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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

Spend Spend Spend

May 26th, 2012 at 01:28 am

**Got the piano tuned/cleaned/fixed, and it sounds really good. I actually noticed a difference... Maybe we will do it again in 2-3 years, instead of 5. Maybe sooner with two dedicated piano students now. {I've been meaning to do this about 18 months - how sad is that! I am in "get it done" mode, that is for sure}.

**$100**

**Our gardener fixed the irrigation leak, which was UNDER the driveway. I supposed it would be doable, but was fretting about the worst case. It's not 100%, but is 90% better. He said he would come out later and finish the job, thinks some dirt got in a pipe.

**$75**

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

**Supposedly someone will pick up our old couch for $200, tomorrow. Fingers crossed!!!

It will be a sweet victory to get the effective cost of our new furniture down to $525. I am at $725, with fierce shopping and credit card rewards. Proceeds from selling old couch will make the effective cost even lower.

Posted in Just Thinking | 5 Comments »

5 Responses to “Spend Spend Spend”

Looking Forward Says:
May 26th, 2012 at 03:58 pm 1338047880
1338047880

That would be great to sell the old couch.
FrugalTexan75 Says:
May 27th, 2012 at 02:06 am 1338084408
1338084408

Hope your couch sells!

--
MM,

I am seriously looking at getting back into piano. I had nearly 8 years of lessons eons and eons ago, but didn't practice enough so it didn't stick well. I can pick out notes on sheet music (painfully slowly) - I was wondering if you could recommend a product/website/method to get the staff notes back to memory. (I can read the basic staff notes for the right hand FACE EGBDF, but the notes above and below give me trouble.)
Thanks! (I have Alfreds Basic Piano Book for Adults Course 1, as well as a couple beginning music theory books.)
Monkey Mama Says:
May 27th, 2012 at 01:49 pm 1338126582
1338126582

I think all you really need is flashcards. Practice practice practice. There may be some online, I am not aware of anything as I have been out of the business for well over a decade! {But I did buy flashcards for my kids}.
Monkey Mama Says:
May 27th, 2012 at 01:50 pm 1338126631
1338126631

Heck, there's got to be a note flashcard app - you would think?
FrugalTexan75 Says:
May 27th, 2012 at 05:12 pm 1338138759
1338138759

Yes, I would think so. I just haven't found one yet.
I suppose I could make a set with another flashcard app ... hmmm

Thanks for getting my noggin thinking.

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Monkey Mama*s Monkey Money Blog

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5 Responses to “Spend Spend Spend”

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