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Some places to stash your cash

10.08.2015 by GTC Financial Services

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 If there is a good chance you will receive a tax refund this year or by being thrifty you have accumulated some extra cash in your everyday account, try to contain the temptation to splurge or celebrate; instead make it work harder for you.

Here are some places you can stash some extra cash that will pay off in the long run.

  • Reduce your debts. As boring as it might sound, this is the best way to earn more on your extra cash. Focus on any high-interest loans such as credit cards and personal loans you have. While you’re at it, set up additional monthly payments towards these debts – even a few extra dollars each month will put more back in your pocket.
  • Special savings. Do you have a special goal such as an overseas holiday or wedding? Use your extra cash to open a separate online bank account that earns higher interest and set up a monthly automatic transfer from your everyday account. It will quietly grow behind the scenes and be ready for you when you need it.
  • Invest it. Use your lump sum to set up a managed investment then make regular contributions to take advantage of dollar-cost averaging. If you’re yet to retire and haven’t already taken control of your superannuation, this might be an even better option for you as it is far more tax-effective. Talk to us for further guidance.
  • Share it around. You don’t have to be wealthy to be a philanthropist. What is your favourite charity? Or share it between a few needy organisations of your choice. It will not only make you feel good, but you can claim your gift as a tax deduction. You can find more information about planned and tax-effective giving at www.philanthropy.org.au.

Each of these ideas will give you back far more than spending your extra cash on a whim.

For more information

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GTC Financial Services Pty Ltd is a Corporate Authorised Representative No 314227 of Futuro Financial Services Pty Ltd ABN 30 085 870 015 Australian Financial Services Licence No.238478.

The information contained in this document is by way of a general summary only and has been prepared without taking into account any person’s individual objectives, financial situation or needs. Before making any decision a person should consider the appropriateness of the information to their individual objectives, financial situation and needs and if necessary seek advice from a suitably qualified professional.

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Topics Personal Financial Planning

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