<< 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

A Turn of Good News

September 6th, 2013 at 04:52 pm

**I got new tires - what a difference! Absolutely nothing else needed, so all ready for our road trip. (That was a nice surprise - that the van needed absolutely no other work - woohoo!).

**I had another surprise as I was able to redeem $50 credit card rewards to my ROTH. For whatever reason I miscalculated and thought I'd have -0-. Can only redeem in $50 increments.

Yay!

**The money I transferred to my checking account showed up in less than 24 hours. It was a very large sum. Holy Cow!

Makes me rethink if I should keep that account for emergency money. Hmmmm... The reality is that in 20 years I have never been in need of a large some of emergency cash. Not even this year with everything breaking like crazy. I think I will continue with my plan to close the account. Wink Savings transfers already made to other accounts.

**How random is this???

Musical artist who we saw on "living room" tour last year is doing *one* similar type show - in our city - when we will actually be in town. OMG. He's not from around here, or this half of the country. You got me! We bought up our tickets the second we saw that. There may only be 10-30 guests. Our family and friends have already bought up 10 tickets. How FUN!! I am so excited!

He wouldn't even come to our city last time! We had offered our home as a venue.

**My Dad and I are starting to discuss an April Japan trip. Obviously I am not going (no time off in April for me!). Just BM? Maybe dh and BM. They may go backpacking too, so may stay a couple of weeks. We will pay 0% - 100% of our share. We are just pinning down dates for now. My Dad and I both agreed to figure out the finances later - see how the year shakes out. Arrangements will be made next year. I told him dh and BM were probably game, but only if my house and everything stops breaking, so I appreciate the time to see where our finances land. I don't think there is any way in heck my Dad would pay one cent towards this trip, for my family's travels, except he is wrestling if he should invite my sister (who could not afford it) and keeping it fair.

I suppose that is another post for another day.

For reference, as a child we could never afford to vacation *anywhere* (my parents never took advantage of all the frugal options in our "backyard") and so I have no frame of reference regarding all this. Yes, my kids are spoiled rotten! Honestly? My Grandparents hardly cared I even existed, and I am far more jealous of and pleased with this special time BM is getting with his Grandparents. The destinations don't mean that much to me - the time they are getting together is priceless. IF they spent $50 on a camping trip, I think it would mean about as much. Wink But my dad wants to go to Japan and would love to take a Grandchild along for the company and to share the experience.

Posted in Just Thinking | 4 Comments »

4 Responses to “A Turn of Good News”

rachel021406 Says:
September 6th, 2013 at 06:42 pm 1378489346
1378489346

I think the trip sounds great. I'm sure they are building great memories.
LuckyRobin Says:
September 6th, 2013 at 11:47 pm 1378507626
1378507626

I think it is great your kids get to have these relationships with their grandparents. I barely ever saw mine and having that relationship nurtured was something I missed. I was determined that my kids would have close relationships with both sets of grandparents and they do. It is wonderful for them. They will have marvelous memories. I do get a little jealous that I couldn't have that with my own grandparents, but am glad my kids aren't missing out on it.
Looking Forward Says:
September 7th, 2013 at 06:37 am 1378532245
1378532245

That would be an amazing trip.. but what about LM???
MonkeyMama Says:
September 7th, 2013 at 03:34 pm 1378564481
1378564481

LM isn't interested and isn't mature enough to go without us. I wouldn't do that to my dad!! {I don't think my dad is thrilled to take *any* children, but will consider BM due to his exceptional maturity. Honestly, he's probably a better travel companion than I would be}. MIL is taking LM on a 10th birthday trip and he can certainly go to Japan next time. For the most part, LM takes after dh and I, and has no interest in going. Lord knows that we are both more than happy to stay home while the others go.

I 100% realize that it comes across BM is spoiled and favored, but the reality is just personality differences. BM is very adventurous and independent; LM is not. That, and financially. We can't afford to all go to Asia, but we can go one or two at a time.

(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

A Turn of Good News

4 Responses to “A Turn of Good News”

Leave a Reply