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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.

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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>
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

Fiscal Updates

October 17th, 2013 at 01:50 pm

**Got a $20 sprint credit - will add to 11/30 mortgage payment. That's $40 mortgage snowflakes next month with the $20 I have been adding for carpool savings.

Sprint was giving us $40 per month, but dh is fine with $20. Basically, him and I are not paying our "data charges" as long as we can't get much data. The $40 seemed flukey and generous, BUT, it also paid for his phone replacement when it broke, so I guess it works out.

**Dh is going to try to call and haggle down our internet bill. The bill is absurd, but we aren't seriously going to leave and the service is A+. It is cheaper than our cell plan, and it actually works as advertised. Wink (He is probably motivated knowing I will be more open to going back to Verizon if we tame that beast - they refused to give us any more discounts once our last promo ended). We don't have cable with them, but was our last cable company. we negotiate everything no problem, but seem to ever have any luck with the cable companies - we walked away from several who were unwilling to give us extended promotions. Even when we legitimately said "we are leaving" and we left. Don't ask me! All this to say, not expecting much on this front.

**I got a $60 prepaid visa rebate for our recent tire purchase. I had the bright idea to pay it to our health insurance (since it was a larger sum than the usual $15 or $20 rebates). Worked like a charm! Will have to remember that for the future.

**We redeemed our Citi "triple dip" reward. $250 check to our mortgage (which I read most people just deposited to their bank - will try that first - our checking account is with mortgage holder so we still have Plan B if the deposit does not work).

We had 1200 points left and one of the first rewards that popped up was a 8G Flash Drive. Sold!

Once my paycheck hits today, I will pay off that card. When we receive rewards in hand I will cancel that card.

The mortgage payment was an annoying reward to redeem because you have to call in to request it.

**My younger child who was fond of big words is regularly calling me "economic". I will take that as a compliment. Big Grin He means it in a more "frugal" or "money conscious" context. It's cute.

**IT's been crazy and busy and I can't believe Halloween is only a couple of weeks away! It completely slipped my radar. I have not bought the kids costumes in several years. I am a little more open to it this year, especially since getting so last minute, and also because it has been a while. I found angry birds costumes 80% - 90% off. I guess not so popular any more??? You got me! So I am trying to sell them on that. Will see...

Posted in Just Thinking | 4 Comments »

4 Responses to “Fiscal Updates”

snafu Says:
October 17th, 2013 at 03:16 pm 1382022993
1382022993

Kudos for keeping your focus on paying down mortgage principal. Paying attention to details, locating and applying for Snowflakes for mortgage principal is so smart. The long term cost avoidance from interest is amazing.

I'm so frustrated this AM with DB who constantly whines about money problems but can't understand the principal of using debt smartly. 5 years ago I tried to explain he was digging himself bigger and bigger holes due to huge amounts being paid in interest. All I can say now is hmmm...as his debt expands like the national debt.
creditcardfree Says:
October 17th, 2013 at 03:25 pm 1382023552
1382023552

Lots of snowflakes! Yes, a little inconvenient to call for the mortgage rewards, BUT I think well worth it. I sent our check directly to the mortgage company, but we don't have a bank account with them. It worked just fine.
FrugalTexan75 Says:
October 18th, 2013 at 02:40 am 1382064049
1382064049

Check out the link I posted with LOTS of ideas for Halloween costumes - most of them don't need much materials or little to no sewing. Might find something there the boys would like.
That's too funny about LM calling you economic. I love it when kids use big words like that.
MonkeyMama Says:
October 18th, 2013 at 07:22 pm 1382124138
1382124138

The halloween costume link was very cute!

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Monkey Mama*s Monkey Money Blog

Over Prepare, Then Go With The Flow

Fiscal Updates

4 Responses to “Fiscal Updates”

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