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[RevenantKioku]

So I'm a college student, and I'm pretty fucking poor all around. But each month I do have a little left over in ye olde checking account. Having a bit of knowledge of financing/accounting shit and so on, so I know I could probably do better than just letting it sit in that account. So what should I do with my money in order to help myself as to not be completely boned when I leave college and become faced with loan payments? Anything I should avoid doing? Anything I should read or look into?

 

[Tazznum1]

How much we talking?

 

[haunts]

Really depends on how much money you are talking about.

You can do different stuff with different amounts.

If it is just a bit, I woud just save a little something each week or month. Very basic but if you keep popping money into a savings account for 4+ yrs, you should be doing OK when you get out.

 

[ToxicAdam]

Just get a money market fund going at the bank of your choice. Rates are at about 2 percent (every 10k will net you 200 dollars a year).

Pros: Money is not "locked"
Cons: You can get better returns on stocks or CDs.

At your age, just the practice of SAVING is more important than how much you get in returns. Learning to budget your money, then putting aside x amount of dollars is far more valuable than getting an extra 5 or 10 percent on a risk investment.

 

[RevenantKioku]

Fair enough. I'm gonna have about $1000 in a month or so that I can play around with, and wasn't sure if i should just plop it into a savings, or do something a little more complex.

 

[sefskillz]

I wish I was a "poor" college student who had $1000 a month to play with.

 

[human5892]

I wish I was a "poor" college student who had $1000 a month to play with.

Haha, the same with me. I count myself lucky if I clear the month with an extra $50.

 

[RevenantKioku]

I wish I was a "poor" college student who had $1000 a month to play with.

Haha. Well what it is is, I took out more in college loans than I actually needed, leaving $1000 sitting there. Now I could throw it back into the loan (probably the best idea, eh?) or play around with it.

Trust me, after $1200 in car repair last month, I'm not sitting pretty. =P

 

[Tazznum1]

$1,000 a month? You poor poor kid. If you have any debts, clear them up first.

 

[DeEJaYMiND]

If you want to "play" you can always try Forex Trading

 

[RevenantKioku]

$1,000 a month? You poor poor kid. If you have any debts, clear them up first.

Eh? What the fuck are you talking about? Ain't no $1000 a month.

I took out loans for college. After I pay for next semester, there's gonna be $1000 left over in my student account. So I figured I could either put that back into the loan, and was wondering if there was a better option.
That coupled with my $50-$100 in my bank account at the end of a month from my part time jobs, I was just wondering what I could do to cut my losses when I graduate in about two years.

Edit: Yes I did word everything badly.

 

[Tazznum1]

$1,000 left over in total?


Then leave it there. Stuff will happen as it usually does and it will be eaten away gradually. Again, if you have any credit card debts etc., pay them off.

 

[RevenantKioku]

Again, if you have any credit card debts etc., pay them off.

Never got a credit card, so really my only outstanding debts other than rents/utilities are college loans, and since that's not gonna do much other than cover a bit of it, I figured I'd look into options.

 

[NetMapel]

There aren't much you can do with that money since you're just a student. Just save it in a bank's saving account and earn as much interest as you can. Royal Bank has this "Investment" service which lets you save your money for a long period of time with higher interest rate than your usual chequing account.

 

[rise888]

Start a Roth IRA
or
Open an ING Savings Account, the interest rate is higher because they are not a B&M type bank

 

[RevenantKioku]

Start a Roth IRA
or
Open an ING Savings Account, the interest rate is higher because they are not a B&M type bank

One of my friends has an ING Savings account, and since we'll benefit from the referral as a little bonus, I believe this is where I'm gonna go.
Thanks to all, especially Tazz for freaking on me.

 

[Tazznum1]

You wish I was freaking with you.


Seriously though, I'd keep it in the bank at this point.

 

[RevenantKioku]

You are a Jersey girl.