Need saving advice for internship, where do I put my money?

[hfjake]

I'm turning 20 shortly, and I'm finishing my second year of university. I'll be working somewhere in the summer where I'll be earning $27.50 an hour, and I'd like to proactively invest the money.

Here's my finances at the moment:

Chequing Account: $1053.81
Saving Account: $8045.03
TFSA: $2918.59
($100 is transferred to my TFSA bi-weekly from my chequing account)
Mastercard: $1500 limit, $0 owing

I have no debt.

I'm not currently investing any of my money, it's just sitting in different accounts. My savings and TFSA both earn 1% because the money is just sitting there.... My dad said he kept a lot of liquid cash in his 20s because you spend a lot of money traveling (and etc) in your 20s, so it might be a good idea. But I'm sure I could do something productive with my money? Any advice?

[bjl584]

I'm turning 20 shortly, and I'm finishing my second year of university. I'll be working somewhere in the summer where I'll be earning $27.50 an hour, and I'd like to proactively invest the money.

Here's my finances at the moment:

Chequing Account: $1053.81
Saving Account: $8045.03
TFSA: $2918.59
($100 is transferred to my TFSA bi-weekly from my chequing account)
Mastercard: $1500 limit, $0 owing

I have no debt.

I'm not currently investing any of my money, it's just sitting in different accounts. My savings and TFSA both earn 1% because the money is just sitting there.... My dad said he kept a lot of liquid cash in his 20s because you spend a lot of money traveling (and etc) in your 20s, so it might be a good idea. But I'm sure I could do something productive with my money? Any advice?

You could start a ROTH IRA with Vanguard or Fidelity. Then start researching some funds that suite your risk tolerance, have low fees, and have a proven track record. A target fund or an index fund could be a good place to start.

You're doing excellent financially for being 20 btw. Good job.

[CashUp Sammy]

Go travelling, yes for sure...

But take it from me - and many others i'm sure - STAY OUT of DEBT!