Ok, so you now have a stable job and managed to put aside some money, let’s say $1,000. What should you do with them, with a lot of temptations out there!
Well, we must say that this is a great start and you actually have a lot of options. To be more specific, we’re talking about…
Invest in a savings account
This is pretty much what everybody should do as soon as they manage to save some money and eventually use it just for emergencies.
There are a lot of great savings accounts you can choose from, with high interest rates, offered by both local online banks. The latter, however, often have higher rates!
Keep adding money to this account until you have enough to cover your potential expenses for a few months. When you’re done with this, you can consider other options as well.
Save money for your retirement
It’s never too early to start putting something aside for your retirement. Seriously, you will see this for yourself when the time will come!
“Although it may feel like an eternity from now, the earlier you start funding these accounts, the longer the accounts have time to grow tax-free,” says Landry-Wegener, wealth management advisor at the Summit Place Financial Advisors, also recommending to invest 10% of your monthly income in an account for your retirement.
This first sum, $1,000, can be a great start for this!
Invest them in something!
Finally, let’s not forget about the first though many of you have after managing to save some money: buy a car or even a house.
Before deciding if you want to do this or not, think wisely and analyze all aspects. You will be paying each month, for a few years. If your income allows you to do it, go ahead, but again, only after strictly planning!
