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If you had $500.00 saved up...what would you do with it?

Some how I managed to save this much... now what?

How can I make money off of Putting it in a bank I know but is it really that worth it I know I can keep putting money in it but find it more convenient doing it in my own home but there is no interest there.

So what would you do?

Answer Question

Asked by Anonymous at 10:38 AM on Jan. 5, 2010 in Money & Work

Answers (22)
  • I would keep saving it. You never know when something comes up and you need extra money.

    Answer by Mrs.Owen86 at 10:45 AM on Jan. 5, 2010

  • Savings accounts seem to have low interest rates so if you'd save more money by paying down a high interest rate credit card, I'd go that route.

    Answer by admckenzie at 10:47 AM on Jan. 5, 2010

  • I had 500 saved up and I just went on and bought a cruise so DH and I could renew our vows and finally have a honeymoon ;-) I'm SOOOOO excited! Sorry, you probably won't make any money this way, but you'll have a lot of fun!

    Answer by kenzie07 at 10:49 AM on Jan. 5, 2010

  • Keep saving up and soon you will have enough to put your money in a money market. Its just like a savings account. The first couple of months the interest is high then depending on what bank your at it will go down. BUT you can always pull it out. If you like to gamble put it in to stocks. Be careful though.

    Answer by armywife2009101 at 10:51 AM on Jan. 5, 2010

  • $500.00 is not much money really. Just leave it is a savings account, and keep saving.

    Answer by louise2 at 11:07 AM on Jan. 5, 2010

  • You can either let it keep building or if you have a debt you can pay with that amount you can do that and get it out of the way.

    Answer by wildflowers25 at 11:14 AM on Jan. 5, 2010

  • look for a money market account at a local credit union - they usually have a higher interest rate, but you cannot lose your money

    Answer by missanc at 11:22 AM on Jan. 5, 2010

  • It depends. Is this the only extra money you have? I mean, do you have a savings account for emergencies? If not, then I would just keep it in the bank for emergencies. If you have any debt, pay down your debt (credit cards, extra on cars). If this is truly extra and you want to invest it, then I would suggest either a traditional IRA or a mutual fund.

    Answer by Anonymous at 11:25 AM on Jan. 5, 2010

  • I would keep it in asaavigns account for emergencies. On 500 you will earn $10 in a year but you can keep adding to it and the interest will add to it as well. Once you have a bigger emergency fund you should (atleast $1000) you should take all extra money and pay off debt so you have no payments. Without payments you can really start to save and invest! You have a good start!

    Answer by ria7 at 11:30 AM on Jan. 5, 2010

  • I got $500 for a gift and I'm now getting a car to replace the one that broke down on me.

    Answer by LaurenKaye29 at 11:49 AM on Jan. 5, 2010

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