World Youth Day provided a great many opportunities to make an extra bit of cash. The entrepreneur could not only rent out a room to pilgrims, but also sell them anything that might be considered a memento of the day and of their trip to the Land Down Under. Hats, bags, t-shirts and many other symbols would have been exchanging hands. But what do you do with all that extra cash you made - blow it on champagne, clothing or eating out? Windfalls are usually few and far between so why not make yours really count for something by saving it in a term deposit or cash management account?
You can’t have much of a party with $1000 or so. You’d hardly miss it if you popped it into a term deposit and forgot all about it for the next several years. Then you would receive a shock of the nicest kind to find that it had increased quite a bit without any effort on your part at all. Better still, instead of forgetting about it, why not increase that nest egg by adding a little more every month? You can even name your new account after the event that spawned it.
A cash management account is just the thing to give you a competitive interest rate while not locking your cash away. Quick and easy access is a feature, but you may decide to use that access for adding more rather than taking it out. Setting up your linked account to add more automatically will ensure that your new savings account grows quickly.
Or if you prefer to have the benefit of a term deposit, you can make giant strides in your new savings plan by taking advantage of the fee-free electronic accounts that offer such great interest rates. But for the best result make sure the interest is calculated daily and added monthly.
