Currently writing this amid COVID-19 world wide shutdown, luckily for us we are busier then ever. The mining industry in Western Australia is still open and I have had opportunity to pick up a number of overtime shifts over the last two month. I might aswell, as we aren’t allowed to go anywhere while this crisis goes on.
Mrs FMT starting working part-time at a pharmacy at the end of February, which now looks like it is one of the most secure jobs in the country.
The kids have started childcare, the cost for childcare for the 3 kids is almost as much as Mrs FMT salary, but the original plan was just to give her a break from the 24/7 demands of the kids.
A unique situation is that as of 1st of April the government has temporarily made childcare free, this will be a huge bump in our income next quarter.
With all the stand-down’s and lay offs happening, I have looked into our emergency fund/offset account and we could last 1 1/2 years without work. I would hate to have to chew into so many years of hard work but it is reassuring to know.
This just goes to show the importance of knowing your cost of living and having at least a 3-6 month emergency fund.
Time to update our progress.
1st Quarter Income/Expenses
Savings rate: 30.94%
Home Loan Balance:
Q1: $7,688 paid down
2020: $7,688 paid down
One night accommodation in Dunsborough for a friend’s wedding.
No changes to goals,
Looking forward to next home loan goal of $200,000!
We have just made our minimum goal for savings rate of 30%.
With all the craziness that is going on during this pandemic, we are extremely fortunate and grateful to be in the position we are.
We are able to quietly work away at our goals while this event goes by. Lucky to be employed, healthy and happy.
That’s it for this update, Thanks