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best savings option with low income

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Money Talk > Personal Finance

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rockymountain
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Re: best savings option with low income  Reply with quote  

Investing is a smart financial strategy used to earn more money. People make money on investments by spending money now in the hope that the value of the investment will increase over time, thus giving the person exponentially more money than was initially spent. However, some people just cannot afford to spend much money on an investment.
A savings account is one way for a low-income family or student to put a little money aside each paycheck and earn money over time. Savings accounts pay interest rates to the investor, meaning that you receive a certain percentage each year on the money you have in the account. Most banks offer an interest rate between 1 and 2 percent, which is lower than other investment opportunities but it is a guaranteed return. You can open a savings account with as little as $50 at some banks, and deposit a small amount, like $25, each paycheck. Over several years, those small amounts combined with the interest rate will add up to a significant amount of money.
Post Thu Nov 22, 2012 7:11 am
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amycobain
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It is truly a great way to start off by saving as much as 10 percent for every single week. You will remain surprised as how much 5% will necessarily amount.
Post Mon Nov 26, 2012 8:57 am
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jallyjames
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Your post was informative, personally and professionally, I was seeking this particular info for a long time. express gratitude you and best of luck....
Post Mon Jul 15, 2013 10:03 am
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Radix3d
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Re: best savings option with low income  Reply with quote  

quote:
Originally posted by pdizz1e
Hi all,

I am a graduate student still paying tuition but also have a co-op position that pays well enough for me to have a bit of spare cash if I live at home and live frugally. I would love to start saving something like 10% depending on my expenses that month.

Since 10% of what I make is not a huge number, what would be the best way to invest this money? I have a savings account but I believe the interest on that is somewhere around .5% which is essentially nothing.


I don't think anyone mentioned this?

One thing you could do if you aren't taking advantage of student loans is take a loan to pay for tuition, and then devote your income entirely to saving up $5-10,000 or more. When you graduate and land a job you can easily pay back the loan in full once you feel safe in your career. If you struggle finding employment at least you have a nice cushion of cash to fall back on and you can negotiate with your loan counselor. I think they give you 6 months leeway after graduation.

Since the money you are saving is YOURS you can legally invest it in whatever you like. Perhaps something with a low maturity and government backed.
Post Tue Jul 16, 2013 4:40 am
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tony gray
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Good one friend  Reply with quote  

saving money is a great option really it helps in fighting any bad situation that may arise due to any accident.Saving money should be a trend among students and working group but the amount you save should be reasonable so that it dosen't hurt your monthly living expense.
Post Thu Aug 15, 2013 4:57 pm
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