I haven't been the best money handler in the family everyone knows me as the money spending machine but i really decided to change my ways by opening up a savings account which makes it harder to access my money but i was forced to open up a checking account too cause i wasn't comfortable leaving my money untouched yet i really needed it.Now i have $200.please help me find a way to use this money profitably and wisely remember am 16 so advise accordingly. <br />
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HI.I am 16 and have $200 in my saving's account and i need some help?
- Thread starter JeanM
- Start date
Depends what you want to do with it.
You can't really profit much from just 200 but at your age it wouldnt be bad to open some sort of IRA or money market. I'd recommend a roth IRA.
CD rates are terrible, so dont even bother with that.
The best bet would just be to open some sort of account that when you put the money in, you wont touch. With a savings account you'd be lucky to profit an extra quarter a month, but thats one of the best ways to start. Even if that means putting in 100 instead of the 200. . just don't touch it.
You can't really profit much from just 200 but at your age it wouldnt be bad to open some sort of IRA or money market. I'd recommend a roth IRA.
CD rates are terrible, so dont even bother with that.
The best bet would just be to open some sort of account that when you put the money in, you wont touch. With a savings account you'd be lucky to profit an extra quarter a month, but thats one of the best ways to start. Even if that means putting in 100 instead of the 200. . just don't touch it.
blackmagus88
New Member
You don't gain much from $200 in the bank. Just focus on getting income and put it in the account and don't spend money on things you want. Only spend money on things you need. When you have enough start investing for retirement.
Hey good for you! I know people that are 46 years old and only have $200!!!
Just leave the money in the savings account, and add more money whenever you can.
You aren't going to make much interest off of $200, but as you put more money into the account, your interest amount will also grow.
I would really recommend putting it in a CD. A CD is a savings account that pays you a higher rate, but you cannot access the money for a set amount of time (usually 6 months to a year). This may be better for you, so that you aren't tempted to take the money out and spend it frivolously.
Good luck!
Just leave the money in the savings account, and add more money whenever you can.
You aren't going to make much interest off of $200, but as you put more money into the account, your interest amount will also grow.
I would really recommend putting it in a CD. A CD is a savings account that pays you a higher rate, but you cannot access the money for a set amount of time (usually 6 months to a year). This may be better for you, so that you aren't tempted to take the money out and spend it frivolously.
Good luck!