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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

Checks

August 1st, 2012 at 08:00 pm

Supposedly the kids' school will let us make all payments through Paypal this year.

Woohoo!

My initial reaction is to avoid any and all fees when it comes to banking and payments (because the little things add up and there are always free/convenient options).

BUT, I think I might make this an exception. School activites are the primary reasons I write checks, and doing away with checks altogether would be *awesome.* Even if I have to pay a small charge to do so.

I was surprised that I pulled out my last book of checks this past week. I have like 29 checks left, and that should easily last me two years. Maybe longer. I think I am just going to wait a year or two before I re-order. I think it is possible checks will become obsolete in that time. The only hold out at this point is the county (property taxes). I also refuse to give the IRS my bank information, but this is probably just silly at this point (if I send them a check they have all the same info - must keep it stored somewhere). I am so careful that I Was pretty certain my identity theft a few years back originated from the IRS. So I have been extra cautious. {Honestly, the most likely scenario was mail fraud, which would make my checks to the IRS even more susceptible? Since I can just e-file my bank account info - so probably time for me to move on with the IRS}. I still don't think the county accepts anything beyond paper checks (without huge surcharges like on credit payments). But if that's the only real hold out that is two checks per year. They will have to come around at some point.

I needed a check for dh's cousin. Dh owed him money and told me at the last minute. More notice and I would have paid him through bill pay - how I pay *everyone.* Of course, he hasn't cashed the check yet and so I wish I had just bill-payed it. I just enter an amount online and my CU mails out a check - when it comes to individuals. Once you set someone up it takes about 5 seconds to pay them.

Posted in Just Thinking | 6 Comments »

6 Responses to “Checks”

North Georgia Gal Says:
August 1st, 2012 at 08:27 pm 1343849266
1343849266

I love online bill pay with my bank! I don't know how I got by without it before!
Thrifty Ray Says:
August 1st, 2012 at 08:49 pm 1343850585
1343850585

I would love to see checks go away. We have seen SO MUCH fraud happen via checks. granted, those who commit fraud will always find a way...it just seems so easy anymore. I vary rarely use a check anymore and could make it without them if I needed to.
creditcardfree Says:
August 2nd, 2012 at 12:58 am 1343865490
1343865490

I agree...I'd love to do without checks!
FrugalTexan75 Says:
August 2nd, 2012 at 03:59 am 1343876366
1343876366

MM - why would you pay a fee to use Paypal? As far as I know there are only fees when you receive a payment (such as from ebay, etc.) I've never been charged extra to pay someone through PP.
MonkeyMama Says:
August 2nd, 2012 at 04:42 pm 1343922160
1343922160

@FT - non-profits usually request that you pay the fees (the fees that *they* get charged to receive money). I pay the kids' lunches through paypal and the district has it arranged so we pay an extra fee to cover the paypal costs. I assume the school will have a similar arrangement.
MonkeyMama Says:
August 2nd, 2012 at 05:04 pm 1343923454
1343923454

@FT - non-profits usually request that you pay the fees (the fees that *they* get charged to receive money). I pay the kids' lunches through paypal and the district has it arranged so we pay an extra fee to cover the paypal costs. I assume the school will have a similar arrangement.

Will see - there are several reasons why they may skip the fees. *Fingers Crossed*

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Monkey Mama*s Monkey Money Blog

Over Prepare, Then Go With The Flow

Checks

6 Responses to “Checks”

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