Christmas money and don't know what to do?

Question

I got lot of money (not bragging at all) but I don't know what to do with it. I have never had this much before.. any ideas? I'm 16 if that helps

Answer 1

Yep, go buy everyone a gift.

Answer 2

Okay, gonna sound wierd and motherly, but put some in a savings account for your future. Seriously, b/c school costs lotsa money (college!!!) and especially if you plan on getting your masters or doctorate degree. I graduated w/my Bachelor's degree 2 years ago and will be paying off my debt for the next 15 years or so at least probably! Blowing it on a new car is a quick fix to a bigger problem b/c you have to have more $ to maintain the sucker and keep it running. Also, if you're thinking of having kids (hopefully not in the near future if you're only 16), it's not a bad idea to put some $ away so you have something to help pay off the medical bills. Kids are expensive! You could save it to one day put a down payment on a house too... it's much easier to get a first house if you have a down payment instead of blowing it down the tube to rent. This is all assuming you have this kind of money given to you. If you don't trust yourself, you could put it in a trust fund for you that you can't touch until a certain age! That way hopefully your adult "mature" (trust me, no offense) mind will be able to use the money for more adult situations.

Hope this helps! If you're religious, give God his 10% cut b/c you wouldn't have it w/out him. Put aside 10 or 20% to spend now and "have fun" and just save the rest!

Answer 3

Put it into a savings account that has a 6% or greater annual interest; keep depositing money into that savings account but don't take any out. Once you get a job put in 20% of every pay check. By the time you're done with all your schooling you might be able to pay off all your student loans and then some... not to mention live better than other grads.

Answer 4

Buy yourself something that you dreamed of since you were a little girl....big house,nice car,better clothes....or save it for your dream wedding or help your parents pay off some bills...It sounds like maybe this money came from an inheritance...see if the person that left it to you had any hopes and dreams and try to follow through...Good luck!!!!

Answer 5

if there is nothing you really need or want..then either save it for collage or just to want in case you want something in the future or donate to charity of your choice..there is a lot of organizations out there that can really befit from even just a few bucks. you are 16 and can't find a way to spend money? :o that is a first...uh have some fun go out with your freinds to theme parks, fairs, to eat, movies, buy a bunch of fun games like twister, buy alcohol and go get drunk, pay for gas in your car(if you have one(, go clothes and shoes shopping..you can neverr have too much shoes&clothes!:D, re-decorate your room, etc.....well, hope you find a use-ful way to spend your money :) have fun! xoxoxox♥

Answer 6

Go to the bank and discuss your options with a banker. Save some, invest some,spend a little. Start a good habit now when you are young.

Answer 7

why not put some of it in the bank for a rainy day, it never hurts to start a nest egg at a young age, then hit the after Christmas sales!

Answer 8

Buy yourself something nice ..and put the rest in the bank,,you never no when you might need it ..and it is a good feeling know you have money put away..

Merry Christmas

Answer 9

If it is an excess and is enough to open a CD account, go for it. A savomgs account does not give a lot of interest.

Answer 10

Put it into the bank and save it until there is something you REALLY want ... then you'll have a good start on getting it instead of having to rely on your parents or paycheck.

Answer 11

You could help me pay my bills ; 0
Seriously at 16 shop hit the mall and have a ball ........ that rhymes.