Where to invest money that I need in short/medium term?
I'm trying to figure out where the best place is to park my money that will be needed in the short and medium term (anywhere from 1-5 years, maybe even less). Basically I thought it would be best to start "savings funds" for my various short/medium terms needs...such as for house repairs, car repairs, pet emergency fund, vacations, eyeglasses, new winter/summer tires, new laptop, etc. But instead of literally setting up a dozen or so separate savings funds for each goal, I would just lump them all into a single "account" just for simplicity sake.
At first I thought about just putting the money into a savings account but those generally don't give much interest. Then I thought about GICs, such as 1 year GICs (e.g. Tangerine is currently at 1.75%). I would wait until I've saved up a certain amount (such as 1k) and then buy a 1 year GIC, then wait until I save up another 1k and buy another 1 year GIC and repeat.
I'm sure there are even better ways of doing this though so I'm hoping to hear some suggestions or what other people here are doing!
Btw I've got my long term investments (for retirement) in low cost index funds but I don't think I would want my short/medium term money tied up in the market.
At first I thought about just putting the money into a savings account but those generally don't give much interest. Then I thought about GICs, such as 1 year GICs (e.g. Tangerine is currently at 1.75%). I would wait until I've saved up a certain amount (such as 1k) and then buy a 1 year GIC, then wait until I save up another 1k and buy another 1 year GIC and repeat.
I'm sure there are even better ways of doing this though so I'm hoping to hear some suggestions or what other people here are doing!
Btw I've got my long term investments (for retirement) in low cost index funds but I don't think I would want my short/medium term money tied up in the market.