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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.

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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>
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."}

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My Pages

My DOH Moment

December 19th, 2011 at 02:43 pm

I braced myself and went to Walgreens over the weekend to pick up some almond roca for my dad.

Um, there was no one there??? How bizarre. Actually, there were people there, and there was a line, but it was just for cigarettes. I often run in for a soda, and notice a lot of people buying cigs. They must make bank on our bad habits. Wink

Anyway, I slapped a bow on my dad's almond roca (the one I got from a gift given to me last week) and wrapped up the big box I had for the work gift exchange. I had packaged it up, but the box was so big I Was procrastinating on actually wrapping it.

And so I was in the mindset of wrapping things up, and I thought, "Hmmmmm - I should have given the teachers their gifts on Friday?" Doh! I majorly spaced on that. I have known all along the kids have no school for two weeks, but just spaced on the details.

Anyway, I was totally serious when I told the kids that it is okay and we will just give them "New YEars Gifts." They will be totally surprised and the gifts will be totally unexpected. Works out. & dh gave them some Scholastic credit which they LOVED, so it's not a total loss.

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Maybe I always notice it, but this year I am REALLY noticing that the more broke and financially screwed people seem to be giving more. Kind of, "Look at me, look how generous I am - look how I am doing okay." IT probably stands out a bit more because all of the really fiscally sound people I know are pretty *over* the materialism. This is one reason Christmas is easy on us. Our siblings and cousins say, "PLEASE do not buy any gifts for our kids. We have way too much." & they are always very open to giving that money to charity, instead. & then of course my bankrupt friends will be spending thousands of dollars on gifts. Maybe it's because I know everyone lose their home to foreclosure, or is in the middle of losing their home to foreclosure. The holiday spending seems extra insane this year.

'Tis the season to be broke!

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In other news, dh is making an appointment with a specialist this week. *sigh* We seem to have an affinity for January medical procedures. At this point we really have absolutely no idea what is wrong with him.

Posted in Just Thinking | 8 Comments »

8 Responses to “My DOH Moment”

ceejay74 Says:
December 19th, 2011 at 05:49 pm 1324316997
1324316997

It's slightly complicated to remember when's the last time you'll be in contact with your various service providers before Xmas, so you give your gift at just the right time. I have to keep reminding myself!
My English Castle Says:
December 19th, 2011 at 07:07 pm 1324321667
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Hope your DH is ok. I must remember to get the teachers' gifts done--and the bus drivers. d
FrugalTexan75 Says:
December 19th, 2011 at 08:16 pm 1324325773
1324325773

Your family is in my prayers {{{hugs}}}
creditcardfree Says:
December 19th, 2011 at 08:22 pm 1324326175
1324326175

WELL wishes for your DH.
Looking Forward Says:
December 19th, 2011 at 11:17 pm 1324336630
1324336630

My best thoughts your way for your DH.
LuckyRobin Says:
December 20th, 2011 at 01:15 am 1324343727
1324343727

Hope it turns out okay for your DH.
Dido Says:
December 20th, 2011 at 01:19 am 1324343944
1324343944

I hope all goes well with diagnosing DH's medical problems and that whatever ails him is treatable without too much trauma.

As for why those with less may spend more...well, first of all....why do they have less? Lack of knowledge about the financial basics. I had my Ph.D. and was a college professor before I ever got it straight that paying the minimum balance on the credit card was the road to perpetual debt and mega-high interest expenses. That wasn't due to being dumb; that was was due to lack of attention (all I thought about was first getting the Ph.D., then getting the professor job; then getting tenure) and lack of knowledge. Second, "keeping up with the Joneses." When we care about a goal, we tend to symbolically display that we have attained it...ESPECIALLY when we haven't. Because with the symbolic display, others see us as having attained the goal and that satisfies the need. Hence the phenomenon of the nouveau riche and all the ostentatious display...down deep they feel like imposters so they flagrantly display their wealth. "Old money" doesn't have those self-doubts so doesn't need to display what they have. (Wicklund & Gollwitzer's "Symbolic Self-Completion Theory").
baselle Says:
December 21st, 2011 at 05:34 am 1324445652
1324445652

Fingers crossed for your dh. I have no problem giving Christmas gifts late .... after all, when do you really need the lift that a gift can give? Yep, in January.

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Monkey Mama*s Monkey Money Blog

Over Prepare, Then Go With The Flow

My DOH Moment

8 Responses to “My DOH Moment”

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