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i have about 1300 i would like to save, is there a way it could earn interest while its put away?

I would like to put it away for about 6 mths or longer if possible.we have so much going on this year and I at least want to save this for as long as possible. I'm a SAHM and this money is what's left over from finacial aid since I go to school full time.

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Anonymous

Asked by Anonymous at 1:51 AM on Feb. 6, 2010 in Money & Work

Answers (8)
  • go to your bank and put it in a CD, Certificate of Deposit. You have to find out all the details from them, but they are a good way to invest and earn some interest.
    Anonymous

    Answer by Anonymous at 2:04 AM on Feb. 6, 2010

  • I had 1,200 a couple years back and I bought some stocks...it was fun to watch them go up...not so fun when they went down...lol I ended up selling them and broke even...blah...but if I had the money to do it again right now, call me crazy but I would.
    Anonymous

    Answer by Anonymous at 2:53 AM on Feb. 6, 2010

  • yep, CD at your bank. short term like 6 months doesn't have a real great rate, but it's better than an average savings account.

    you're looking at about average of $50 in interest total for the 6 months depending on the bank you go to.

    CDs also renew, so if you want to leave it longer you can do that at 6 months, you can also leave it in for longer (for higher rates too) and also at the renewal dates, you can add money too. well they close it and open a new one.
    Anonymous

    Answer by Anonymous at 2:58 AM on Feb. 6, 2010


  • OP here- so you would put it in stocks with this economy again? Wow that's gutsy but I don't know anything about stocks and wonder if I should take that risk. I will definitely look into a CD account. Obviously I would like to make more than 50 but anything is good and besides it will keep the money safe from spending.
    Anonymous

    Answer by Anonymous at 3:05 AM on Feb. 6, 2010

  • You should talk to someone at the bank who can discuss your options with you and your own personal feelings toward risk. I personally would not put short term savings into stocks, but I'm not a gambler. I would only do that with long term savings so that if there is a loss I have time to make it up. A CD is lower risk, although there is less potential to really grow your money.

    The things is $1300 is not a lot of money and there aren't many ways to grow it significantly in a 6 month period. Yes, you might grow it significantly if you're putting it into stocks and you choose the right one. But, is that going to require that you hire someone to choose the stock for you or will you do that yourself? If you want it to grow aggressively you'd have to be willing to take some risks. You also have to be able to afford to lose it.
    EmilyandIsaac

    Answer by EmilyandIsaac at 6:47 AM on Feb. 6, 2010

  • put it in a cd at your bank
    mommymeg03

    Answer by mommymeg03 at 8:10 AM on Feb. 6, 2010

  • Sure, how long are you saving for?


    Cause interst is not meant to keep up with infaltion-so really you are losing money when you let it sit to long, invest it in something that will bring you more cash.

    IraqiVetWife

    Answer by IraqiVetWife at 11:17 AM on Feb. 6, 2010

  • If you're only putting it away for six months, and you don't want to lose money, your best bet is a CD.
    But if you're investing long term, maybe putting it away in a Roth IRA in a mutual fund. Long term is generally considered 5 years or longer. And of course a Roth IRA is an individual retirement account. It grows tax free... assuming of course you don't touch it until your 59 1/2 (I think that's the age)

    GOOD LUCK deciding what to do :)
    Anonymous

    Answer by Anonymous at 4:00 PM on Feb. 6, 2010

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