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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

Batteries OUT

January 3rd, 2012 at 10:08 pm

**Yesterday I got my Thank You notes done. Phew! (Has got to be a record). I sent out the soccer photos I received VERY late, so killed two birds with one stone.

**I forgot to wear earrings today. DOH! Trying to break that habit! I went home for lunch and remembered to put some on. Tomorrow will try again...

**While home I noticed the "used battery" pile and decided to take them to the community center tonight for recycling, while I am there for my aerobics class. A good New Years task - I also grabbed the batteries at work - I have QUITE the pile to deliver.

**I keep trying evey year but it always gets too overwhelming to keep up with. Or I forget, etc., but I updated the old "New/Used/Free 2012" Page in my side bar. Trying to keep track what comes into the house and what goes out of the house. We certainly do not need more stuff, and helps me to remember to purge at least as much as we bring in. Batteries OUT is a good start. Haven't spent one penny this year yet. Er, dh did get groceries today, I guess. I don't count food and our toiletry purchases pretty much tend to be in the "need" category - "buy when we need," so I don't bother with those details. I suppose I count everything except the "constantly consumed." The "constantly consumed" never accumulates in our house - we don't stockpile, and I don't buy much but the basics. Maybe "never" is a strong word, but for the most part is true and is not useful for me to track (I am sure it would be useful to some).

Posted in Just Thinking | 3 Comments »

3 Responses to “Batteries OUT”

frugaltexan75 Says:
January 3rd, 2012 at 11:07 pm 1325632031
1325632031

The good thing is you remembered the earrings before the day was done .. I'd say that at least counts for something!
snafu Says:
January 3rd, 2012 at 11:40 pm 1325634025
1325634025

Several years ago we instigated a 'new item in - similar item out' rule. It's unexpected benefit has been a noticeable reduction in buying stuff. If you see black shoes on sale and are tempted...which black shoes will be donated or trashed, is the question to be asked before you head for the store till.

The teens in particular have cut spending dramatically. They like their stuff lol
rob62521 Says:
January 4th, 2012 at 01:16 am 1325639768
1325639768

I had to chuckle over the earrings incident! :-)

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Monkey Mama*s Monkey Money Blog

Over Prepare, Then Go With The Flow

Batteries OUT

3 Responses to “Batteries OUT”

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