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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.

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

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

Credit Card Bonus

April 10th, 2016 at 03:59 pm

I just signed up for the first credit card bonus (one-time) for the year. I expect it to be a slow year, but last year surprised me at the end. So... Who knows!

I got an offer to spend $500 and get $200 cash back. It's an offer that dh did late last year.

While at it, I closed his credit card for that deal.

I actually spent some time this morning evaluating if we were eligible for any bigger offers or direct deposit offers. Since dh has direct deposit for his paychecks, it opens up more rewards for us. But I didn't see anything worthwhile.

Completely striking out, I did remember that I had a direct mail offer.

Though I am kind of feeling "meh" on current offers, I don't think my work/benefit analysis has changed at all with dh working. We usually only do $200 minimum bonuses and try to maximize with the $500 bonuses. Those are all still VERY worth it. I just don't foresee getting a lot of those type offers this year.

Edited to add: Waiting to be eligible for Citi Thank You bonus again in late September 2016. Might be a $500 bonus that we can do this year.

Posted in Credit Card & Bank Rewards | 12 Comments »

12 Responses to “Credit Card Bonus”

creditcardfree Says:
April 10th, 2016 at 05:22 pm 1460308959
1460308959

We have opened just two cards this year, and I don't plan to open any others unless it's really great. We have met the requirements on both, but will need to wait them to pay out in the next six weeks or so.
LivingAlmostLarge Says:
April 10th, 2016 at 05:28 pm 1460309284
1460309284

what card? What cards have $500 bonuses?
Petunia 100 Says:
April 10th, 2016 at 06:10 pm 1460311848
1460311848

I just applied for the Chase Unlimited Freedom card, so I will be working on that next. Not too much work to do, either. Spend $500 in 3 months, receive $150 bonus. Add an authorized user and make first purchase within the same 3 months, receive an additional $25.

Text is https://creditcards.chase.com/a1/freedom-unlimited?CELL=6H8X&AFFID=ae..qCAwTik-p6k_yyIJ7ypoSp443EKuLA&pvid=&jp_cmp=cc/388124/aff/3-10002611/na and Link is
https://creditcards.chase.com/a1/freedom-unlimited?CELL=6H8X...
ceejay74 Says:
April 10th, 2016 at 06:43 pm 1460313839
1460313839

I wasn't planning on doing the churn again, but with the big medical and other bills, it's worth the hassle of keeping track of all these cards. So far this year we've done 2 CapOnes (spend $500 get $100), an Amex (spend $3,000 get $250), a Citi ThankYou (spend $4,000 get $500 in gift cards), a Chase Sapphire (spend $3,000 get $500, ended up being $750 with spending and other bonuses), an HRC Visa (spend $500, get $100). Now we're doing a third CapOne with the same offer as above. Between planned spending like our Barcelona & NY trips, and unplanned stuff like the collarbone surgery, we've had no trouble spending them up!

That reminds me to see if my Citi ThankYou points have hit. Any day now...
PatientSaver Says:
April 11th, 2016 at 12:02 am 1460332968
1460332968

I've also fallen off the wagon with the credit card churn and really would like to do more but like them to be at least $200. Although it's been long enough that I could try to repeat one of the above-mentioned cards a 2nd time. Do you advise calling the issuer to make sure you'd be eligible for the bonus a 2nd time around or do you assume that if you get approved for the card, you're good?
ceejay74 Says:
April 11th, 2016 at 01:26 am 1460338007
1460338007

I assume I'm good. I think technically you're not supposed to double-dip, so if you called they might say no, whereas if you just apply online you'll get the bonus. I figure there could easily be a way for them to track that if they really cared; I usually can use the same login as my old card and everything.
PatientSaver Says:
April 11th, 2016 at 11:04 am 1460372652
1460372652

Oh, interesting, ceejay. Well in that case, i may go for a double dip...thanks!
MonkeyMama Says:
April 11th, 2016 at 01:21 pm 1460380916
1460380916

LAL - Citi Thank You, Chase Sapphire, and Chase SW regularly offer $500 bonuses.

PS - The information is online about how frequently you can do these bonuses. Just because you are approved for the card doesn't mean that you are eligible for the bonus. The rules are becoming more restrictive over time. I'd just google any card you are considering. I think the Citi Thank You you can only do if you haven't had the card for 24 months, just as an example.
MonkeyMama Says:
April 11th, 2016 at 01:23 pm 1460381024
1460381024

correction: "Bonus ThankYou Points not available if you have had a Citi ThankYou Premier card opened or closed in the past 18 months."

I am waiting out 18 months to do this one again.
PatientSaver Says:
April 11th, 2016 at 10:45 pm 1460414719
1460414719

Thanks...currently investigating...
PatientSaver Says:
April 11th, 2016 at 11:19 pm 1460416746
1460416746

The Citi Thank you Premier card no longer offers the big bonus. and I just don't think I can spend $4,000 in 3 mths to meet the chase sapphire spend requirement....
MonkeyMama Says:
April 12th, 2016 at 01:55 am 1460426100
1460426100

Citi will offer it again eventually, most likely. Keep an eye out for it.

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Monkey Mama*s Monkey Money Blog

Over Prepare, Then Go With The Flow

Credit Card Bonus

12 Responses to “Credit Card Bonus”

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