Will be free for us, while very valuable and useful to her. Now I can honestly tell room parent that "We already got her a gift."

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

I got a $13 insurance refund. I have $2 in my checking account. I probably need to buy another set of aerobics classes ($30) and may need some cash for San Francisco this weekend. With all the mortgage chips I have just been paying the mortgage after the first of the month. Though I use my 16th paycheck to pay it, it kind of works out to pay it after the 1st of the following month. Then I don't have to rush to deposit my paycheck on the first - a few utilities, and piano lessons are due right away.

So, anyway, I could probably really use that $13 for other things, but I will just add it as a mortgage chip. The insurance was already paid and I wasn't expecting a refund. It will work out.

That said, I may back down on the mortgage chips through summer. Seems to be more travel and stuff like this. More cash expenditures, etc. Summer will be over in a blink, and then back to aggressive mortgage chipping.

Posted in Just Thinking | 4 Comments »

4 Responses to “Nickel & Dimed ”

patientsaver Says:
May 17th, 2011 at 07:09 pm 1305659398
1305659398

Reminds me of so many offices I've worked at where they're constantly asking for donations for some charity or someone's birthday or someone's coming baby. Now they ask you at the grocery store register if you want to donate to such and such charity. What, am i made of money?
baselle Says:
May 17th, 2011 at 07:26 pm 1305660391
1305660391

Well, the plane ticket gift is a pretty intimate gift if you ask me. Like jewelry and furs gift where my first thought is, "Do I have to put out for this?"
frugaltexan75 Says:
May 19th, 2011 at 12:21 am 1305764518
1305764518

It would be interesting to know where they got the idea of a plane ticket ...
mamasita Says:
May 22nd, 2011 at 10:47 am 1306061271
1306061271

Oh, gosh, I'm a teacher, and I would feel terribly awkward if I received cash/plane ticket for a gift! I love home made cards or something yummy to eat, anything that shows I was thought of. Really.

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Monkey Mama*s Monkey Money Blog

Over Prepare, Then Go With The Flow

Nickel & Dimed

4 Responses to “Nickel & Dimed ”

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