Context: I'm 23 y/o, live with family for obvious financial reasons. While I do pay for all the pet care/internet and some communal food/fuel I obviously am still mooching a lot from my parents.
The amount I'm saving doing this is crazy. From living alone and working full time I would spend 70% of pay-check on fundamental necessities. Now thats down to 20%. Which was enough for me to save 50k in a couple of years.
I know that money just sitting in a savings account is a bit of a waste so I really wanted to do SOMETHING with it. I looked into buying an investment property but while I have enough for the downpayment, I am paid minimum wage and I also reduced my hours so that I could study while working. So I didn't think I was earning enough to confidently maintain mortgage payments.
I spent a lot of time thinking about if and where I should invest. Asked some early beginner questions in this stack too. My savings goal is just to maximise money so that after I finish studying in a couple years, I can be well off enough to apply for jobs anywhere knowing I would have the financial capability to make a deposit on a house in that area. I may not immediately buy, I just want to have the capability to do so. Because this could happen as early as just 2 years from now, there is a good chance the investment would only be for 2 years. Unfortunately the only style of investing I was comfortable with would be long term, where my plan would be to simply select a bunch of companies from various index funds, and then let the money sit there for 10+ years. Anyway, in the end I could never muster the courage to invest anything, since its only for 2 years, holds a fair amount of risk and I know I am a complete novice, I didn't feel confident enough to make the right decisions.
Months passed with the money just sitting in savings and I have finally just thrown it all into a 2 year term deposit at my local bank (National Australia Bank) because I clearly wasn't doing anything else with the money. 1.15% is tiny, but its actually better than what the other banks in my area offer. Just 1.15% definitely still feels like a waste. Did I make a mistake?