Saving Money.?

Question

I'm 16, and I want to save up money. I need help to save up money. Any Ideas, besides a savings account at a bank?

Answer 1

Try investing. Places like Sharebuilder allow investors to start small and build big.

Answer 2

At your age, a savings account is the best start. The key is to save some part of everything you earn (at least 10%); always pay yourself first, i.e. put money into savings before you pay for or buy anything else.

You'll be surprised how quickly the amount will add up. Later on, you can look at ways to safely invest the money to get a higher interest rate.

Of course, it depends on what you're saving for. If it's for the long term, you can make various kinds of investments that have good returns over a long period.

Answer 3

You could get a Certificate of Deposit that has a minimum balance to open and you could earn slightly higher rates than a traditional savings account although you will be penalized if you access the money before the maturity period of the CD is over.

Answer 4

A savings account isn't a bad way to start. The strategy is to put away 10% of everything you make. If you get a check for $200.00, put $20.00 in the savings account. Without fail, pay yourself 10% of your gross bi-weekly income before you pay you bills, taxes, entertainment, whatever. You won't miss it, and after doing that for about 20 years, you WILL be rich.

Answer 5

I have a holding {savings} account at:

http://www.goldmoney.com/en/sitemap.html

I suggest spending the whole week end study-ing and understanding this site. {Look at it as a homework assignment.}

Since 2001, because the worldwide price of Gold has more than doubled since 2001, my dollar investment/savings in Goldmoney have appreciated at a faster pace than any other savings type of account, that I know of......And yes I totally agree with the other posters....save a minimum of 10% of whatever you can earn.

Good Luck!

Answer 6

Try putting your money away somewhere around your room. Save 10% of whatever you get always and soon you will have alot saved up. Good Luck....

Answer 7

I don't know if minors are allowed stock brokerage accounts, but if your parents were to do a joint account with you . . . that might be a way.
Ask at Charles Schwab.