<< Back to all Blogs

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.

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

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.

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

**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>
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."}

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

My Pages

Carseat Drama

December 1st, 2012 at 02:19 am

Finished the month with a respectable $381 in savings/other income:

http://monkeymama.savingadvice.com/little-savings-add-up.html

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

*FINALLY* sold two old booster carseats. I am beyond annoyed at how many people asked how old the seats were, and then berated us for trying to sell them (manufactured 2007). Seriously? It annoys me from an environmental standpoint. It's a glorified phone book to sit on. I'd be a little less annoyed if these were more serious type baby seats - though I am sure the whole "Destroy it because it is 5 years old" idea is still pretty ridiculous, no matter what kind of seat it is. Secondarily, maybe if we lived in an extreme climate or somewhere it might matter - Rolleyes

Anyway, I think it's just a sign of the times. Usually these types wouldn't buy a used carseat in the first place. ?? Or booster seats are okay to settle for used, just not old? Or the carseat industry is pushing this "old deteriorating plastic" thing more than in the past. I don't remember it being an issue when we sold the baby seats - they must have been about as old.

Well, I am just relieved we got them sold! I couldn't have destroyed them based on principal. Would have had to find a way to recycle them. Glad I don't have to. HA!

Posted in Just Thinking, Living on One-Income | 6 Comments »

6 Responses to “Carseat Drama”

ThriftoRama Says:
December 1st, 2012 at 05:06 am 1354338410
1354338410

It's the industry. They make your paranoid about buying perfectly good used carseats. I have sold some in the past, but barely gotten anything for them because people are so terrified.
Sarah Says:
December 1st, 2012 at 06:50 am 1354344648
1354344648

Where I live (Ontario, Canada) it is illegal to sell used car seats and booster seats. It is a liability issue. There is no way of knowing if that seat has been involved in a car accident or not, which aparently makes them not as safe. Here we are able to drop the seats off for recycling, which is a little better than destroying them.
creditcardfree Says:
December 1st, 2012 at 03:03 pm 1354374215
1354374215

Nice job on the savings...did you earmark the money for anything?
Monkey Mama Says:
December 1st, 2012 at 03:39 pm 1354376376
1354376376

@Sarah - yeah, I personally wouldn't buy a used car seat. I admit I am one of those people. Ha! Though I am fine selling them because I know our seats have not been in any accidents and are in good condition. I'd buy a used seat from someone I knew hadn't been in any accidents, like a friend. But then again, it's not like you know how much the boxes were tossed around in shipping and such. !!

@CCfree - No - I mentioned before that this is all things we do to keep our monthly bills reasonable and to keep our aggressive "pay ourselves first" savings goals. Sales, coupons, etc. Maybe new or different things I would earmark to mortgage - but nothing new this month.

The $50 monthly credit card reward goes directly into our ROTHs. (It's the only way I can redeem it).

The +$135 could have maybe gone somewhere else, but we had all sorts of school expenses AND dh bought a $150 toy (used). Which goes back to square one. I don't spend my paycheck, generally, on most our toys. It comes from the extra.
Monkey Mama Says:
December 1st, 2012 at 03:41 pm 1354376502
1354376502

Oh - and interest always goes to our savings. That is where it ends up, and I don't move it out of savings.
Homebody Says:
December 1st, 2012 at 11:47 pm 1354405664
1354405664

I would buy used from someone I knew.

(Note: If you were logged in, we could automatically fill in these fields for you.)

Name:	*
Email:	Will not be published.
	Subscribe: Notify me of additional comments to this entry.
URL:
Verification:	* Please spell out the number 4. [ Why? ]

vB Code: You can use these tags: [b] [i] [u] [url] [email]

Monkey Mama*s Monkey Money Blog

Over Prepare, Then Go With The Flow

Carseat Drama

6 Responses to “Carseat Drama”

Leave a Reply