How do I invest when i make less than 12k a year? (bonds, IRA)

[Simpleton1989]

I have a HYSA with 4.12% interest rate and i'm becoming more and more frugal; but i want to make my money work for me.

I BOnds? T Bills?

thank you

[rjm1cc]

You can buy fractional shares of stock. Look at Charles Schwab

[FL_Expert]

With all due respect, you’re going to need to make more.

[MrRational]

Originally Posted by Simpleton1989

How do I invest when i make less than 12k a year?

Financially? You don't. You really can't expect to do more than avoid debt and maybe save some too.
Achieving those will be tough enough.

otoh ... you could invest in YOU. Skills and Health top the list.

[GWoodle]

Originally Posted by Simpleton1989

I have a HYSA with 4.12% interest rate and i'm becoming more and more frugal; but i want to make my money work for me.

I BOnds? T Bills?

thank you

Don't know your age. You may just be starting?

Don't know your budget. How much are you saving every month?

Probably all you can do is try to save $100/month. Putting it in HYSA @ 4.12% may be all you can do for now.

That HYSA may be your emergency fund? when you get amount over $3k-$6k would be good.

[Star691]

Definitely save in an emergency fund, that may be what you have in the HYSA. As others have mentioned, we would need to know more about your financial status, debts, age, etc.
Wouldn’t bother with I bonds or T Bills right now, if your only pulling in 12K a year.
With working income, you could also open an IRA. Contribute small, incremental amounts until you can afford more.

[Simpleton1989]

Originally Posted by GWoodle

Don't know your age. You may just be starting?

Don't know your budget. How much are you saving every month?

Probably all you can do is try to save $100/month. Putting it in HYSA @ 4.12% may be all you can do for now.

That HYSA may be your emergency fund? when you get amount over $3k-$6k would be good.

34 yrs old
I save $200 a month
My rent is $600 (a large bedroom). I have $2900 saved right now.

Originally Posted by Star691

Definitely save in an emergency fund, that may be what you have in the HYSA. As others have mentioned, we would need to know more about your financial status, debts, age, etc.
Wouldn’t bother with I bonds or T Bills right now, if your only pulling in 12K a year.
With working income, you could also open an IRA. Contribute small, incremental amounts until you can afford more.

I have no debts.

[Rakin]

Do you have access to a Company savings plan where they match a part of what you contribute?

If so put in as much as possible and at your age invest it as aggressively as possible. Then don't withdraw from it for the next 40 years.

You are 34 and only making $230 a week ? You must be working part time. You need to increase your income and even get a 2nd job.

[Simpleton1989]

Originally Posted by Rakin

Do you have access to a Company savings plan where they match a part of what you contribute?

If so put in as much as possible and at your age invest it as aggressively as possible. Then don't withdraw from it for the next 40 years.

You are 34 and only making $230 a week ? You must be working part time. You need to increase your income and even get a 2nd job.

Nuuu.. i save 100 from each paycheck, though I save a full 600 when i have no reason to have money just sitting around in my checking account.
I get paid twice a month; normally 900 every two weeks, but sometimes more.


So i make more than 12k a year actually.


anyway, i've started to cut down on spending (soda and junkfood namely) and start saving super aggressively because I want to travel more and not worry about money while i'm doing it.

edit: will have to check on that company savings plan thing =/

[Grlzrl]

Originally Posted by Simpleton1989

34 yrs old
I save $200 a month
My rent is $600 (a large bedroom). I have $2900 saved right now.



I have no debts.

Sorry. Doesn't pass the smell test. Even if you pay zero taxes, you take home $1000/mo and you are paying 60% of that in rent. And you are saving?