2nd Quarter 2020

Half way thru 2020 already!

It seems that the doom and gloom of covid-19 is now past us and we are all continuing on with our new normal. For us in Western Australia, it’s very much back to normal. Parks are open, cafes/pubs are running again and toilet papers back in stock!

We have earned and saved a large percentage of money over the last quarter, with extra shifts and no daycare fees helping to create highest savings rates to date. In direct comparison to the many individuals out there who are still laid off work.

Time to update the progress.

2nd Quarter Income/Expenses

Income: $36,706

Expenses: $14,289

Savings rate: 61%

2020 Income/Expenses:

Income: $61,976

Expenses: $31,738

Savings rate: 51%

Q2 Expenses Breakdown:

Home Loan Balance:

Balance: $-197,930

Q2: $17,401

2020: $25,089



Hopefully a family holiday in Western Australia later in the year.

Goals Update:

Highest savings rate for a quarter of 61%

Highest savings rate for a month in June of 69%

Highest savings rate for 1/2 year at 51%

We have under $200,000 left on mortgage, and we are on track for end of year goal of $47,000 paid off home loan($178,023).


We have had excellent savings rate over the past few months. With daycare fees back in July, I expect a more normal savings rate of 30% for the next quarter.

I will be doing a post about our plan for Superannuation soon, we have recently changed super funds and increased our salary sacrifice to help maximize the tax effectiveness of Super. We plan to make sure we match any co-contributions or spouse tax refunds.

Other than that, we will keep chipping away at our home loan and keeping an eye on our savings rate.


1st Quarter 2020

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


Income: $25,269

Expenses: $17,449

Savings rate: 30.94%

Expenses Breakdown:


Home Loan Balance:

Balance: $-215,331

Q1: $7,688 paid down

2020: $7,688 paid down

Travel: $144.5

One night accommodation in Dunsborough for a friend’s wedding.

Goals Update:

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



4th Quarter Update 2019

Wow it’s been a busy year! Not only the end of a year but the end of a decade.

Time to update our progress.

4th Quarter Income/Expenses

Income: $26,594

Expenses: $16,358

Savings rate: 32%

2019 Total Income/Expenses

Income: $111,396

Expenses: $44,293

Savings rate: 61%

Expenses Breakdown:

Home Loan Balance:

Balance: $-223,019

Q4: $15,492 paid down

2019: $56,338 paid down

Travel: $0

we pre-paid for a week accommodation in Dunsborough during early December.

Goals Update:

In Mid October we past the goal of 50% of home loan paid off.

Looking forward to next home loan goal of $200,000!

For month of October we went over our goal of 50% savings rate, with almost a 59% savings rate

The saving rate has had quiet a hit for the last two months, down to low 20-25%.

I would like to refocus on our spending on the basics like groceries to bring up savings rate to minimum 30% in 2020.

New Goals:

  • $45,000 to be paid off home loan by end of 2020. Home loan balance $178,019
  • Grocery shopping budget $150/week.


A busy year for our household, with the birth of the twins. Now having 3 kids under 3, it is full on!

Luckily, we have automated a lot of our finances and can leave most of it on autopilot.

With only one income, we still need to focus on our spending to make sure things don’t get out of hand but we are in a strong position going into 2020.

That’s it for this update, Thanks


3rd Quarter Update 2019

3/4 way thru 2019 already! Getting close to Christmas and the end of the year!

Time has flown over the last few months, the twins are now four months old and apart from keeping them alive, we haven’t had a whole lot going on!

Time to update our progress.


Total Income $31,061

Total Expenses $15,201

Savings Rate 51%

Home Loan 

Balance: $231,511

Q3: $18,091 paid down

2019: $40,846 paid down

We hit our end of year goal of $245,000 on home loan already and are close to $235,000 which is 50% of the house paid off!

Travel $420

Pre paid one week for a holiday home in Dunsborough in December.

Goal Update

Hit 50% savings rate – 51% for the quarter, mainly because of maternity leave payments which are almost finished.

I am expecting savings rate to drop to 30% over next few quarters while we still have higher costs with the babies.

50% savings rate is still our long term goal, even if we fall short over the short term.

The next home loan goal is 3/4 house paid off ($117,500).

This is quiet a long way off so we need to find new short term goals to aim for.

New home loan goals:

  • $200,000 loan
  • $150,000 loan
  • $100,000 loan
  • $50,000 loan


Spending was higher then usual but so was income with parental payments + tax returns. We finally hit above 50% savings rate and paid off a large chuck of the home loan ($18,091 for Q3). Hopefully we can finish the year off well, even with lower expected incomes!

That’s it for this update, Thanks

2nd Quarter 2019 Update

Halfway thru 2019 already!

We have been a little busy/sleepless nights lately with the arrival of our new twins in May! Boy and girl, both happy and healthy. Completing our family of 5.


Time to update our progress.


Total Income $28,880

Total Expenses $15,713

Savings Rate 45.6%

Home Loan 

Balance: $-256,602

Q2: $11,901 paid down

2019: $22,755 paid down

Hitting our goal of home loan under $260,000 and we are looking good at the goal of $245,000 before end of year.

Travel $0

Work and paternity leave only this quarter. No time for holidays with the arrival of our new babies.

Goals Update

  • Hit 50% savings rate – We hit 51% savings rate in May but the other months let us down.
  • Under $245,000 Home loan – $11,602 to go!


Spending was higher then expected due to purchases for the twins. (Small price to pay)

We still managed to put away a decent amount onto the home loan. ($11,901!)

Look forward to bringing you the next update,



Grocery Shopping

Over the last few months, we have been doing 90% of our grocery shopping online and having it delivered home.

We had been receiving FREE DELIVERY because of a credit card. This offer has recently finished.

Now i need to decide if the time saving is worth the cost of actual delivery charges.

Value of my Time?


It has been a huge time saver, not driving to shops, parking, searching up and down aisle then waiting in a queue to check out. Not to mention dragging a toddler around the shops.

In my area, there are two main options.


under $100 = $15 fee

$100-150 = $12 fee

$150-200 = $9 fee

Online order Pickup = $0 fee


$any = $4 to $20 Depending on location, time of day, length of delivery window.

over $150 = $0 only with a 8 hour delivery window ( Flexi-Free)

Click&Collect = $0 fee


Our normal shopping budget is around $90-150 depending on the week. Although with the twins coming any day now, the extra nappies and supplies will bump this number up.

I believe the Click&Collect/Online Pickup for no cost is defiantly worth doing and more people should be using it. I am in and out within 5 minutes!

Our shopping will probably hitting $150+ in the coming weeks and with someone being at home in the 8 hour window, we could use the Flexi-free delivery offered by Coles.

If I had to pay for the service, I think $9/week, $36/month or $468/year is too much for me to justify. But if i can game the system by using free online pickup and flexi-free deliveries, I can get best of both for no cost.

After using online shopping for a few months, I totally see this as the future of grocery shopping. The grocery store will become more of a delivery warehouse then a corner store. While the competition is still strong between the main players, we can benefit from it.

ChooseFI recent podcast about American grocery shopping.

What are your thoughts? Are you using any grocery shopping delivery?

Carry On Luggage Only Australia

Jetstar_787_at_Sydney_AirportWith a growing family (5 any day now!) who still wants to travel, optimizing our travel costs is very important to us.

Flights make up a large percentage of our total travel expenses. So using affordable low cost airlines makes sense.

The problem with low cost/budget airlines is every extra comes with a fee. Want food? want to sit together? Want checked luggage? wifi? $$$$

Checked luggage on some airline can cost up to $50 per flight. Learning to pack and fly carry on only is a new skill we will be trying to use as a family.

Below is a link to a blog which a family used carry on only for a 3.5 month trip to Europe.

Packing for Europe in Summer: Carry On Only Packing List

Being based in Perth, Australia we are at the doorstep to South East Asia below is a list of Australian and Asian budget airline with carry on bag limits as of May 2019.

Jetstar: 56cm x 36cm x 23cm + small bag total 7kg

AirAsia: 56cm x 36cm x 23cm + small bag total 7kg

Scoot: 54cm x 38cm x 23cm + small bag total 10kg

Tiger Air: 54cm x 38cm x 23cm + small bag total 7kg


Here is a link to a backpack which I will be looking into for future trips. (not a affiliate link)


Any other families have carry on only tips?

Dunsborough March 2019


Our week in Dunsborough started with a plan to stay one night for a family friend’s wedding. A house/apartment large enough for us to fit was going to cost $250/night with a minimum of 2 night stay.

Instead we again used one of the holiday home program offered through Mr FMT’s employer, instead of costing $500 for 2 night we only paid $410 for a week!

IMG_8578 (1)

It was also a good chance for the three of us to getaway before the birth of the twins in coming months.


Our mornings were spent in playgrounds around Dunsborough and Yallingup. Afternoon we headed to the beaches of Meelup and surrounding areas.

One morning we decided to take our daughter to Country Life Farm, it was a full on morning of feeding animals, playing on bouncy castles, driving bumper cars.


Half the time we ate at home utilizing the full kitchen. The rest was spend at local bakeries, fish and chips on the beach, trying some thai takeaway.


We even tested out some of the many flavors of Simmo’s ice cream, which has a large playground and a “ice cream eating emu.”

Accommodation 7 days $410

Spending Money $414.5

Total $824.5 $117.78/day

1st Quarter Update 2019

We are already past the 1st Quarter of 2019! Time to update our progress.

Mrs FMT’s small business made a nice extra bit of income this quarter.


Total Income $24,854 

Total Expenses $14,940 

Savings Rate 40%

Home Loan

Balance $-268,503

Q1: $10,854 paid down

Putting us $8,500 off our goal for 2019 (will need to update our target of end of year.)

Travel $824.5

We had a week pre-babies in Dunsborough in the South West of Western Australia. Beaches, animal farms, parks and ice creams.

7 days $414.5 spending and $410 accommodation

Total $824.5 $117.78/day


Goals Update

  • Hit 50% savings rate – We have not hit a 50% savings rate yet, March was close at 46% but on average 40% which is a great improved on 25% last quarter.
  • Under $260,000 Home loan – $8,500 to go

New Goals for 2019

End of Year to have Home Loan balance at $245,000


Spending was higher then expected due to one off purchases for the twins coming in next few months.

We managed to put away a nice amount onto the mortgage, although this is expected to drop in coming months. With Mrs FMT  finishing up work and Mr FMT pay to be reduced whilst taking time off to be with the new babies.

March was our first full year of expenses tracked, which is a great milestone as this is a huge part in increasing our savings rate by being aware of all expenses.



4th Quarter Update 2018

End of December means the end of the 4th quarter of 2018, which is a good chance to look over our spending.

We had a bit of a bump in income due to Mrs FMT’s small business.


Total Income $28,344 Oct to Dec

Photo by Pixabay on Pexels.com

We continue spending extra on the planned necessary house repairs this quarter. Now with the repairs out of the way we can continue increasing savings as of 2019


Total Spend on Home Repairs $7,690.83 Oct to Decimg_7988 (1)

Even with the home repairs we managed to pay down some extra money on the home loan.

Total Extra Payments on Home Loan $6,074 Oct to Dec

Current Home Loan balance at $-279,357

Just beating our target we set last quarter for end of 2018, to pay down the home loan to under $280,000

Travel for 2018 $2,406

We had two family holidays in 2018 a interstate holiday to South Australia and a trip to the South Coast in Albany. img_7733 (1)

Goals Update

  • Hit 50% savings rate – We have not hit a 50% savings rate yet, December was close at 40% but on average with home repairs was around 25%
  • Under $299,000 Home loan – Done $279,357
  • Essential house repairs that had been put off – repairs are now done

New Goals for 2019

Under $260,000 Home loan

Home repairs to only come from Home repair fund. ($208/fortnight transferred to a offset account for use on future home repairs)

Earn 100,000 frequent flyer points. (in 2018 120,000 qantas points and 65,000 virgin points were earned) Virgin points were used for South Australia Holiday.


At start of 2018 we had sold one investment property but still had one investment property loosing money monthly and no idea on what our monthly expenses were.

Fast forward to today and we have

  • 9 months of expenses tracked
  • a separate 6 months emergency fund
  • budgeting for future months
  • sold investment property
  • carried out outstanding home repairs
  • have a clear view of where we will be in the coming months and years.

This has not only helps us sleep well at night but to make plans ahead into the future.

Which is handy as the FMT family is growing from 3 to 5 in 2019 with twins expected in May 2019.

How was your 2018? and what goals are you planning for in 2019?