Help me on managing my money 16 year old?

Hey I'm a 16 year old girl. I just got a job for HEB and I'm already on planning what to do with my money but I don't know how. I plan on opening a savings account but I want to save up for multiple things. Is there a way I can divide my savings account into different things? I don't know. I'll be getting paid 9.50 an hour. The things I plan on saving on is for college, a car, a MacBook and a new iPhone. I want to also spend my money on like food, pampering, and also for my braces it'd be 100 a month. When opening a savings account I was told that the money could grow. For instance, if I were to put like a dollar in my savings account and not do anything with it that over time it could turn into 100. I don't know. I just wanna know is that true? Please help me plan on how to organize my money I just want to spend my money wisely and also on stuff that I like.

Yes, your money can grow, but it takes a long time for it to become a sizable amount…

To see how, get yourself a decent spread sheet program. If you have a computer and don't have something like MS Excel already on it -- Google docs has a free one, and there are free office suites that you can download that work well. Among the functions, you'll see there's a whole series of financial functions, which can compound any amount you like. A $1 compounded can grow at whatever interest rate you can get. The higher the interest rate the faster your savings will grow, and the more often the interest is paid, the faster it will grow.

But… Set yourself a budget -- so much for this thing and that. In your budget put aside 10% of your earnings for real savings; use the other 90% for the things you need. The basic rule for spending should always be "Can I afford NOT to buy?"

Interest rates are very low on savings accounts. You might make 4 cents a month on $100. Opening multiple small balance savings accounts is silly. You should save at least 1/2 of every paycheck, more if you want to get the things you mentioned more quickly. You have good goals, but they're a bit unrealistic. Figure out how much money each thing costs and when you want to buy them. Then you can figure out how much you need to save each wee,.

The balance in your saving can't grow. If you want to grow, you need to learn how to invest. Profitable Investment with a Social Impact in Mind & Business Opportunity

This is an alternative way to become a Patron for a Global Gallery sculpture and/or donating to your designated charity.

DAJK will match 100% of your invested capital towards your purchase of an Open Edition or a Limited Edition bronze sculpture, titled "A Sporting Chance for Peace", and/or DAJK will donate to your designated charity when you are successfully participating in our IO5000 program.

Learn more about IO5000 program…

Learn more about the Patrons Plan…

If you have further clarifications, please contact us. We will schedule a tel-cc within 24 hours

PS Please share with anyone who is interested in a profitable investment with social impact in mind. Your referral will be compensated USD 1000 per successful invested investor. Please register with us your referral contacts so that we can credit to you correctly and accurately.

Business Opportunity:
Step #1. You Find an investor
Step #2. You register this investor with us if he understands and commits to our IO-5000
Step #3. We will clarify with your investor any of their concerns
Step #4. You will be compensated USD 1000 if your investor participates in our IO-5000
Step #5. Repeat step #1

For the past 16 years, interest rates have been infinitesimally low on savings accounts, like 0.1%, too low to bother with. A few banks offer 5% on checking accounts with conditions you have to meet, like 10 debit card uses per month. Beware of banks' sneaky fees (like minimum required balances); credit unions are less likely to cheat you, but read the fine print and ask questions.

When you are older and have more money to invest (like $3000), you can invest in an index mutual fund and expect an average annual return of maybe 8%, which would double your money in 12 years (adjusted for inflation). Vanguard is a company known for low fees for its investors.

You would reach $100 after about 72 years - if you never paid any tax on the interest. Put 50% of your pay into long term (car, college, braces, etc) savings, 25% into short term savings (Mac book, iPhone, etc), and 25% for "carry around money."

You will NOT get rich. Just adopt a habit of consistently saving money, and be wise with the money you do spend (what you buy, what you pay, and you get what you pay for. Sometimes it is wiser to pay for quality.)

When you are looking for a bank, try to find A CREDIT UNION. They are the same thing as a bank, but depositor owned, so they are more friendly (higher savings rates, lower borrowing rates, $5 min bal to keep an account open, etc).

How to get rich, while having fun: many women became rich by collecting and storing old junk. If you have a place to store the old junk, then collect tons of the stuff. When you reach the age of 60, most of the junk will be 100 years old. That's like an old person today having tons of stuff from the late 1890s thru the 1940s. Antique dealers would come knocking.

Capital One 360 is an online savings account that you can create sub accounts for different savings goals in.

Rule of 72… Divide 72 by the interest rate and it will tell you how long in years it will approximately take an investment to double. Since savings accounts are paying around 1% your looking at about 72 years to turn a dollar to two dollars, 72 more to turn it to four dollars… So eventually you'll get to 100 dollars… Not that you'll be around to spend it.

Make a budget and stick to it, spreadsheet your finances every month, track your assets, your liabilities and calculate your net worth every month. Set goals, find appropriate investments or savings vehicles to meet those goals. Every paycheck put a little money into investments, a little into savings, and a little to debt reduction. Embrace the compounding power of long term equity investments to build wealth.

Yes.