I have inherited some money from a friend, not much to some people but to it is a lot (over 10 grand). Being a young full time single mother of 2 little ones I have never seen this much money in one go before and I'm not sure what to do with it!
Is there a good bank I should bank with and put it into savings there (currently I'm with CBA)? Both my kids have a savings account each with the CBA that I put $25 into fortnightly so I was thinking of splitting this and putting it into each of their accounts but im not 100% sure (I can withdraw funds from their accounts should i ever need to in an emergency so that's a bonus).
I have no debt to pay off so that's not a concern.
Also, do I need to declare this to centrelink? I'm studying full time and on the single parent pension. Will they reduce my payments or take it off me? I want to do the right thing.
Thanks so much for your help!
5 Replies
You will have to declare it but it shouldn't affect anything. If you don't need the money I would save it until you are working and add to it until you have a deposit for your own home. That will benefit your kids more than money in their bank accounts.
Personally, if you have no debts to pay, I would put it into a bank account seperate to whom you normally bank with. Out of sight, out of mind type of thing. Interest rates are pretty low at the moment so have a look around - we use ubank. I'd also keep a percentage and use it to do something for yourselves - a holiday, a day trip somewhere special, buy something.. treat yourself and leave the rest to grow and add to over time
I would put half in a bank account for YOURSELF and spend have making memories with your kids! Family holiday etc! Fill up your cup sweetheart! And then have a fall back!
We too recently received some funds, we have a mortgage but that’s it. We have put $5k aside into an account for bills so we are always well ahead on them and especially over winter when the gas bills were triple the usual it helped a lot.
We spent a little bit and then also saved some, hopefully to put towards a holiday!
You should Bank half and take the kids on a holiday or something that you can remember your friend by. or bank it all. You are smart either way for asking. It’s too hard to get back once’s it’s gone.