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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

Doings

April 17th, 2015 at 01:17 pm

**I received my annual OT check yesterday. My plan was to put 20% of it to investments and $3,100 to the mortgage.

I have about just enough to do that. BUT... Hoarding cash and allocating later seems to work best for us. We also received word that we might know in October if LM needs surgery for impacted tooth. October is also our Hawaii trip. So I think we will at least hold on to the cash until that point. I've also got a lot of expenses coming up in May.

I've already paid for the Japan trip, with my regular check, so will just deposit all this to savings.

I mostly expect to follow through with original plan by 12/31. Just maybe not if LM needs an expensive procedure!

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

**We bought dh's mom some thank you flowers. Mostly she just gets annoyed at those kind of gestures but I think we nailed it this time. Dh had no clue what kind of flowers she would like but we apparently picked her favorite! So glad that worked out. She sent me a picture and they were gorgeous. Money well spent. (Was a, "thanks for watching my kid for 10 days," and otherwise helping with that trip).

**Dh bought a new kindle. With $200 credit card reward.

**I bought two $20 Amazon gift cards and already received $40 back from our AmEx card. (Per my last post).

I ended up just going ahead and ordering placemats. (I had bought a set of 4 and liked them, and had been wanting to order 4-8 more. To go with our new table cloth). In the end, it cost me $8 cash to buy 8 more place mats.

Dh wants to use his $20 to get the ads off the kindle but feels like it's kind of a waste. The timing couldn't be more perfect for that since he had his Kindle for a day or two, felt annoyed with the ads, and then a free $20 fell out of the sky to cover that.

**I ordered a couple of dresses and swim suits for Hawaii. I figured I might return a couple. But dress #1 came yesterday and was *perfect*. Will see how much I keep and return but is my little splurge. Gearing up for *my* big trip this year...

**We will eat well this weekend. Today dh is taking me out to lunch. It's the first lunch date we could arrange post Japan trip, but will also celebrate the end of tax season. Going to my favorite Thai restaurant.

Since my phone stopped ringing off the hook, and apparently everyone thinks I am on vacation, I am thinking of taking this weekend entirely off. I can cram next weekend if need be. It's probably how it always goes. I am stressed and worried how it will all get done... Then I have a quiet day or two at work and it all seems easy peasy. It's amazing what you can get done without a million interruptions!

**This weekend is the kids' school International Festival. It is DIVINE. Homemade meals from around the world. So yeah, we will eat well today and tomorrow.

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

6 Responses to “Doings”

VS_ozgirl Says:
April 17th, 2015 at 10:34 pm 1429310076
1429310076

It sounds like hoarding might be a good idea with a holiday coming up and a possibly expensive visit. Hoping you have a lovely weekend!
Amber Says:
April 18th, 2015 at 12:39 am 1429317570
1429317570

Looks like you're having a great year. Enjoy your trips
FrugalTexan75 Says:
April 18th, 2015 at 02:03 am 1429322635
1429322635

International food festivals are so much fun! Enjoy!
Looking Forward Says:
April 18th, 2015 at 03:06 am 1429326384
1429326384

Have a relaxing weekend!
I'm looking for a nice summer dress. Could you share a pic or link?

BTW, did you get the email I sent about the Tahoe rental?
MonkeyMama Says:
April 19th, 2015 at 02:25 am 1429410348
1429410348

I am going to do a post now and will show the dress.

You know, I NEVER check that e-mail so thanks for the reminder! I forgot that I asked about that.
MonkeyMama Says:
April 19th, 2015 at 02:46 am 1429411575
1429411575

P.S. I exaggerate. I just don't check it very often. I should say "rarely" that I check that e-mail.

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Over Prepare, Then Go With The Flow

Doings

6 Responses to “Doings”

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