St Peter’s Primary School, Stockton

Ms Ryan began investing with the Catholic Community Fund very early in her teaching career, deciding that salary deductions were a good way to put money away before she could spend it. “The pay goes straight across so it’s easy, and I like that there are no fees,” she said.

Now married with children, Ms Ryan uses her savings account and term deposit for big-ticket items, such as the brand-new Subaru Outback she bought with cash. “I hate debt, it costs money, while savings earn money,” she said. “We also recently bought our daughter a second-hand car.”

Last year was a big year of travel for the Ryans, with all four family members enjoying a two-week trip to Japan. “It took less than a year to save up, but we planned it well, staying in Airbnbs and interesting places like a traditional Japanese house,” Ms Ryan said. “We also paid about $6000 for an overseas school trip earlier last year for our daughter.”

Ms Ryan believes it is good to have a goal to save for, and to teach her children the value of saving.

Her 17-year old daughter is working part-time and she too has a term deposit account. “She transfers her savings, locks it up for three months and reinvests,” said Ms Ryan. “She now has more than $10,000.”

Ms Ryan’s 15-year old son Tom is not to be left behind either. He’s about to start his first part-time job and wants to save $3000 to open his own term deposit. They’re certainly thinking ahead, with ideas for a house deposit down the track, perhaps combining their money and renting it out, to get into the property market. 

“He’s talking about a share portfolio already,” Ms Ryan said. “Both will probably travel. We’ve been on a few trips, so they have the taste for it. We’re sensible about money but still have a good time with it.” 

It’s all about setting a goal and staying on track while the interest rates do their work.

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