14-16 year olds: Start saving and investing now

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You've got money! Teens

Open a savings account
By Bankrate.com

Learn to save early, but you don't have to save it all. A good savings habit to kick off now is to put aside 10 percent of your income. Just commit to save a specific amount. And, get started!

Links:
Making the most of your income, Are you a teenage money dummy?, Some options for making your savings grow, Find the best CD rate, Savings calculator: Watch your savings grow with regular deposits

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It's never too early to invest
Sure, you could just let your cash sit in a savings account earning peanuts or, you could make it grow by opening an Individual Retirement Account. IRAs are excellent savings vehicles where you can make deposits weekly, monthly or even one lump sum up to $3,000 per year.

Links:
How to become a millionaire with a Roth IRA, The impact of saving early, Reach your savings goal with regular payments, Computer games that improve financial skills

-- Posted: Jan. 20, 2003

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