Saturday, May 14, 2011

Impressive Savings!

I have always thought about what you could do with that $2500 minimum savings that you make when using cloth nappies. So what would the frugal mummy do with that if she had the money to spare?

Well, she could shove it into a BankWest Kids Bonus saver account (HERE) which has a 10.00% interest on it for a minimum $25.00 per month deposit. So if you kept that going for 18 years, say until your kid graduates high school, buys their first car, goes to uni or buys a house.... what could you give them?

Well, as you can see from below... it isn't anything to be sneezed at! It seems that going cloth really DOES have it's long term advantages! :D About $30,000 worth! And if you can see, that is only with just over $7000 worth of investing over 18 years on your behalf... Food for thought!

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