• Culture,  Save Money

    What is Insourcing and Why You Need to do it aka How to get Everyone to Help at Home

    Too often everything in the home falls on the shoulders of the mother. The mental load is huge and expectations are high. Mothers now are expected to work as if they don’t have kids and raise kids as if they don’t work.

    Research shows a woman’s workload increases when she gets married. Even more once kids are involved. The amount of us that are doing almost everything at home, working full time, doing most of the child things plus all the paperwork and mental load things is huge. Burn out is real and this is why.

    Disclosure: This post may contain affiliate links.

    What is Insourcing?

    Insourcing is getting others who live with you to do things. In our home, we are of the view that we all live here so we all need to pitch in. This means we take turns cooking dinner, my kids pack their own lunches, whoever cooks dinner doesn’t have to clean, laundry is alternated etc.

    Although there have been many times where it slips, for the most part, having this approach means the actual chores within the home are shared. The mental load is another thing though.

    How do you get Everyone Else at Home to Help More?

    The younger you start, the easier it is. As soon as my kids show any interest in any house chore I was doing, I involved them, even though it meant the task took longer.

    Some examples, as soon as my son could walk, he wanted to help his older siblings take the rubbish out, he wanted to help load the washing machine and push the buttons. By encouraging this, I know he will turn out the same as his older siblings.

    His older siblings are 13 and 15, they each cook 2 nights a week, clean the kitchen after dinner, take the rubbish and recycling out. Once a week other chores such as the bathrooms, floors etc are rotated and they do these. We all live here so we all help and they don’t complain, they just do it.

    Involve your kids! It can be a pain in the beginning, messier and slower but it is worth it. My kids have been capable of everything including cooking dinner since age 7. My nieces and nephews are the same.

    Fair Play

    At one point, things slacked off at home. My son was a few months old, I was the only one providing financially, we were trying to get a residency visa, did a 3 week road trip in the middle of Covid to get all our stuff from another state (Noosa to Melbourne and back) and so people could meet my son.

    I ended up doing everything and I was exhausted. So much paperwork for the birth of our son, registering Mr Aspiring Millionaire, the visa, Medicare, tax, stuff with the teens. It broke me.

    Enter Fair Play, a deck of cards that really helps show just how much each person is doing, the mental load we carry etc. There is a book and cards. Both are so useful in visually showing and getting everyone in the family to see what the reality is when it comes to who does what and how much needs to be done.

    Life Admin Hacks

    If there was ever a book that would save you time and money by helping you organise everything from doctor appointments to tax, this is it. Life Admin Hacks covers every aspect of your life and budget, and provides you with resources and systems to streamline it and make your life easier.

    It is a must-read book for everyone.

    Family Calendar

    This was a game-changer in our house. While my family has been pretty good with splitting chores, no one really understood how much was required to run the home and our lives efficiently.

    Once I set up a family calendar and started putting things in, time blocking and allocating what needs to be done, they realised how much I did. Every appointment and task from car maintenance to the dentist was put in.

    A family calendar also helps everyone see if there is time to go to a friends or accept an invitation etc. We know what we are all doing and when so nothing is double booked or forgotten.

    Meal Plan

    We shop once a week and plan our meals around what is in season and on sale at the market. Before we shop, I cook what we have left or organise it into things so nothing gets wasted. For example, any vegetables that are too soft will be used in a soup or spaghetti bolognese or similar.

    The foods made from what’s left at the end of the week are typically meals we can freeze to use on a night we don’t feel like cooking. It prevents us from getting takeaway on those nights and prevents general waste.

    A meal plan makes it easy for the kids to know what they are cooking and when. It also enables us to teach them more recipes and for them to make decisions about what they want to cook or learn to cook.

    Childcare

    This one is still a juggle and a work in progress. As most of my work has always been done around the kids, it was taken for granted that I would do the bulk of the childcare. However, with a toddler and a baby, Mr Aspiring Millionaire working long hours and sometimes away overnight, it got tricky.

    With no childcare available, we had to work out options and routines to make this work better until the youngest two get into childcare or we get a nanny. Otherwise, I won’t be able to work much at all and all our goals will be on hold.

    The way we’ve ‘insourced’ childcare, for now, is the kids all play together at times. Our toddler thinks he is one of the teens anyway and they love teaching him things. Then on weekends or if Mr Aspiring Millionaire finishes early, he looks after them for set times then so I can work.

    Our main reasons for doing it this way until we can get childcare is so I can still have an income, the kids are all close and the older ones do not feel like permanent babysitters. It’s important to us that it is play, not constant childcare when they are with their younger siblings.

    Chores

    With the rest of the chores such as washing, sweeping, mopping, the bathrooms, ironining etc. I do some during the week, around the younger two. The older two chose their chores and we aim to do all the big chores on one day so it doesn’t feel like constant work.

    Since we all live here, we all help. By having that attitude and the kids being raised that way, insourcing this has been relatively easy.

    What and How do you Insource?

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  • FIRE: Financial Independence Retire Early,  Net Worth

    1 Year of Aspiring Millionaire

    How we Increased our Net Worth by $166,000 PLUS got Permanent Residency and new Qualifications, Jobs and Another Baby

    A year ago, we started this site as a hobby. At the time, we had just applied for a residency visa for Mr Aspiring Millionaire, we had 4 kids (teens, a primary schooler and a 3 month old). Mr Aspiring Millionaire had not been working for 2 years as he was on a tourist visa and Ms Aspiring Millionaire had health issues through the pregnancy causing a drop in income.

    We’d seen some extreme expenses including repatriation after getting lockdown in the Solomon Islands. For 2020 it felt like we were bleeding money, so once we did the residency visa and knew we’d be based in Australia for a while, we regrouped and focused on our finances.

    So in April 2021, we sat down and worked out where we were at financially, our goals and what we wanted to do.

    What did we Achieve in a Year?

    With the visa approved, we were able to get clear on our goals and also fell pregnant with a daughter who was born in February. With our son turning 1 in January, this meant by February 2022 we had two teens, an 8-year-old, a 1-year-old and a newborn.

    Quick Version

    A baby, a residency visa, a $30K course, cleared some debt, 2 trips (a road trip from Noosa to Melbourne then a trip to Tasmania for 3 weeks), a new job and started another business.

    For 1 year, and 1 sporadic income, that is a lot to achieve. Many aiming for FIRE (Financial Independence Retire Early) would baulk at some of these expenses and choices. Our aim is to enjoy life, create great memories and do what we want while also working towards financial freedom.

    A note on our income, Ms Aspiring Millionaire is the main income earner and due to health complications, her income dropped below 6 figures so we are not using a high income to achieve this either.

    $30,000 Course: Commercial Diving

    Our first goal was to save for a commercial diving course for Mr Aspiring Millionaire at a cost of $30,000 with 3 courses, flights, accommodation and some gear. In December 2021, he became an ADAS 3 Commercial Diver.

    August to December, Mr Aspiring Millionaire was based in Tasmania while Ms Aspiring Millionaire was in Noosa with the kids. As the only income earner for the past few years, it was a little daunting to aim for $30,000 for the course.

    Things fell into place in July, so we quickly booked him in the last spot available for the August course. If he didn’t do the course then, it couldn’t be done until early 2022, when Ms Aspiring Millionaire was due with a baby.

    So for us, the only option was to find the money asap and we did. Getting the money as well as him getting qualified was a huge achievement.

    Another Baby

    The teenagers are just over a year apart, they are best friends and are from Ms Aspiring Millionaire’s first marriage. The 8-year-old is from Mr Aspiring Millionaire’s first marriage and she currently lives in the Solomon Islands. Together, we had our son in January 2021 and before we had him, we had decided to have another close in age, the same as the teenagers are.

    In February 2022, our youngest daughter was born. Mr Aspiring Millionaire was doing work in another state so flew back for the birth and has visited twice in the 2 months since her birth.

    Despite being experienced, her birth had complications and it was an extremely traumatic birth, requiring surgery and extra care for Ms Aspiring Millionaire after birth. Not at all what we planned or expected but 2 months on, things are going much better.

    Our daughter is easygoing, much like our other kids and our older children simply adore her. All of the kids get along well and the teens love teaching their younger siblings everything.

    Travel

    In April 2021 we did a road trip from Noosa to Melbourne. For the most part, it wasn’t that expensive as we had a lot of free accommodation with family and friends. The purpose of the trip was to see friends and family as well as collect our belongings that had been stored in Melbourne since early 2019 when we went travelling.

    In the September/October school holidays Ms Aspiring Millionaire flew with the teens and baby, while pregnant, down to Tassie while Mr Aspiring Millionaire studied. Ms Aspiring Millionaire’s uncle lent us one of his spare cars for the trip and we stayed with family in some places and paid for accommodation elsewhere.

    The Tassie trip was a combination of seeing each other during the course, showing the kids and Mr Aspiring Millionaire where Ms Aspiring Millionaire grew up, seeing family and some travel writing work.

    New Job and New Business

    In January 2022, Mr Aspiring Millionaire started work as a commercial diver and loves it. His previous career was in diving as a guide and tec diver including doing the trip to find Amelia Earhart’s Plane with National Geographic. Commercial diving was a goal of his since he started diving but wasn’t achievable in the Solomon Islands or Vanuatu.

    As for the new business, many of our businesses are small at the moment with room to grow. Focusing on the babies and studies meant we didn’t spend a lot of time on the businesses. However, we had the opportunity to get involved with one this month. Right now, it’s not worth a lot but there is huge potential for growth across the 3 countries we are based in.

    Plus the new business requires minimal work (less than 1 day a month) from us as most of the work is done elsewhere.

    How Our Net Worth Grew

    We are ecstatic to look at what we have achieved in the past year, especially since we know the obstacles we faced that we aren’t sharing here. Doing all of that predominantly on one income was amazing so we know now that we are both working and have the capacity to expand the businesses that our net worth will grow faster.

    Here is where we were and where we are now.

    Our Assets April 2021

    April 2021 I was only able to list out our properties from Vanuatu so below is more specifics from May 2021 after the little businesses were valued. Retirement funds aren’t listed fully but we also plan to retire well before we access them so won’t really include them. In April 2021, we were having issues getting the amounts from the islands so couldn’t list them.

    Property: $600,000
    Business 1: $70,000
    Business 2: ?
    Business 3: $3,000
    Spaceship: $679.85
    Coinspot: $209
    Raiz: $40
    Retirement: ?

    Our Liabilities April 2021

    Combined, our debt is not great. We have a few separate loans and are focusing on one at a time while maintaining minimum repayments on them all.

    Custody debt $9,000
    Visa debt $6,000
    Personal loan $12,000
    Cash debt $600
    Cash debt $500
    School debt $900

    Total: $29,000

    Net Worth $571,000 April 2021

    Once we remove the liabilities from our assets, our net worth isn’t terrible. We have a positive net worth which is the main thing! Our net worth is roughly $571,000AUD. This will be different once the businesses and retirement are sorted.

    Assets April 2022

    Properties: $600,000
    Business 1: $120,000
    Business 2: $20,000
    Business 3: $5,000
    Business 4: $10,000
    Business 5: $0
    Shares: $300
    Crypto: $601

    Total Assets: $755,901

    As you can see, we haven’t invested a lot anywhere but the businesses have increased in value due to marketing. The value of the businesses is based mainly on the annual income since most of them don’t have tangible assets.

    We would have invested more in shares and crypto but the course was our main focus, along with clearing debt. This coming year, we will invest more.

    Liabilities April 2022

    Custody debt $5,000
    Visa debt $5,000
    Personal loan $8,434
    Cash debt $0
    Cash debt $0
    School debt $0

    Total: $18,434

    We are quite happy with how much debt we’ve cleared here on top of everything else. Our assumption is this debt will be all gone within a few months.

    Net Worth April 2022: $737,467

    Considering our expenses, the health issues with pregnancy reducing income and working predominantly with 1 income, we are pretty happy with this.

    Knowing how much we achieved is empowering and motivating for this coming year. With Mr Aspiring Millionaire now working on a good wage and the world opening up again so Ms Aspiring Millionaire can do more travel writing again, we anticipate the next year to be even better.

    Plans for the Upcoming Year

    Rather than sharing plans, we will continue to share what we have done, as it is done. Ms Aspiring Millionaire will continue with the $2 to $1,000,000 challenge. We will continue to grow our businesses and Mr Aspiring Millionaire will work full time as a commercial diver.

    As for large expenses, this year we plan to buy a 7 seater car. Debt will be cleared soon and we have a few purchases to make for the home.