Current Events > Is putting your $600 check into savings or doing nothing with it a good idea?

(+) Yeah! (+)

Im financially literate and those finance youtubers keep saying putting money into savings account after you have an emergency fund is dumb since there isn't much interest rates. One should try to get assets or invest it to protect against inflation.

However when I browse CE I keep hearing people say they just going to put in into savings. So what should I do CE?

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depends on your frinancial situations.

if you had thousands saved up, it's worthwhile to open online high yeild savings account. but they are variable and my 2% rate went to less than 1% but it is better than your typically savings account.

honestly, if you could contirubte to an ira, you should do that when preparing your taxes and put that and any more and get a bigger refund.

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its only $600, it is not large enough of a sum that you need to worry about protecting it against inflation or getting assets or w/e. spend it on some bullshit, save it towards something you want/need, or dump it into a retirement account

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My $0.02:

If you have exigent financial considerations at the moment, take care of those first and foremost. Even if the $600 is not necessarily enough to rectify all your situations, it will help alleviate the burden.

If you are financially stable currently, set a majority of the $600 aside as emergency funds, and spend the remainder on whatever you want. Treat yourself.

Really depends on your personal goals imo.

Like, I have two savings accounts I put a few hundred bucks into each month each, one is a general purpose fund (emergencies, future home improvement projects, vacations), one is specifically for a new car >_>.

Then I have an investment account that I also put at least a few hundred into, if not more.

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Cigarettes, booze and scratchers
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Josiah_Is_Back posted...

My $0.02:

Bro, $0.02 is 2/100 of a dollar...


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gafemaqs posted...

Bro, $0.02 is 2/100 of a dollar...

is this a real post?

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I wish I could get 600 :(

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I mean ultimately TC just *saving* the money if you don't have a lot of money saved already is a good use for it, too many people don't have anything saved.

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As others have said of you already have an emergency fund in place, invest it or spend it.

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Neither are a bad option.

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Along with the above. If its a issue for you paying off any outstanding debt like credit cards will save you far more money in the long run then just saving or investing. And much less headache now that you don't have to worry about interest anymore.

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Josiah_Is_Back posted...

My $0.02:

If you have exigent financial considerations at the moment, take care of those first and foremost. Even if the $600 is not necessarily enough to rectify all your situations, it will help alleviate the burden.

If you are financially stable currently, set a majority of the $600 aside as emergency funds, and spend the remainder on whatever you want. Treat yourself.

I agree...4 cents!

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