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Saving for a rainy day has never felt more relevant.

According to CBA in 2020 Australians amassed a huge $200billion in savings (https://www.businessinsider.com.au/australian-pandemic-savings-spending-government-cuts-2021-1)


For those who were able to save this represents an average of up to 4 months living expenses. Not bad at all in a pandemic, and of course potentially at least in part due to government stimulus measures – free childcare, jobkeeper and jobseeker.


Amazing! We applaud this. But what should you do with it when deposit interest rates are miniscule?


Well the government would kindly ask you to stimulate the economy with it, but…

· An offset account is a great way to have this cash “offset” the balance owing on your loan saving you interest on that portion of the loan

· Some loans even allow multiple offset accounts – for those who like to segregate their savings

· Or, for loans that allow additional repayments and redraw – tucking it away out of sight, out of mind and saving interest is another good idea.




Financial wellness series with thanks to MFAA

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Two Red Shoes Copyright © 2020 All rights reserved. Call on 02 9002 0380, 0404 494 929, email us  or 'old school' fax 02 9002 0381

Jarrett Group Pty Ltd atf Jarrett Group Discretionary Trust trading as Two Red Shoes hold Australian Credit Licence No: 428614 and are members of an external dispute resolution scheme. Details of our complaint resolution process can be found here or please see our credit guide. All information contained on this site is general information only, and does not take into account your particular financial situation or needs. You should consider your personal objectives, financial situation along with the recommendations of your trusted advisors.  Our complaints policy and procedure is found here.

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