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What to do with 8000 dollars

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aerial Level 213 Scania Beginner
So I currently have 8000 dollars saved up. I don't have to pay for school or rent for the next 2 years. This means that I will have no significant expenses in the upcoming future.

I spend about 150 dollars in grocery every month and 300 dollars in random crap from Amazon and clothes. That's all the money I spend. I am currently working 3 days a week. I don't start school again until September so I will probably work a bit more. That means at least 1000 more dollars added to my savings every month till then.

So yea, what should I do? I am thinking of opening a TFSA with 2% interest rate and just storing it there. Getting paid 15 bucks a month doesn't sound bad. And it will also give me incentive to continue saving up more as I watch the interest pay-out grow. I thought about stocks but I am not interested in short term trading and until I have a proper job/career, I am also not interested in long-term investing. But maybe I will change my mind if someone convinces me.

I am planning on upgrading my 5 year old phone to Samsung galaxy s8 when it comes out. Or the Google Pixel 2. But I don't know if there are some smart things that I should be doing with this money.

Any tips?
Posted: February 2017 Permalink

Replies

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upcomingnerd Level 102 Scania Beast Tamer Shared
I say enjoy it and buy stuff you want. After school when you land your career job, 8000 bucks will be a drop in the bucket.
Feb 09 2017
revenants Level 210 Bellocan Battle Mage 4 Revenance Guild
I would definitiely think about upgrading your pbone, but not at the expense of making your monthly bill raise. I havent invested in anything yet, so I cant comment on whats wise for you.
Feb 09 2017
upcomingnerd Level 102 Scania Beast Tamer Shared
@beefly: What good is having money if you don't enjoy spending it? Sure he could put it away and start saving for a house or a car or a divorce lawyer but meh life is short, enjoy it.
Feb 09 2017
aerial Level 213 Scania Beginner
@upcomingnerd: The thing is, there is nothing expensive that I want to buy... (except a phone)
Feb 09 2017
fradddd Level 170 Windia Hero
Yes, invest some of it into something. Find someone who knows about that, or just look online for guides.

If you have any interest I would suggest traveling too.

I spend about the same as you every month (well...maybe less) and I've worked for the majority of the past >3 years, but I literally have $100 in my account. Maybe cause I pay for books and some college fees and my gas and such, idk.

EDIT: I really freakin wish I hadn't spent so much money and relatively useless crap. My crush had the same job as me for 2 years and I'm pretty sure that's how she was able to travel to other countries two or three times a year. But hey at least I have pretty good earbuds...
Feb 09 2017
aerial Level 213 Scania Beginner
@fradddd: I did some heavy research on investing this morning and just literally went to open an investment account at my bank.

Gonna start investing in index funds with low MERs. I am gonna build a diverse portfolio and plan on parking my money there long-term. Hopefully I can become a millionaire by the time I am 30.

edit: nvm, a millionaire? no way. I meant 100k-are.
Feb 10 2017
fradddd Level 170 Windia Hero
@aerial well, it's fairly likely you could be a millionaire by the time you retire.
Feb 10 2017
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