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Options $500
Hi Lads & Lassies. I have a few thousand saved up in my savings account, and was wondering. I have a lot going on in my life right now, and prolly when its all said and done...I will have like $500 or so left in my savings. What is the best thing to do with that Five Hundred Dollars? Should I just let it sit in my Washington Mutaul Savings account let it and collect $0.01 to $0.02 Intrest or Invest it somehow? I would really like to see it grow and make money from itself.
So my question again.....What is the absolute BEST thing to do with $500?
Feedback welcome!!!
Thank You!!!
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Re: Options $500
^^^ not to pour cold water on your investment plans, but in reality $500 is not enough money to work with in regard to stock / bond / commodity investments. In other words, the commissions would eat up a large percentage of your small investment. However, with $500 you could consider opening an account with an online bank that offers higher interest rates than WaMu. Better still put the $500 into a CD with even higher interest rates.
see
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Re: Options $500
You should be thinking about considerably more than $500 just for your emergency fund. If you were to slip and twist your ankle - or something similar - and couldn't work for a month, two or three, how much would you need to survive?
More than $500 I'd guess.
That being the case, it might not be best to tie the money up in the market.
Best wishes,
Stuart
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Re: Options $500
Buy a CD. Or leave it in savings and build up an emergency fund like StuartL said! That's definitely a necessity, I'm working on mine right now
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Re: Options $500
The best thing? Add few more amounts of $500 and leave it there so when am emergency arises its easily accessible.
You dont want your emergency fund tied up somewhere it may take days (or weeks) to get ahold of...
Credit Unions typically have better interest rates on savings accounts... but $500 wont get you much interest anywhere at this time.
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Re: Options $500
Open an ING savings account, they have one of the highest interest rates out there. I plan on doing that with my stimulus check.