There are many different ways to save and invest your money nowadays. Here are just 3 examples.
Banks and Credit Unions: You can put your savings in an account at a bank or credit union. In return, they pay you interest for you keeping your money at their institution. The plus side of this is the longer you save , the more money you earn. Shop around for the best interest rate.
Mutual Funds: When you invest in a mutual fund , the mutual fund company then uses your money to buy shares of stocks and bonds of many different companies. However this can be risky. When the market goes down the value of the mutual fund goes down.
Individual Development Accounts (IDAs) : This is a program where for every dollar you save, the funds are matched by an IDA sponsor. It varies form $1 -4$. These are usually available to low income people but they are not available everywhere. Check out www.iadanetwork.org to find a location near you.
