What's the best small investment that will help me get ahead this year?

[Mrtonyacosta]

I have $3,500 saved up and looking to find a way to get ahead this year. I am a full time college student majoring in nursing taking 9 - 12 credit hours. I also work full time as well. I make no less than $500 a week. My monthly expense are $1,055, and I pay my college tuition out of pocket which is approximately $1,100 a semester with books.

My vehicle is financed with $13,000 owed on it and payments are $330 a month.

I have thought about paying off or in advance my car insurance for a whole year, putting a year amount of credit on my sprint/cell phone account, paying my tuition in full instead of a payment plan, paying my car payments about 10 months in advance, paying off a $2,500 debt which is $115 a month..

My idea is to be financial comfortable to where I don't have to stress out about things throughout the year and possibly save more money a month.

Any great advice would be appreciated! Thank you!

[kris1]

What's the best small investment that will help me get ahead this year?

The great mind of Albert Einstein believed that the most powerful force in the universe was compound interest -- the process of putting a little money away now to become a little more tomorrow, and a little more the day after that, in time growing to a very substantial sum.

[bjl584]

I have $3,500 saved up and looking to find a way to get ahead this year. I am a full time college student majoring in nursing taking 9 - 12 credit hours. I also work full time as well. I make no less than $500 a week. My monthly expense are $1,055, and I pay my college tuition out of pocket which is approximately $1,100 a semester with books.

My vehicle is financed with $13,000 owed on it and payments are $330 a month.

I have thought about paying off or in advance my car insurance for a whole year, putting a year amount of credit on my sprint/cell phone account, paying my tuition in full instead of a payment plan, paying my car payments about 10 months in advance, paying off a $2,500 debt which is $115 a month..

My idea is to be financial comfortable to where I don't have to stress out about things throughout the year and possibly save more money a month.

Any great advice would be appreciated! Thank you!

If you did all that stuff how much money would you have left? You need to maintain a 3 to 6 month emergency fund at all times, so don't spend all of the money that you have. I'd be inclined to just keep the $3500 in a savings account for now. At least till you finish school.

[disneysteve]

looking to find a way to get ahead this year.

I make no less than $500 a week.

My vehicle is financed with $13,000 owed on it and payments are $330 a month.

If you want to get ahead quickly, get rid of the expensive car. The rule of thumb is that your car payment shouldn't exceed 10% of your monthly income. You earn $2,000/month but your payment is $330 or 16.5% of income.

How much is the car worth if you sell it privately? Sell it and replace it with something costing $5,000 or so. That will free up a couple hundred dollars per month that can go to build your savings.

[DividendInvestor]

Thanks for such great idea,this idea is quite good to build the saving,. It will help me also.

[lindsay06]

I would pay off your car before considering any investment.