You might think a savings account is the best place to keep your hard-earned, but there are ways to make better use of the money you’ve got sitting in the bank.
If you’ve got savings you don’t have plans for, adding them to your super is a great way to turbo-charge your retirement fund.
Now could be the “sweet spot” for savers willing to lock their cash away in term deposits for a few years, says columnist Nicole Pedersen-McKinnon. Give your mortgage a helping hand by putting your money to work in an offset account. You retain access to your funds while “earning” the equivalent of your mortgage rate.Advertisement, a free weekly newsletter giving expert tips on how to save, invest and make the most of your money, is sent every Sunday. You’re reading an excerpt −The power of savings is instilled in us from a very young age.
, this throwaway gag has cut a bit too close to home for some moviegoers, prompting some reflection about what you should do with your hard-earned, though this varies wildly by age and is heavily weighted to older Australians, with younger generations more likely to have about $10,000, or less. Often, those savings are earmarked for something, such as a new car or a house deposit, but regardless, there’s a good chance you could be making better use of the money you’ve got sitting in the bank.
Advice given in this article is general in nature and is not intended to influence readers’ decisions about investing or financial products. They should always seek their own professional advice that takes into account their own personal circumstances before making any financial decisions.
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