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About Me:

Monkey Mama

Just a 47-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.

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
...($230 @ 8/31/24)
...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
MM YEAR 5

DL YEAR 1 ✔
DL YEAR 2 ✔
DL YEAR 3

[ ]$10,000 to savings
...($7,749 @ 10/31/24)
...$1,000/month, plus interest
...Topping off with snowballs

[ ]$7,500 to investments
...($4,786 @ 10/31/24)
...~~$350~~ $400/month, plus snowflakes
(Snowflakes: credit card rewards and dividends)
...Topping off with snowballs
...Note: Bumped up to $400 9/1, re: reduced food expenses

[ ]$2,025 to mortgage
...($0 @ 10/31/24)
...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% @ 10/31/24)
...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 @ 10/31/24)
...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>
2023: +$ 90,000
TOTAL: +$570,000

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."}

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

My Pages

Rewards Update $4129

December 18th, 2011 at 05:14 pm

UPDATED TALLY:

$1030 cash Chase Sapphire (moi)
$200 cash Chase Freedom (dh)
$625 gift cards - Chase SW (dh)
$515 gift cards - Chase SW (moi)
$500 gift cards Citi (dh)
+$100 gift cards - Citi for trying to close card
$310 gift cards - Citi (moi)
-$99 annual fee (SW card)
+$99 annual fee refunded when closed card
-$69 Fee (SW card)
+$69 annual fee refunded when closed card
-$41 lost value for exchanging some Citi gift cards for cash and amazon gift cards
-----------
$3239 TOTAL *ONE-TIME REWARDS*

+$ 500 deposit to ROTH (Fidelity Am Ex - 2% cash back)
+$ 25 cash back Fidelity Am Ex
+$ 80 Target rewards (5% discount Target purchases; mostly groceries)
+$ 35 Visa Rewards (1% cash back - for places that don't take AmEx)
------------------------
=$3879

+ $250 American Express reward (gift cards)
----------------------------
=$4129 Total CC REWARDS 2011
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**I am still waiting to be able to redeem the last AmEx reward of $250. Points are "pending." This one looks like it will be a Kohls gift card.

**I just noticed a $25 statement credit from AmEx. I remember signing up for some bonus, but can't seem to find the details. I believe it was 5% back on $500 of grocery purchases - something like that. Woohoo! (A nice surprise, because I totally forgot!)

*Dh received an offer for a $100 cash back credit card. I haven't ruled it out, but did put it aside for after the refinance. If it was more enticing, I probably wouldn't bother waiting...

Posted in Credit Card & Bank Rewards | 4 Comments »

4 Responses to “Rewards Update $4129”

Beawealthywarrior Says:
December 18th, 2011 at 08:28 pm 1324240083
1324240083

does applying for all these cards hurt your credit score?
MonkeyMama Says:
December 18th, 2011 at 08:30 pm 1324240201
1324240201

IT just depends on your situation. Having an excellent credit score (for a long time), and a mortgage, this stuff has absolutely no effect on my credit score. I am sure there are many situations where it could have a negative impact.

For reference, I just secured a high FICO refinance rate on our mortgage. IT's absolutely a non-issue for us.
ceejay74 Says:
December 18th, 2011 at 10:56 pm 1324248975
1324248975

As an example how little it affects you, NT (who has a short credit history in the US) had a creditkarma.com score of 766 back in July. He's opened and closed probably half a dozen cards in the the past couple months, and his real credit score, which he just got when he was approved for a card recently, is 750. Assuming creditkarma's score was accurate he lost 16 points doing a TON of openings and closings. Oh, AND we were late on one credit card payment due to a mixup on my part, so that might be more to blame than the other activity.
Maismom Says:
December 28th, 2011 at 03:35 am 1325043356
1325043356

Your post encouraged me to get more points and rewards from credit cards. I was super busy for last 12 months due to new position, but now ready to get back in the game.
Thanks for posting these.

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Monkey Mama*s Monkey Money Blog

Over Prepare, Then Go With The Flow

Rewards Update $4129

4 Responses to “Rewards Update $4129”

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