You know those movies where the cool dudes hide their cash under a mattress, in the ceiling and in the toilet cistern?! Why don’t they ever show where the cool GIRLS stash their cash?
First of all, we need more movies about cool girls. And really, it’s not that hard, ALL girls are cool. But for now we’ll leave that to the movie pros and we’ll stay in our finance lane. While we wait for more fierce females on screen, we’re here to tell you where all the cool girls stash their cash.
Whether you’ve been extra thrifty, you’ve just scored a raise (you totally deserve it!) or you’re expecting a tax refund, you may be wondering what you should do with that extra cash in your everyday account.
The short answer? Don’t stash it away. It’s really not a cool idea after all. The really cool thing is to make it work harder for you.
From one cool girl to another, these are our top 4 tips on where to stash your cash.
1 / Reduce your debts. Now, this probably sounds boring, but it’s the best way to earn more on your extra cash. The faster you pay off those debts, the more interest you’ll avoid paying. Those credit cards and personal loans? They’re the high interest ones, so focus on them first. Then when you’re on a roll, set up automatic additional payments – weekly, fortnightly or monthly. Even if you just repay a few extra dollars each time you’ll be reducing the interest on your debt. That means more money back in your pocket. Or in your fabulous new purse.
2 / Start special savings. Need a holiday? Planning a wedding? Instead of stashing cash where the boys do, open another bank account for your special goals. Choose an online account that earns higher interest and set up regular automatic transfers. Before you know it, your stash will be looking super sexy and like that friend who’s got your back it will be there exactly when you need it.
3 / Make savvy investments. Before you skip over this one… it’s super easy. Promise. Your superannuation is actually your first investment portfolio. If you’re yet to retire, sorting out your super should be top of your list. And Team Super Fierce is here, ready to help you get it sorted. So then you can go and stash more cash in additional investment portfolios. Set up a managed investment fund and make regular contributions and you can take advantage of dollar-cost averaging.
4 / Share it around. Helping others just feels good. And you don’t have to be super wealthy to be a philanthropist. You can make a difference. Is there a charity or cause that’s close to your heart? Maybe there’s a few. Donating will bring all the good feels, and bonus, if you’re feeling extra savvy you can claim donations as a tax deductions! Want to know more about planned, tax-effective giving? Visit www.philanthropy.org.au.
So forget those guys in the movies. You’re cooler than that! We guarantee if you use any of our cash stashing ideas you’ll be better off than if you kept it under the bed. You’ll sleep so much better knowing your money is working hard for you… and without the lumps in the mattress!