Hi, this is my first post on this subreddit and from my browsing, I’ve found a lot of intriguing information and would love to learn how I should go about my money from here on out.
My situation: I just turned 16 this summer and will be a Junior in this upcoming school year. Recently, I’ve managed to save around $2,000 in cash(USD), however I am quite clueless on how to go about my money.
Not long ago I opened a bank account and got a debit card with roughly $200 in savings, but now that I have more money i’m wondering if I should open a high yield savings account. And If i go through with that, what should come of my current account? I’m also wondering which banks would be the best options, given that I live in Cali. I’ve also read somewhere that early savings accounts exist for kids under 18, but I’m not sure if that would be an option for me. My source of income was tutoring ~300 monthly, but I’m probably going to discontinue that to focus on my academics for this year, so i don’t think i’ll be making much money anytime soon lol. Also I’m not a big spender and my family doesn’t have financial problems so i have the luxury to not pay for expenses like a car, tuition, etc. I’ve also read about CD accounts and investing, but i’m not sure when and if that’ll be a good option for me. If possible, I’d also love to start learning on how to manage my money once I’m out of school and working, and any tips, directions, or resources to study would be really appreciated!
tl;dr I’m a 16 year old in high school in cali and ended up with 2k in cash and unsure on what to do now. Starting early can never hurt right :)
Submitted August 05, 2018 at 06:44AM by Nihs_Nooj https://ift.tt/2OapesY
