How Much Money Do You Hold in Savings Account

Newbie aussie on 16/10/2016 - 11:58

So here's a quick background:
After a long struggle and bagging my first job after school I somehow managed to save hoping to buy my first home. When I actually entered the housing market i realised that I need much more for a decent place.
Now the money is lying in savings account with dismal interest and will be quite some more time before I can accumulate enough for a new home.
The question I have is, what should I do with that money so that it will fetch me good returns at the same time provide liquidity when I decide to go in for new home? Do people usually keep money in their savings account when they are house hunting, with house prices sky rocketing?

Poll Options

  • 16
    0-$30k
  • 14
    $30k-$90k
  • 22
    >$90k
Financial

Comments

    • outlander on 16/10/2016 - 13:04
      +1

      But, if the economies' set to implode in 6 weeks, and the that article was written 4 weeks ago, thats..
      …..
      today! :0

  • RobMel on 16/10/2016 - 14:48

    As always the more profit the higher the risk. Also any extra profit you split with the Tax man to pay for everyone else's freebies

    • fruit on 16/10/2016 - 15:34
      -1

      Then don't earn so much… /s

      • RobMel on 16/10/2016 - 18:46

        Yes I know study hard, work hard and save your money is punishable by high taxes here.
        So encouraging.
        I think soon I will be better off just being lazy and get a cozy job.

        • esosite on 16/10/2016 - 22:11

          Couldn't have studied so hard if you hadn't had tax subsidised education… couldn't have worked hard if you died from a simple disease paid for by public health care.

        • RobMel on 18/10/2016 - 20:00

          @esosite:
          I worked hard first to pay for my own studies overseas, no handouts like some.
          And I pay for my private health insurance on top of medicare levy and on top again gap payment.
          You should become a fact checker for Q&A

    • niner on 16/10/2016 - 23:16

      You're actually completely ignorant. The tax man helps fund the national infrastructure. Private companies don't run this company, public servants do.

      At the end of the day you're on this earth for only a short amount of time.

  • inherentchoice on 16/10/2016 - 14:54
    +2

    The Washington think tank who is making this warning may have a vested interest as they probably want the Aussie banks to relax the rules to make it easier for them to invest here.

  • niner on 16/10/2016 - 16:35

    Few million. I sold my house recently, so yeah. Looking for a new one, so I'll probably lose 1-3 million considering how much houses cost in the eastern suburbs/inner sydney.

    Then again, offset accounts are quite handy.

    I pay a lower tax rate, because of my job so it's easier to save more money.

  • dylanando on 16/10/2016 - 17:53
    +1

    close to $1

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