What would you suggest?

[BGarcia]

As of now I am 19 and have a pretty decent job for my age (Enterprise Client Manager / Web Designer). I have about $1500 - $1800 left over when I deduct my monthly expenses. What would be some smart ways to start saving at my age? I really don't know much about investing or saving so any advice would be appreciated.

I don't intent in investing all that money, but a percentage perhaps or even $500-$1000 putting it away would be ideal.

I don't have an emergency fund either.

[97guns]

with you being so young its not so improtant what you invest in, it was much more crucial that you have realized that you must save your money. im sure that all your friends do not save at all, it does not matter that you have a well paying job or not, if you do not have the discipline to save you will never succeed.

[khosta]

It is actually very important in what you invest your moneyt in as this could help you out in the furture. I would open a savings account or an IRA and just start putting money away! Starting young is the best thing you could do! Ask your parents or seek advice from a financial advisor. You could also go to your bank and speak with a representative about your options.
Good luck!

[Slug]

Start an EF. Put it in what you can to get 6-12 mths of savings. I recommend the ALLY no penalty CD.

Put $416/mth into a Roth IRA at a brokerage that offers free ETF trades. I recommend TD Ameritrade which has 100. Set it up for automatic transfer.

[Hector]

Its awesome that you are seeking advice and willing to save/invest 1000/month at 19. Congratulations. As others said, most important thing is to save. It doesn't matter how much you make, how much you save matters.

As Slug suggested, open an IRA and invest 5000/year into it.

Dont let anyone invest your money. You are the best person to manage your money. Talk to your parents and ask for advise.Amazon.com: A Random Walk Down Wall Street: The Time-Tested Strategy for Successful Investing (Completely Revised and Updated) (9780393081435): Burton G. Malkiel: Books is a great book to read.

If you start investing money at this age and keep discipline, you could accumulate a lot of wealth and it would be a piece of cake for you to retire in your 50s if you want to.

[Little House]

I'd definitely suggest opening a high yield savings account for a portion of your left over funds. Another idea is to open a Roth IRA and max it out each year (that's only $5,000 annually or $417 a month.) So, if you have $1,700 each month left over you could divide your money like this: $417 to Roth, $642 towards high-yield savings for an EF fund, and another $322 towards an investment account like a mutual fund. The remaining $340 could be invested into a retirement account like a 401 (k). (I like diversifying my investments! Notice I divided your left over money into fourths.)

A lot of people like index funds, but if you're not sure what to do, check out a few sites like MaxFunds.com to get a feel for which funds are low cost and compare conservative to aggressive accounts. Also talk to your parents or older individuals you trust for some ideas on investing a portion of your savings. It's great to hear someone so young thinking about their future.

[BGarcia]

Thanks for all the advice. Usually in my checking account I try to make sure I have a couple thousand saved up just in case. Though with tax season ending today, I am crying over the thousands that goes towards taxes :-p. This year however I am paying my estimated taxes, and having a percent taking from my account per month (since I have to pay in for taxes as a contractor).

It is true most of my friends don't save nor have very much money to begin with at my age, which isn't very fun when you want to go away somewhere for the weekend. I don't like spending much money at once, I usually find those no interest for 12 months and a splurge a little bit. I am also going to Florida in a couple weeks, but that is my first vacation in over 4 years.

I will take into consideration the advice you all have given me. I currently have a book on buying shares and getting into the stock market which I will do so eventually, but I wanted to start small .

[BGarcia]

Oh and the company I work for is the competitor for the software this site is run on hehe.

[97guns]

saving is a lifestyle and can be very addictive

[Frugal]

The first thing most experts do is to save six months' worth of expenses in an emergency fund. If you are young and have student loans, it is always a good idea to pay debts off first, and fast. That way, they will not accumulate extra interest over a period of years...this can add up. I still have to deal with this concern about my own student loans, although I am not a student any longer. They last for YEARS if you don't pay them off as soon as you can feasibly do so.

I personally am afraid of the stock market in this economy...maybe someone else could give better advice on that topic...

Investing in retirement is always important at a young age. However, not everyone is able to afford to do so (I cannot right now, for example, due to my own situation).

Hope that helps!

[timdaily]

HI,
Well you should be saving around 10% of your income. It will surely help you in your future. Invest in shares If you want to.