We have presented an investigation on the characteristics of a laser beam, which is a mixture of two degenerate modes (TEM00 and TEM01), that is propagating through cubic quintic nonlinear media. Employing WKBJ method and paraxial ray approximation we have derived a pair of dynamical equations for the beam widths of the mixture of two modes. These equations are identical to two coupled nonlinear oscillators of mass unity. We have found that in the absence of quintic nonlinearity, stable propagation is possible for certain values of intensity ratio of two modes, whereas for other intensity ratios only quasi steady propagation is allowed. In the presence of quintic nonlinearity, stable propagation is allowed irrespective of the value of intensity ratio of two modes. Bound as well as unbound oscillatory regions have been identified. It has been found that, higher values of quintic nonlinearity and the intensity of TEM01 mode reduce the amplitude of oscillations.