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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

Feeling Lighter!

September 10th, 2013 at 02:45 pm

I remembered to take out 6 bags for charity pickup today. Now just crossing my fingers that they show up (though they always do...).

I've also shredded about 2 plastic grocery bags full of financial papers.

Feeling much lighter!

The sale pile:

--2 booster seats to sell

(Life has been completely CRAZY but I guess I should nag dh about getting those sold now).

--A Bissell wet vac that I got at recommendation of friends at some point and which I find useless. I've switched over to a reusable/washable cloth mop, which is a dream! I wanted to gather all the parts and instructions on the Bissell first though - might be able to get a few bucks for it.

At this point, any cash we make we'd probably hold onto for our road trip. $25 cash entrance fee for the Grand Canyon - stuff like that. It's just in a few more weeks!

Posted in Just Thinking | 4 Comments »

4 Responses to “Feeling Lighter!”

My English Castle Says:
September 10th, 2013 at 02:47 pm 1378820826
1378820826

Lovely to get rid of stuff!
ThriftoRama Says:
September 10th, 2013 at 03:00 pm 1378821607
1378821607

I've been clearly out lately too. Unfortunately, I still feel like we own too much!
snafu Says:
September 10th, 2013 at 03:35 pm 1378823714
1378823714

A photo and brief write-up in your local on-line Buy 'N Sell or CraigsList should quickly move the Booster Seats and Bissell wet vac. Better $$$ than items you no longer use. Trip to Grand Canyon is awesome.
Wino Says:
September 11th, 2013 at 05:36 pm 1378917369
1378917369

I know I'm anal about this stuff, but I suggest you now burn the two bags. Or later, during the cold winter months. But don't throw them away. You should see how I mutilate credit cards when I throw them away. I would guess none of them go out with fewer than 25 pieces.

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Monkey Mama*s Monkey Money Blog

Over Prepare, Then Go With The Flow

Feeling Lighter!

4 Responses to “Feeling Lighter!”

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