Does this make sense? Would it make sense to keep all the checks that i make from my job and than

Question

Would it make sense to keep all the checks that i make from my job and than cash all of them when i get older....maybe 2 years from now? The point of this would be to save all the money I can in order to purchase a house or invest my money into something when I get older....I live with my parents right now at the age of 15 (grade 11) therefore i wont need to use the money i make anyways because I can rely on my parents

Please Give Me As much advice As possible!!

Answer 1

well no, you'd be better off putting them in a bank at least they'd collect interest, also checks aren't necessarily good forever, check your pay check for a "void after __ days"

Answer 2

No not all too much, the money will just be worth less because of inflammation

Answer 3

you need to cash most checks within 90 days. save them in a savings account & ask your banker about high yeild cds. you will be earning interest & cds have a time frame where you cannot open them.

Answer 4

After six months from the date on the check the bank considers the checks stale dated and no good. They will not accept the check for cash or deposit. Why dont you just open up a savings account and put the money in there. If you think you will be tempted to spend the money then don't get an atm card. This way you don't have easy access to the funds, you would actually have to go into the bank and fill out the wd form, ect. to get any money. Also when you get enough money put it into a certificate of deposit (aka CD) and then this way your money will be locked up for a certain amount of time and it will earn interest. CD's also defer you from withdrawling the money early because you will have to pay a penalty fee to do so.