Money management case study


Streamlining your family's savings

If you have a young family or have recently combined finances with a partner, you will likely be familiar with the complications of managing multiple accounts. The example case study below shows how a family were able to streamline and simplify their family's savings.

Case study

Lisa and Joel are married with two children, aged three and five. Joel works full-time in manufacturing and Lisa works four days a week as a solicitor. When they got married, they were renting and maintained two separate accounts as well as a joint account for bills. Now they own a home, are paying off a mortgage and saving determinedly for the future so that they can afford private education for their children by the time they enter high school.

Lisa and Joel were a time-poor couple and needed an efficient system in which they could monitor their savings.

Soon after Lisa and Joel started their savings plan, their financial adviser recommended an investment strategy that included a mixture of shares, bonds and term deposits. Their adviser also recognised that Lisa and Joel were a time-poor couple and needed an efficient system to monitor their savings. Their financial picture now included:

  • home loan
  • investment funds
  • shares
  • term deposits
  • transaction accounts.

Creating a central cash hub

Lisa and Joel wanted to have clear visibility of their overall cash position at all times. A cash management account allowed them to establish a central account into which their mortgage payments, investments, savings, and super could all interact. The account offered them a competitive rate of interest and they could easily monitor activity online while providing a view to their adviser.

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