Build skills and relationships
Maree’s volunteer work is important to ...
Q I am a 55-year-old single woman. I live in rental accommodation, paying $653 a month. I have been unemployed for some time (I receive unemployment benefits) but keep busy volunteering at three different places and try hard to keep my skills current and learn new skills while looking for full-time paid work. I have super of $37,000. I have recently received $30,000 from an inheritance and at this stage I have put it in a term deposit but am not sure what the best place is for it and how to budget for my future.
Maree, you are doing all the right things: you have some superannuation and are maintaining and building your work skills. Importantly, volunteering also increases your range of relationships, which often leads to work opportunities.
Right now I feel very strongly that the term deposit is the right place for your money. You don’t want it in super as you can’t access it until retirement. Once you get work you can reassess but that inheritance is very handy emergency money and in time to come it may be part of a home deposit.