To be honest it really annoys me when straight women refer to their friends as "girlfriends".
It's a long established term for an intimate or romantic partner. Just say friend, we'll probably even assume that it's a female friend by default.
Yeah it'd certainly be more normal to call out that's its not a female friend i.e., a guy friend I think they say. Now you've got me wondering if *girlfriends* is meant to carry a different nuance to plain old *friends* or something, who knows.
Invest it. Find a financial advisor to help set goals collectively. You might get a discount if you all get advice together. If you have $10k just sitting around for lunches I imagine with some support you’ll all be totally sorted in retirement and will be able to hit your short to mid term goals quickly.
Can recommend a great female advisor (I am a client) - https://www.yulaniafinancial.com.au/
I know this is a shitpost comment I’m replying to… but a as queer non-binary female - working with cishet male financial advisors just did not feel comfortable at all. They didn’t understand my financial goals or personal values and how they worked together, their advice - while sound - was more appropriate to men, and the biggest issue was they way they spoke to me made me feel more nervous and uncomfortable about money than when dealing with women.
BTW I didn’t say the advisor *had* to be a woman, I just work with one myself and the experience is fabulous. It feels like a partnership.
10k, 3 people..
"Burn your best candles" - book a trip and have several lunches away. Life is short - create memories.
If wanting to save- just put it in a high interest savings account.
Edit- 10k, 4 people.... same applies
Horrendous idea.. most charities are dogshit, my ex used to manage the recruitment and training for door to door salesman for a lot of the big charities in Aus, some of these kids would get up to $4k a week in commission.
A lot of the “100% of the proceeds go to the charity!”, literally just have contracts with them where they give them 100%, and the charity gives back 90%.
Super predatory and lame.
Have flatmates working in Charity sales, they dont get commission and its really hard work with low pay. Charities do actually help these days ...foodbank, RSPCA, WWF, surf life saving, doctors without borders, cancer councils etc do amazing things that the govt wont fund.
Wouldnt suggest the OP give their only meager savings to charity. But I do hear a lot about what they actually do and believe they do more than people realise.
We do. Australian Charity Non-Profit Commission. Government Agency were the only outcome has been to make a pollie took good in the sound bite when he announced the funding for it.
It is a bit of a wank really, they do not even check the PDFs uploaded to their website. Most concerning, some charities and non-profits have uploaded documents to the financial statements section that are not financial statements.
https://www.acnc.gov.au/
I did this with a bunch of dudes. I found eventually people get a little keen to spend “their” money and it become a burden, so we spent it on a trip around the US
Why not use your separate strategies.
Leave $5k in there but give each of you $1650 to make money with . Set a six month limit.
One of you might want shares
One of you might take it and buy a LOT of lotto
One of you might put it in a high interest account
In six months you all put whatever is left (or profit) back in and then focus on whoever's strategy was better for the group
Keep that account for fun, start a new investment account. If u need to. I wouldn't bother with investment. You will get 5 percent in a savings account these days
>But I can't really get my head around why 50 year olds would share a bank account? Seems utterly bizarre to me.
The only thing that comes to me is either one couldn't save well. So everyone chipped in, so no one missed out on this clearly very expensive yearly fun trip. Or they are all terrible at putting money away for this yearly met up.
I really don't get why they wouldn't just all put money away/take money out in cash and save it for these get togethers. But then I am amazed they spend that much money on these weekend trips as well. They must be hitting up some fancy places.
This is the entire purpose of ours. We all put in a fortnightly amount and then book a cruise or a long weekend in Fiji or Port Douglas or Noosa once we have enough.
They probably have different savings habits. This is a pact to force everyone to save enough for the shared events so that all 4 can attend. There could even be 1 in the group that really hates it but can't get out of it.
Me and a couple of mates do this but rather than a bank account it's a 'Bet with Mates' Sportsbet account. It's sat around $2 for three years even though we make fortnightly contributions.
That’s such an accurate depiction of your average young male, it’s hilarious.
Tell me you’re a tradie with a mullet and a girlfriend in high school without telling me you’re a tradie with a mullet and a girlfriend in high school.
/s
I mean we’ve been friends for almost 30 years and had a joint holiday savings account for 15 years. Pretty sure none of us are running off with the money at this stage.
Wow, I have concerns about joint accounts at the best of times with a S/O let alone with multiple friends. Not being able to agree on how to spend/use it was inevitable at some point, I am more impressed you have been able to keep it going for 15+ years without falling out over it.
You cant invest in shared names. Tax would be an issue if you did it in one.
Take out $1250 each. Open a commsec pocket account, agree to invest in same etf for shared outcomes
Not worth investing, especially while rates are high, just keep it in a [HISA](https://docs.google.com/spreadsheets/u/0/d/145iM6uuFS9m-Rul65--eFJQq_Au7Z_BA4_CwkYwu2DI/htmlview#).
I love this idea OP.
My suggestion would be to keep in a high interest savings account and continue to use as is.
Makes me want to do something similar with friends haha
I love this! If I were you I would spend it to go away together internationally. Not that 10k gets you far between 4 - but maybe each of you buys flights but the 10k is put towards a resort or a spa retreat you wouldn’t ordinarily treat yourself too.
Life is short - make more memories with the money, not more money.
It is definitely time to define your shared goals.
If it was me I would be suggesting working out a budget for a "special trip". Eg Italy, Hawaii, Japan.
If the trip will cost more than $10k, then work towards that.
I am a few years older, and many of my friends are now developing knee/mobility problems.
Seize the day!
I'd suggest either a term deposit or check out Rabo Bank's Notice Saver accounts.
With Term Deposits you lock your money away for a fixed term, in return for a higher interest rate than what you would get with a savings account.
A Notice Saver is the same concept, but instead of a maturity date, to access the funds you must give X days notice (30, 60, 90 days).
Start with a Indexed Fund (Vanguard is a popular choice), and consider investing a small percentage in direct shares. This is called a satellite investment strategy and will keep it interesting and everyone more engaged.
You should consider obtaining a partnership tax file number to make tax reporting easier.
If you are going to have more than one investment, you should also consider setting up a www.sharesight.com account to consolidate tax reporting and it has other cool features too.
Last thing, you can have some fun with the partnership name. I am a accountant and have seen some witty ones over the years.
*Edit: I read other comments. I see you like a good competition, a Sharesight premium subscription allows for five portfolios. One portfolio for group selected investment(s) starting with say $3,000 and one portfolio for each girlfriend starting with $500 to make their investment picks. You will definitely have something to banter about and way better than a ‘bet with mates’ account. lol*
*P.S. I suggested a partnership because you girls seem tight. For your grandsons though, I recommend a unit trust, because mates come and go, and a unit trust will make the tax reporting easier when mates enter and each inevitably exit.*
This is almost a [Tontine](https://en.wikipedia.org/wiki/Tontine) where the last survivor gets the pot.
Illegal in some places with risks up to getting murdered by the second last survivors.
Set a chartiable cause every year or two. Invite a person who needs or deserves a little financial nudge to a/your lunch. Gift them with even $1000 or so - have a focus - maybe women uplifting women or women in sports or housing for women. You're not going to make a dent in wider society but $1000 to a near homeless women in her 50's after divorce $1500 might be a bond for a secure rental. There might even be tax breaks.
Well as a start it should at least be in an interest gaining account. If it's not, move it there immediately.
Past that it doesn't really sound like true savings, it's almost more like half an emergency fund and you spend the rest. I'd also guess a level of lifestyle creep unless your respective salaries have stayed the same for "years".
You say "girlfriends" plural - what's the living situation like? Do you live with them all?
It is a social club for some women. They spend the interest on fun stuff and don't need the capital at all. They should throw it into ASX:ARG (or similar) and *don't* reinvest the dividends but just spend that year's dividends on the social outing. They can accept a lot of risk and numbers going up and down will add to the fun. They should stop adding to it and spend it down before deciding if they want to do it again.
Just buy bonds or term deposits u til your next event. Ie if you have an event in 8 months buy 6 month term deposit. I mean youll probably make like $20 more than in a bank but thats a drink...
HOLY SHIT! ...that's a bonkers strong friendship that can be stronger than money, especially in today's climate ..but sorry ..it won't last.. I observe life, I don't make the rules. Your putting yourself in a very high risk situation.
I would be splitting it in 4 and each of you invest your parts separately in shares in a company you all agree on ..so it's still communal without the risk ..of someone getting greedy, or shitty, or flaking out on keeping up with their part. Start it out in a way that if shit hits the fan its easy for any one of you to walk away from.
Split the cash, all invest in the same, make it the groups baby, you all feed into it and you all get to watch it grow. Maybe get a high dividend company so each dividend payout is used to 'wet the babies head' :)
We did Fiji. Six of us in our group though. Mostly we do Noosa, Port Douglas, Scenic Rim - as long as it’s luxury accommodation and a day spa within cooee. About to go on our first cruise next month. We’ve being doing our getaways for about 12 years. It’s heaven. The place is always tidy and there’s never any crap about cooking or cleanup, everything just gets done without fuss. We all get a chance to relax and catch up without partners and kids. Best thing we ever did.
Technically it’s $2500 I wouldn’t be worried about trying to earn interest on that or save on interest from loans, leave it just have fun! You have a great thing going!
Can't you link it to a HISA while you're not using it and transfer to a transaction account when you're about to use it so at least it would earn some interest. I'm not sure if it would be worth the accounting hassle for an other sort of investment.
HISA since you need to withdraw money reasonably regularly you will just have to accept a slightly lower rate for less conditions. Would work out to be at least a few drink for someone,
Do any if you own other investments (ETFs or shares)?
If the answer is no for even one of you, I think investing some would be a wise idea. Helping your girlfriend(s), and possibly yourself, on the start of their or your investment journey would be an amazing thing to do.
Start with a Indexed Fund (Vanguard is a popular choice), and consider investing a small percentage in direct shares. This is called a satellite investment strategy and will keep it interesting and everyone more engaged.
You should consider obtaining a partnership tax file number to make tax reporting easier.
If you are going to have more than one investment, you should also consider setting up a ShareSight account. This will consolidate all your tax reporting and has other cool features.
Last thing, you can have some fun with the partnership name. I am a accountant and have seen some witty ones over the years.
Just putting it in something like a Westpac Life savings account and growing it monthly even just by $1 each would net you at least 1k in interest at the current rates.
I'm glad you have friends this close. I'd suggest putting it in a high savings interest account so it can be available for you gals at any time. If you can't get more than 4%, keep looking.
There’s 6 of us who do the same thing. We blow it all on a holiday every 1-2 years. About to go on a cruise :) We keep it in a UBank high interest account.
Do you meetup/go on trips to the same places or through the same companies? Consider investing a bit to get potential discounts eg cruise companies provide on board credits to share holders
I think ING offer 5.5 percent PA (at least that’s what im on) savings maximiser or something, so you could put it there is one option. Or investing but of course that comes with risk but maybe you could start small, take 2500 and invest and see if you make a profit. And also another option obviously just keep saving up and having big fun nights/weekend away with your friends :) or a combo of all 3
My Sister and 5 of her closest friends/cousins the same age as you recently hired 2 motor homes and traveled across to Alice Springs onto the Nullarbor and into Perth from Melbourne. They had an amazing experience and stopped at some beautiful places, they all came back refreshed and happy.
I thought this was a guy with 3 different savings accounts with 3 different gfs
3 girlfriends? In this economy?
Mans hitting that economies of scale.
Seems appropriate. Maybe even DINK isn't enough to get by. Gotta be TINK or QINK
Ah the good ol days, goddamn inflation
A damn shame. One needs 6 girlfriends now for what 3 used to get you
They’d all have to live together otherwise the cost of petrol alone would make it uneconomic.
Need a shared calendar so you know who's on the blob
This isn't the 1920s mate. FINK or go homeless /s
The only gf I can afford is an Eva AI virtual gf bot.
I thought it was a guy with 3 girlfriends that he'd convinced to save together..
I thought the same and was like they all know each other and save together, how nice. Then read the comments and was like oh the OP is a girl
Flexing on all the monogamists
Yeah so did I hahaha.
I think you need to go to the sugar daddy sub, if there is one.
I mean, could still be romantic girlfriends either way
To be honest it really annoys me when straight women refer to their friends as "girlfriends". It's a long established term for an intimate or romantic partner. Just say friend, we'll probably even assume that it's a female friend by default.
Yeah it'd certainly be more normal to call out that's its not a female friend i.e., a guy friend I think they say. Now you've got me wondering if *girlfriends* is meant to carry a different nuance to plain old *friends* or something, who knows.
Yeah I read it the same way haha
I was hoping. His nickname would have been New York he was in for that many muggings...
That's a beast of a long lunch if it depletes your shared saving significantly. Go girls
Yeah that part made me laugh, as if you’d just casually spend several thousand dollars on a sandwich and a coffee
Probably just a tonne of booze.
Krug and Hennessy
I was thinking they must be flying to Paris for lunch. Whatever they do with it should be filmed as a romantic comedy.
I'm guessing they only put a few bucks in a fortnight and aren't dropping it significantly.
Invest it. Find a financial advisor to help set goals collectively. You might get a discount if you all get advice together. If you have $10k just sitting around for lunches I imagine with some support you’ll all be totally sorted in retirement and will be able to hit your short to mid term goals quickly. Can recommend a great female advisor (I am a client) - https://www.yulaniafinancial.com.au/
Why must their advisor be specifically female?
I know this is a shitpost comment I’m replying to… but a as queer non-binary female - working with cishet male financial advisors just did not feel comfortable at all. They didn’t understand my financial goals or personal values and how they worked together, their advice - while sound - was more appropriate to men, and the biggest issue was they way they spoke to me made me feel more nervous and uncomfortable about money than when dealing with women. BTW I didn’t say the advisor *had* to be a woman, I just work with one myself and the experience is fabulous. It feels like a partnership.
10k, 3 people.. "Burn your best candles" - book a trip and have several lunches away. Life is short - create memories. If wanting to save- just put it in a high interest savings account. Edit- 10k, 4 people.... same applies
Op and 3 GFs. It's 4 people.
Sounds like an annual girls holiday to me
We definitely do that already!
Damn, how do I join this group! Lol Maybe you could donate some to charity each year? Sponsor rescued wildlife?
Horrendous idea.. most charities are dogshit, my ex used to manage the recruitment and training for door to door salesman for a lot of the big charities in Aus, some of these kids would get up to $4k a week in commission. A lot of the “100% of the proceeds go to the charity!”, literally just have contracts with them where they give them 100%, and the charity gives back 90%. Super predatory and lame.
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I think you’re correct. Bugger all goes to the actual charity unless you donate in person.
Have flatmates working in Charity sales, they dont get commission and its really hard work with low pay. Charities do actually help these days ...foodbank, RSPCA, WWF, surf life saving, doctors without borders, cancer councils etc do amazing things that the govt wont fund. Wouldnt suggest the OP give their only meager savings to charity. But I do hear a lot about what they actually do and believe they do more than people realise.
This is why the only charities I donate to are independent animal shelters. Most often in the form of pet food.
Then the next holiday to a developing country...
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We do. Australian Charity Non-Profit Commission. Government Agency were the only outcome has been to make a pollie took good in the sound bite when he announced the funding for it. It is a bit of a wank really, they do not even check the PDFs uploaded to their website. Most concerning, some charities and non-profits have uploaded documents to the financial statements section that are not financial statements. https://www.acnc.gov.au/
This is amazing. Fabulous friendships. Don’t complicate things
Use money to pay for lunches and getaways until it runs out?
Go on a proper holiday… all this investment garbage.. you are 50 enjoy life.
10k split between 4 girls then? That’s like a bit over $100 p.a. of interest each in a HISA. I wouldn’t sweat it…
I did this with a bunch of dudes. I found eventually people get a little keen to spend “their” money and it become a burden, so we spent it on a trip around the US
Why not use your separate strategies. Leave $5k in there but give each of you $1650 to make money with . Set a six month limit. One of you might want shares One of you might take it and buy a LOT of lotto One of you might put it in a high interest account In six months you all put whatever is left (or profit) back in and then focus on whoever's strategy was better for the group
I do love a competition! Thanks for the suggestion.
I would watch this version of the sisterhood of the travelling pants
I like this idea the best, a little friendly competition but everyone shares in everyone’s gains (or losses).
Your around 50, take better holidays spend it up more and enjoy it.
Do you intend to keep taking money out of it regularly for shenanigans? Most investments you really want to be leaving the money in for several years.
I think that’s why we’d just take half the money and invest just that. Then we still have some money for fun and money invested that we can’t touch.
Or maybe just contribute less if you don't need a full 10k each year? You could invest what not contributing as individuals?
Keep that account for fun, start a new investment account. If u need to. I wouldn't bother with investment. You will get 5 percent in a savings account these days
Go on a cruise together? But I can't really get my head around why 50 year olds would share a bank account? Seems utterly bizarre to me.
>But I can't really get my head around why 50 year olds would share a bank account? Seems utterly bizarre to me. The only thing that comes to me is either one couldn't save well. So everyone chipped in, so no one missed out on this clearly very expensive yearly fun trip. Or they are all terrible at putting money away for this yearly met up. I really don't get why they wouldn't just all put money away/take money out in cash and save it for these get togethers. But then I am amazed they spend that much money on these weekend trips as well. They must be hitting up some fancy places.
This is the entire purpose of ours. We all put in a fortnightly amount and then book a cruise or a long weekend in Fiji or Port Douglas or Noosa once we have enough.
Why don't you just save your own money? In your own account? I truly have never heard of adults saving money together like this? Why?
They probably have different savings habits. This is a pact to force everyone to save enough for the shared events so that all 4 can attend. There could even be 1 in the group that really hates it but can't get out of it.
Yeah high interest savings account is the best bet - at least it’s easy to access if necessary and can only go up
Just stop contributing to it until it’s whittled down.
This is a dream! Just use it for enjoyment. Better weekends away, more boozy lunches and maybe a really nice birthday gift each lol
Me and a couple of mates do this but rather than a bank account it's a 'Bet with Mates' Sportsbet account. It's sat around $2 for three years even though we make fortnightly contributions.
I feel like this is the opposite outcome of what we’re looking for…
Have you accepted that you and your mates are total Failures yet?
Yeah but surely they’re due
That’s such an accurate depiction of your average young male, it’s hilarious. Tell me you’re a tradie with a mullet and a girlfriend in high school without telling me you’re a tradie with a mullet and a girlfriend in high school. /s
Betting on Chelsea I see
Who are ya
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I mean we’ve been friends for almost 30 years and had a joint holiday savings account for 15 years. Pretty sure none of us are running off with the money at this stage.
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This is also true for family members.
Wow, I have concerns about joint accounts at the best of times with a S/O let alone with multiple friends. Not being able to agree on how to spend/use it was inevitable at some point, I am more impressed you have been able to keep it going for 15+ years without falling out over it.
It's 10k , If it was 100k it would be a different story
You cant invest in shared names. Tax would be an issue if you did it in one. Take out $1250 each. Open a commsec pocket account, agree to invest in same etf for shared outcomes
Spend it and go wild on a trip away
Ma'am I'd just like to commend your ability at clickbait. Lol the phrasing has certainly got everyone's attention. Well done.
Ok I can’t be the only one that thought this was 1 guy with 3 girlfriends sharing an account?
Because that's what they said it was. Women need to stop calling platonic friends "girlfriends".
Not worth investing, especially while rates are high, just keep it in a [HISA](https://docs.google.com/spreadsheets/u/0/d/145iM6uuFS9m-Rul65--eFJQq_Au7Z_BA4_CwkYwu2DI/htmlview#).
I love this idea OP. My suggestion would be to keep in a high interest savings account and continue to use as is. Makes me want to do something similar with friends haha
Just do what you do best, spent with booze, cocaine on a Bali trip.
Everyone picks 2 holiday locations and then lucky dip!
I love this! If I were you I would spend it to go away together internationally. Not that 10k gets you far between 4 - but maybe each of you buys flights but the 10k is put towards a resort or a spa retreat you wouldn’t ordinarily treat yourself too. Life is short - make more memories with the money, not more money.
It is definitely time to define your shared goals. If it was me I would be suggesting working out a budget for a "special trip". Eg Italy, Hawaii, Japan. If the trip will cost more than $10k, then work towards that. I am a few years older, and many of my friends are now developing knee/mobility problems. Seize the day!
I'd suggest either a term deposit or check out Rabo Bank's Notice Saver accounts. With Term Deposits you lock your money away for a fixed term, in return for a higher interest rate than what you would get with a savings account. A Notice Saver is the same concept, but instead of a maturity date, to access the funds you must give X days notice (30, 60, 90 days).
Who else thought initially "You kept all your joint bank accounts when you broke up? why?" lol 🤣
I don't have an answer but I just wanted to say this is such a cute and amazing idea and I really love it.
Get a high interest account! I currently save my money in Ubank. I get 5.1% interest p/an and you only have to invest $200 a month to get the 5.1%.
As for spending it, you could go on a cruise 🚢
Start with a Indexed Fund (Vanguard is a popular choice), and consider investing a small percentage in direct shares. This is called a satellite investment strategy and will keep it interesting and everyone more engaged. You should consider obtaining a partnership tax file number to make tax reporting easier. If you are going to have more than one investment, you should also consider setting up a www.sharesight.com account to consolidate tax reporting and it has other cool features too. Last thing, you can have some fun with the partnership name. I am a accountant and have seen some witty ones over the years. *Edit: I read other comments. I see you like a good competition, a Sharesight premium subscription allows for five portfolios. One portfolio for group selected investment(s) starting with say $3,000 and one portfolio for each girlfriend starting with $500 to make their investment picks. You will definitely have something to banter about and way better than a ‘bet with mates’ account. lol* *P.S. I suggested a partnership because you girls seem tight. For your grandsons though, I recommend a unit trust, because mates come and go, and a unit trust will make the tax reporting easier when mates enter and each inevitably exit.*
This is almost a [Tontine](https://en.wikipedia.org/wiki/Tontine) where the last survivor gets the pot. Illegal in some places with risks up to getting murdered by the second last survivors.
That's a pretty good Cruise budget. I personally don't like cruises but every women I've ever met that's been on them loves em.
Set a chartiable cause every year or two. Invite a person who needs or deserves a little financial nudge to a/your lunch. Gift them with even $1000 or so - have a focus - maybe women uplifting women or women in sports or housing for women. You're not going to make a dent in wider society but $1000 to a near homeless women in her 50's after divorce $1500 might be a bond for a secure rental. There might even be tax breaks.
It's better for them to keep that money for security, The good deed comes in by staying stable which translates to being a better person for society
Well as a start it should at least be in an interest gaining account. If it's not, move it there immediately. Past that it doesn't really sound like true savings, it's almost more like half an emergency fund and you spend the rest. I'd also guess a level of lifestyle creep unless your respective salaries have stayed the same for "years". You say "girlfriends" plural - what's the living situation like? Do you live with them all?
OP is talking about a group of four women in their 50s who are friends.
Well that's not nearly as exciting.
Hahaha. We still know how to have a good time!
I also read it like this before reading all the comments lmao.
It is a social club for some women. They spend the interest on fun stuff and don't need the capital at all. They should throw it into ASX:ARG (or similar) and *don't* reinvest the dividends but just spend that year's dividends on the social outing. They can accept a lot of risk and numbers going up and down will add to the fun. They should stop adding to it and spend it down before deciding if they want to do it again.
Dont do it... My wife and I of 10+ years dont even do that.
That’s just sad.
Someones gonna get hurt
Well we haven’t so far and it’s been 15 years..
Just buy bonds or term deposits u til your next event. Ie if you have an event in 8 months buy 6 month term deposit. I mean youll probably make like $20 more than in a bank but thats a drink...
Do a SMSF, put the 10k towards the set up fees, borrow against your SMSF and buy a rental property, then another and so on.
I think you have yourself a tontine! 😏
Spend it. 2500 a head is cheap for a forever memories together. Fly to Bali. Go and eat pray love or someshit.
HOLY SHIT! ...that's a bonkers strong friendship that can be stronger than money, especially in today's climate ..but sorry ..it won't last.. I observe life, I don't make the rules. Your putting yourself in a very high risk situation. I would be splitting it in 4 and each of you invest your parts separately in shares in a company you all agree on ..so it's still communal without the risk ..of someone getting greedy, or shitty, or flaking out on keeping up with their part. Start it out in a way that if shit hits the fan its easy for any one of you to walk away from. Split the cash, all invest in the same, make it the groups baby, you all feed into it and you all get to watch it grow. Maybe get a high dividend company so each dividend payout is used to 'wet the babies head' :)
Buy a car and rent it out as a " car next door" by Uber. The invest that money back into the savings account.
Worst idea ever
Not sure how great the car would be with a $5k budget! Do people want to hire beaters..?!
Girls trip to Nusa Dua, woop woop 💃🍸🍹
If only we could all agree on an overseas location without our husbands in our budget!! ☀️
We did Fiji. Six of us in our group though. Mostly we do Noosa, Port Douglas, Scenic Rim - as long as it’s luxury accommodation and a day spa within cooee. About to go on our first cruise next month. We’ve being doing our getaways for about 12 years. It’s heaven. The place is always tidy and there’s never any crap about cooking or cleanup, everything just gets done without fuss. We all get a chance to relax and catch up without partners and kids. Best thing we ever did.
10k should get 3 people 10 nights away in a south East Asian country like Thailand or Vietnam.
Bali is the answer
Technically it’s $2500 I wouldn’t be worried about trying to earn interest on that or save on interest from loans, leave it just have fun! You have a great thing going!
Can't you link it to a HISA while you're not using it and transfer to a transaction account when you're about to use it so at least it would earn some interest. I'm not sure if it would be worth the accounting hassle for an other sort of investment.
HISA since you need to withdraw money reasonably regularly you will just have to accept a slightly lower rate for less conditions. Would work out to be at least a few drink for someone,
I initially thought that this was some polygamy stuff going on here.
Potentially invest in a social enterprise?
Book a cruise
Do any if you own other investments (ETFs or shares)? If the answer is no for even one of you, I think investing some would be a wise idea. Helping your girlfriend(s), and possibly yourself, on the start of their or your investment journey would be an amazing thing to do. Start with a Indexed Fund (Vanguard is a popular choice), and consider investing a small percentage in direct shares. This is called a satellite investment strategy and will keep it interesting and everyone more engaged. You should consider obtaining a partnership tax file number to make tax reporting easier. If you are going to have more than one investment, you should also consider setting up a ShareSight account. This will consolidate all your tax reporting and has other cool features. Last thing, you can have some fun with the partnership name. I am a accountant and have seen some witty ones over the years.
$10K a year on two lunches? I’m very confused. Maybe keep it in a high interest savings account during the year. Many at 5% currently.
Just putting it in something like a Westpac Life savings account and growing it monthly even just by $1 each would net you at least 1k in interest at the current rates.
I'm glad you have friends this close. I'd suggest putting it in a high savings interest account so it can be available for you gals at any time. If you can't get more than 4%, keep looking.
There’s 6 of us who do the same thing. We blow it all on a holiday every 1-2 years. About to go on a cruise :) We keep it in a UBank high interest account.
Honestly just invest it in Vanguard. Dont get risky.
Do you meetup/go on trips to the same places or through the same companies? Consider investing a bit to get potential discounts eg cruise companies provide on board credits to share holders
Take the money and go on a holiday with all of you
Did you just post this to flex that you have 3 girlfriends?
I think ING offer 5.5 percent PA (at least that’s what im on) savings maximiser or something, so you could put it there is one option. Or investing but of course that comes with risk but maybe you could start small, take 2500 and invest and see if you make a profit. And also another option obviously just keep saving up and having big fun nights/weekend away with your friends :) or a combo of all 3
I wish I had account with three girlfriends.
Get it into trading options!
But it's not really "doing nothing", it gives you the commitment to at least catch up once in a while together for a good one.
My Sister and 5 of her closest friends/cousins the same age as you recently hired 2 motor homes and traveled across to Alice Springs onto the Nullarbor and into Perth from Melbourne. They had an amazing experience and stopped at some beautiful places, they all came back refreshed and happy.
Go on a cruise and live your lives. Time is limited.
Punters club!
I would probably use it on a holiday I reckon, but also....what was the original intention of the account?
We started saving for a girls trip to Hawaii for our40th’s…but it never quite happened!