Title: Westpac - $200 in a Bump Savings Account for Any Australian Child Born in 2017 (Accessible When 16 Years Old) - OzBargain
Headings: Westpac -
$200
in a Bump Savings Account for Any Australian Child Born in 2017 (Accessible When 16 Years Old)

Westpac - $200 in a Bump Savings Account for Any Australian Child Born in 2017 (Accessible When 16 Years Old)
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Content: I wonder how many teens who were given their first car get a shock the next time they need a car and have to fund it themselves. My kids will get plenty of financial support from me, the same way I did from my parents…just delivered in a way that helped me to help myself. Your parents didn't just hand you a car - you paid it off. That is very different. DisabledUser81704 on 01/01/2017 - 11:54
+1 vote
Pay off your mortgage faster
This is the best option since principal will be high
Make sure you have enough cash flow/liquid assets if a surprise crops up
Get an online savings account
Get paid
Pool your money with your wife in 1 account
Transfer that money into online savings account at the end of each monthly period
Normally you get bonus interest if
- you make a minimum deposit
- only make one withdrawal
So deposit a decent sum at the end of the month
Transfer out of the start of the month
If you keep it all in the same bank the transfers are instant which makes it a lot easier
And your money stays available at all times to use as required
The trick is not to spend on useless junk
bchliu on 01/01/2017 - 12:49
+3 votes
"The trick is not to spend on useless junk"
haha.. we're in OzB.. that doesnt work.. :)
webbiegareth on 01/01/2017 - 19:41
+1 vote
For #1, I use my mortgage as a savings account. I don't actually have one of those online savings account, every fortnight anything left in my daily account goes into the mortgage, and I just redraw if I need it. :) On the plus side, I now have lots of equity in my house and it won't be long till my mortgage is paid off :)
DisabledUser81704 on 01/01/2017 - 20:36
@webbiegareth: Nice one! I don't have a mortgage yet so I just use the savings account. If I did, I, like you, would pay that down ASAP +- use the equity to buy somewhere else
bchliu on 01/01/2017 - 09:52
+4 votes
That's lower than inflation.