Hello,
I currently make $10/hr and on average I work about 20hrs a week (summer hours), I am saving $100 and pocketing $100 from each of my paychecks. Should I be saving more of my paycheck? I have two savings accounts through Capital One 360 that I use for my money, one has a debit card I use as a spending account and my other account is used exclusively for savings. My savings account's APY is currently 0.75% and has about $1000 in it. Should I try and put as much money as possible into my savings to earn more interest or should I save money to put into a CD? I asked my mom about opening a CD in the future and she told me that a CD would not be worth my time unless I have $10,000 that I could use to ladder. Should I just stick to a savings account for now?
Also, I will not be buying a car when I turn 16 which means I won't have to pay any insurance, I bike everywhere and I plan to invest in a nicer bike instead for about $700. What would be the best way to buy the bike? Should I keep saving and eventually pull out $700 all at once or should I be doing something else?
Submitted June 30, 2017 at 02:34PM by connor-is-my-name http://ift.tt/2uszyTf
