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RedDeerGuy1's avatar

What is a good product or service, or investment, to save up $500 a month for?

Asked by RedDeerGuy1 (14736points) 1 month ago

Like a gaming chair. Or university classes. Charity. Or food.
Starting next July when most of the bills are paid and you can start an emergency fund.

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9 Answers

zenvelo's avatar

Rather than saving for a specific thing, save to get a cushion in case of a sudden need. Don’t let Savings Burn a hole in your pocket.

RedDeerGuy1's avatar

@zenvelo Ok will do that after bills are paid. What next?

rebbel's avatar

Retirement plan.

ragingloli's avatar

Gravestone and cemetary plot.

LuckyGuy's avatar

I would save it for the future. There is no reason to burn it up – unless having it in a bank would affect benefits negatively. If that is the case, stash the cash somewhere safe.
After you build up a cushion for at least 6 months then you may think about spending on something.
That cushion will make your life much better. It will act like a shock absorber in times of stress. Emergencies are unpredictable and can pop up at any time: illness, need for a new place to live, broken appliances, etc. Be ready so you don’t have to worry about it.
Save it.

LostInParadise's avatar

If you can afford it, place some money in an index fund. These investments tend to do well over the long haul.

A university class would be a good idea, especially since the government will cover some of the expenses.

gorillapaws's avatar

A well diversified, long-term investment fund such as a target date fund. Learn about how compound interest can make you very rich. In other words you should ask yourself: “Do I want a gaming chair now? or thousands of them in the future?”

LadyMarissa's avatar

Pay yourself first…put it into a retirement or savings account!!! The old age home will cost more than $500/month

anniereborn's avatar

You have 500 extra dollars a month? How do I get in on that gig?

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