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  1. #11
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  2. #12
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    You can still have an offset account and consider it savings. We have about 6 offset accounts with the cba that have varying amounts of money in it for different purposes. Eg rates, electricity and water in one. Actual savings in other. So it serves the purpose of being offset to our mortgage but still separate from other funds so we have a clear breakdown of what we can use for luxuries or holidays vs bills.

  3. #13
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    Quote Originally Posted by BigRedV View Post
    None. And when I say none, I mean we don't put anything aside as we just leave everything in the offset account.
    this. both our pays go into the offset. after the home loan gets paid monthly and the monthly credit card bill (we live off our cc) whatever is left over would be savings. it's not much at the moment, if anything actually, as I'm not working.

  4. #14
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    Quote Originally Posted by nicole83 View Post
    You can still have an offset account and consider it savings. We have about 6 offset accounts with the cba that have varying amounts of money in it for different purposes. Eg rates, electricity and water in one. Actual savings in other. So it serves the purpose of being offset to our mortgage but still separate from other funds so we have a clear breakdown of what we can use for luxuries or holidays vs bills.
    Well I do consider it savings but it's not actually money we put aside.

  5. The Following 2 Users Say Thank You to BigRedV For This Useful Post:

    binnielici  (05-06-2016),turquoisecoast  (05-06-2016)

  6. #15
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    Quote Originally Posted by BigRedV View Post
    Well I do consider it savings but it's not actually money we put aside.
    you're making the money work for you so who cares what it is! love offset accounts!

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    binnielici  (05-06-2016)

  8. #16
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    None currently as paying off debt so I can start planning another holiday

  9. #17
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    Prob around about 30% every month and is also in the offset account, which I consider savings. We also have other savings every month like kids, holidays, christmas etc that go into different accounts.

  10. #18
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    Quote Originally Posted by nicole83 View Post
    You can still have an offset account and consider it savings. We have about 6 offset accounts with the cba that have varying amounts of money in it for different purposes. Eg rates, electricity and water in one. Actual savings in other. So it serves the purpose of being offset to our mortgage but still separate from other funds so we have a clear breakdown of what we can use for luxuries or holidays vs bills.
    What's in our offset I don't consider savings as it is all allocated to outgoings. I have a strict budget and allocate the exact amount required each fortnight to cover all expenses (on an annual basis) and that is what sits in the offset. Anything above those outgoings goes directly to the mortgage.

    As I said in my first post when you have a mortgage having a separate 'savings' account doesn't make sense to me. Should there be an emergency I cannot repay within the interest free days on CC then we can just withdraw from the mortgage (no fees associated with this).

  11. #19
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    We save around 20% of DH wage each fortnight. That being said, we just used a huge chunk due to buying a new car so back down a little now.

  12. #20
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    Quote Originally Posted by nicole83 View Post
    You can still have an offset account and consider it savings. We have about 6 offset accounts with the cba that have varying amounts of money in it for different purposes. Eg rates, electricity and water in one. Actual savings in other. So it serves the purpose of being offset to our mortgage but still separate from other funds so we have a clear breakdown of what we can use for luxuries or holidays vs bills.
    We have none ( and none in offset either 🙊) need to start having our money work for us so I was going to use our offset as our savings account


 

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