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What should I do with this money?
33 replies to this topic
Posted 14 February 2017 - 12:56 PM
Term Deposit for sure. $15k is a good "safety" net which you will be grateful for keeping and growing.
McG2013 has a good split - as the 15k will not be accessible, keep some so that you can use it now, but wisely - do you have any income generating hobbies? otherwise, try a new job?
Posted 14 February 2017 - 01:01 PM
A term deposit is my suggestion.
Enjoy your holidays!
Posted 14 February 2017 - 02:22 PM
Thank you everyone.
My job I have had since November 2015 and have never had less than 3 full shifts a week. I'm on $28.11 per hour. I don't plan on looking for another job. I also get a top up from Centrelink - tax benefits plus single parent. I think I'm doing ok. I used to babysit and thought about atartjng to do that again but I think I'll wait until I finish my studies.
Any ideas on what bank would be better for a term deposit?
Thank you for those who understand that these holidays are important to me and don't think I should cancel them. Those that suggested cancelling, I have to wonder... do you smoke? Drink? Have more than 3 handbags? Go out to the movies? Dinner? You can't live life not doing anything or buying anything just because the money would be better being saved.
My Thailand holiday cost me $940. That includes flights and accommodation for myself and my 4 year old. Add on $700 spending money and I think $1600 is pretty cheap for a week long Thailand holiday.
Edited to add the f into shifts. Oops. Haha.
Edited by secret agent, 14 February 2017 - 02:38 PM.
Posted 14 February 2017 - 02:34 PM
I just wanted to say that you sound really sensible.
You need to balance your financial security and also be able to partake in the pleasures of life.
I also agree with PPs about checking out your car loan. if you can pay it off and save interest then why not do that. Then you only need to worry about maintenance costs, rego and insurance each year. This means if your situation changes, less issues. Plus its good to have less liability when you do decide to purchase a property.
When does your study complete and what are your plans after that?
Posted 14 February 2017 - 02:38 PM
I have no advice, but just wanted to say enjoy your holidays
Posted 14 February 2017 - 03:01 PM
I too hope you enjoy your holidays. I love a bargain trip myself and think you did pretty well with those prices.
Please don't take this the wrong way but I think the previous concerns about the holidays were just related to the fact that you are living with your mother rather than any view that you should save all your money and not have any 'splurges' at all.
You can see term deposit rates here:https://www.canstar..../term-deposits/
Posted 14 February 2017 - 03:07 PM
Please don't take this the wrong way but I think the previous concerns about the holidays were just related to the fact that you are living with your mother
That's a judgment call in itself though as having your own place doesn't need to be the be-all and end-all. It can work out quite mutually beneficial for adult family members to share a home long-term - in fact the government is trying to encourage more utilisation of existing housing stock to free up the housing market! I have friends who have their adult daughter, son-in-law, grandson and son living with them, this has been going on for 10 years now and suits all involved with no plans to change the arrangement, all are working and pooled their money to purchase a property suitable for them all.
Posted 14 February 2017 - 08:45 PM
Mollycoddle I totally agree. My mum owns a 4x2 on a 900sqm block with a huge pool. And then she works fifo, has the last 5-10 years with no desire to stop anytime soon. She works 2 weeks away 1 week home. I just see it as a no brainer really. She has someone to take care of the place, and I have somewhere very cheap to live. I still get free time and privacy when she's at work. And she loves the company when she is home. It works for us
Posted 18 February 2017 - 12:48 PM
I agree with previous suggestions of investigating paying out the car loan. If it makes financial sense to do so, did that and redirect your car payments into your $5000 savings. Put the remaining $7000 in a term deposit and then each time it comes up for rolling over, take whatever has accrued above $5000 in your savings and add it to your term deposit. With compounding interest and regular additions it should grow quite quickly.
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