Hey, I've currently got around 60k dollars that I've just got sitting in a savings account yielding 5.1%, but I can't help but feel like I'm mismanaging this amount of money at this age. I've always been a great saver, and I make about 20k/y at my part time job + tutoring, and study in a different state to my parents , who are nice enough to cover rent (which includes utilities and internet) for about 9 months a year. My only main expenses are insurance (1200/y), phone bill (around 400/y), groceries (around 100/week while I'm living interstate) and the odd expenses like car servicing.
Everyone I ask about this topic always tells me that 60k is a large amount of money to just be sitting around not being made use of, but everything I can think of doing with it seems out of reach because of my low income and age (like buying a house). Is there anything else I could be doing with this money? Should I just continue saving to hopefully by a house by the time i graduate in 2027? Would love to hear your advice.
Everyone I ask about this topic always tells me that 60k is a large amount of money to just be sitting around not being made use of, but everything I can think of doing with it seems out of reach because of my low income and age (like buying a house). Is there anything else I could be doing with this money? Should I just continue saving to hopefully by a house by the time i graduate in 2027? Would love to hear your advice.