I have 16000 saved up in my checking account, what should I do with it?

[Anonymous]

I saved up 16000 in savings. Now, I need to find my own place. Is it possible to live off of this while working a job that only pays me 10/hr? what type of apartment should I get? will I ever be able to afford a new car?

[TechieMatera]

Not too sure where it is you live, but there are decent apartments in my area that you can rent for as low as 500 monthly (water included). You shouldn't have a problem with that if you're working full time. Since I work in a restaurant, 10/hr certainly sounds nice compared to my 2.13/hr, but I digress. As far as a new car is concerned, if you're really looking to get one now, you can set up a payment plan and pay around 300-600 (depends on where you get it) monthly for a new car and get it now. Sure, the interest will end up making it a few thousand dollars more expensive than list price, but you'd be able to pay it off gradually rather than all at once. But, if you can wait on the car, I'd recommend saving up a little more money first. Good luck!

[Anonymous]

$16,000 is way more then most people have at our age. What currency is it?

[Opinion Owner]

I dont even have NZD$3,000

[Asker]

USA currency

[Asker]

16000 is a lot of money if Im living at home. but since I need to move out and pay rent it doesn't seem like that much to me.

[Opinion Owner]

The best tip I've ever had in regards to saving money is not to spend more then a third of your weekly pay on rent. So just try to find a cheap, convenient place to stay.

[akadatank44]

I agree with your MHO opinion. But I would add that you should do some investing in a mutual fund for retirement. Go on Vanguard and figure when you will retire. They have different fund for that. They literally follow the stock market for you. They have a management team that takes care of everything. They are the best around. Start with $1,000 now and keep adding into it. Open it as an Roth IRA. You never want to buy a new car flat out with cash. Its a depreciating asset that never holds its value. What I mean is that as soon as you drive a car of the lot it looses its value. You want to purchase assets that give you money not loose.

[PiuBelloAmante]

give it to me, it would be good charity =)
i will send you my banking info in a personal message =) jk!

ummm, 10 dollars an hour will be rough, i would try finding a studio apt, for around $800 dollars, you will be able to pay that after 2, 40 hour work weeks
a new car... bad idea wait a little longer

[Asker]

how much will I need to save so that I can afford a cheap new car and a apartment?

[PiuBelloAmante]

A cheap new car is $16-18k
So thats a lot!

$30,000 would be pretty safe for a small apartment and a cheap new car ( i recommend you buy used, or certified pre owned)
You can save yourself a bunch of money buying a used car =)

[Asker]

I saw some cheap new cars for 10,000-13000. I want a new car very badly but I have to resist temptation and keep saving

[PiuBelloAmante]

I feel you!
i was gonna buy a car last may! so glad i didn't i hit some rough financial times and now i dont feel too comfortable. thank god i didn't buy that car! it would have been the end of me lol!

it would have cost me $6000

[atomique]

Wow! You could buy a decent used car and live in a cheap apartment for a year

[atomique]

Small Studio apartment?

[Asker]

but what about after that? I want to earn more money. I want to go back to school but not sure how I am going to manage with a full time job

[atomique]

Part-time jobs in school or part time student. I made 9k last year working part-time at $10.50 and had 3k saved in the bank

[Asker]

is a part time job enough to pay 800 a month after the 16000 is dwindled after the first year?

[atomique]

800 a month sounds high. I paid 425 last year. 536 the year before that. Both places kinda sucked

[JackKerouac77]

Send $2,000 to me and I'll come rock your world

[thewanderingme]

oh really, what can I get for $20? ;)

[JackKerouac77]

@thewanderingme
A cup of green tea nad a back rub!

[JackKerouac77]

and*

[thewanderingme]

hmm.. I'll pass. ;p

[blackeagle007]

Look into stocks.

I'm not kidding either.

[Asker]

how do you do that?

[blackeagle007]

Go online. Check around for a stock broker. See what your options are. They may send info.

[Anonymous]

Put some info stocks.