What should I do with $1100?

Question

Hi. I am wondering what to do with the $1,100 my dad gave me when we moved. I am 13 years old right now. Should I save it for something big, or spend it on Xbox games and stuff?

P.S: I am not going to have to pay off the money for the car I get immediately. My bro is almost 18 and hasn't paid his and my dad's fine as long as he pays it off soon.

Answer 1

put at least half of it away in a bank account. You will want to have some of that later so do not just blow it all on stuff. You have a generous dad so do not take advantage. After giving you so much money at your age he probably expects that you will not be asking for any money for some time to come so save some now and have some later.

Answer 2

My son says that a used xbox should cost about $100.00 used. If you are talking Xbox 360 it should run around $400.00. He recommends you go the cheaper route even turning in games that you will not be using any more. This will help reduce the bill, make sure the store gives cash or credit on the deal. If you can do this you should be able to put out a minimal amount of cash, and save for the car. Just check the game thoroughly, make sure the 360 has the hard drive not the core system if you are going with that...good luck.

Answer 3

Well a whole 1100 dollars--and you're 13??? I figured a 13 year old would have already bought a game or two, a skateboard, some marijuana, his friends all got Mc Donalds, expensive sneakers, a boom box, and a bike. How far will it go?? Not too far--and if it all goes now, you'll be whining about money for the next thing you want money for but don't have it. Put it away, forget about it--let the bank give you some interest and let it grow--all a good lesson in saving money for the future. I know you don't like this idea--but you'll understand later in life--right now it is burning a hole in your pocket. DO NOT LOAN any out and don't carry it on you--if some guys find out---you'll get robbed and have nothing--keep your mouth shut and put the money away. NEVER loan money..NEVER NEVER NEVER.....you get suckered every time.Don't play cards or gamble it away--don't spend it on crap--just act like you never had any money to start with.

Answer 4

Spend 100$ & keep the rest & add to it.Its a great start for a savings.Keep saving til you double or triple your money or beyond.You'll be glad that you did.Then you can buy something really great like a nice ride or a down payment on a house when you are 18 or 21 & that is young to be able to buy a house.I think you would be really happy to be able to do that.

Answer 5

Hmmm....gosh, Spade, that's a tough one. Xbox or college fund?

How about spend half and save half? Put half the money in a bank CD (certificate of deposit) or savings account and make regular contributions...say, $20 - $50/month. In five years, you'll have a nice little sum of money to contribute to your first year of higher education.

Answer 6

Something doesn't sound quite right here. You are 13 and "don't have to pay for the car immediately". I am not aware of anywhere that you are permitted to drive an automobile at 13.

Answer 7

Put half in the bank and let it sit there and make you more money, the other half do what you want. That way you get the best of both sides. It's great though that you're actually thinking instead of just going crazy with the money.

Answer 8

if i could turn back the hands of time when i was 13 yrs. old i would save every little dime that my dad gave me. if you start saving now when you get older you would know how to save and have the know how about getting what you want by saving. if you don't need something don't buy it. see how much you can save and add to it.

Answer 9

Just send it to 6203 Catharine street.
Seriously, save it until you see something you really want. Or save it for backup when you need money;

Answer 10

Put it in the bank and think about it for awhile. Don't spend it on a whim or impulse.