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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
...($1,250 @ 3/31/24)
...$350/month, plus snowflakes
(Snowflakes: credit card rewards and dividends)
...Topping off with snowballs

[ ]$2,025 to mortgage
...($0 @ 3/31/24)
...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% @ 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 @ 3/31/24)
...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.

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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

Hopefully Worth the Wait

May 14th, 2012 at 07:45 pm

**New Furniture Ordered...

All NEW! Boy, what a change for us. We bought new - matching furniture. I believe that is a FIRST. We've bought new pieces before, but never any kind of set.

My poor kids and family - I know I will be some insane "Don't touch my couch!" type for a while. I will get over it, with time. Wink

I met dh at the store today, to put in our order. Will get it tomorrow. We got a sectional, ottoman and a matching recliner.

I was incorrect about the rent-a-center. The stuff we were looking at was actually *brand new.* We just happened to drive by this place a while ago - and never made it over there because they only had weekday hours. We just didn't expect much from the place. Boy - you never know!! We saved about $200 going here. $200 less than we were able to negotiate anywhere else... & we didn't have to haggle. They wouldn't, and we were fine with that. Good price!

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Anyway, the most joyful part of all is that dh and I actually agreed on something - rather quickly and easily. I can't get over it.

I am probably pushing it, but I want to take down this painting we have and put up my dad's framed prints (which we have not agreed where to hang). I think it would make for a nice and complete room remodel. Will see. At the least this would be a good time to "see how it looks." *crossing fingers*

Regardless, I will share before and after pictures. I will tell you we lived a long time with a hodge podge of hand-me-downs and the like. Of course, if "appearances" were more of a priority, there is tons we could have done. But we just didn't care. I think this is one of those things that turn people off to frugality. But, I often say, "It's not forever." This is the end of the road. It was not forever. We now own a very nice looking family room. {Probably nicer than it should be - with rambuctious kids around - that part I may regret}.

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I think we are done with the big purchases. Phew!!

"Appearances" are very ugly, but reality is not so bad.

New living room furniture:

$1,250 with taxes and delivery
- 200 {hoping to sell old furniture}
- 500 Chase cash reward (already earned)
------
$ 550

I think dh is optimistic on selling the old couch, but WHO KNOWS!

$550 cash out? $750? Either way - thank you Chase!

Posted in Just Thinking | 3 Comments »

3 Responses to “Hopefully Worth the Wait”

creditcardfree Says:
May 14th, 2012 at 09:35 pm 1337031308
1337031308

That sounds like a great deal on all those pieces of furniture! Can't wait to see the before and after.
FrugalTexan75 Says:
May 14th, 2012 at 11:12 pm 1337037169
1337037169

I hope the furniture makes you very happy. If I were in the market for a couch (and in your area) I'd go for a $200 couch.
PNW Mom Says:
May 15th, 2012 at 03:59 am 1337054340
1337054340

Congrats!

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Monkey Mama*s Monkey Money Blog

Over Prepare, Then Go With The Flow

Hopefully Worth the Wait

3 Responses to “Hopefully Worth the Wait”

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