I'm 18 and received $1000 from my family, I want to put it away for something in the future what should i do?

Question

Lives in Toronto, Canada

18, Male

Currently has part-time work making decent money

maybe a retirement fund (if thats possible) or a high interest fund that I can contribute to monthly and have some money to put towards a vehicle or house purchase.

I just wouldn't feel right spending it on something like clothes or booze. Which I will thank myself for in the future!

Thanks for any suggestions!

Answer 1

Save it for college or something else that's important

Answer 2

put it in a good money market savings account for now.  let it earn a little interest and it is still available for emergencies.  If you do not want to touch it, put it in a CD for a period of time.

Answer 3

There are a online savings accounts that pay 3.5% and that's about the best you can do and have the money available.  You could also plop it into an IRA account at, say www.vanguard.com or www.troweprice.com (both are investor friendly).

Answer 4

I recommend that you get a CD( certificate of deposit). If you dont know what this, its basically a savings account with high interest compared to a normal savings account; but you have to a agree not to touch the money for a period of time. By the time the period is over you will have yourself a profit without doing anything but wait.