FundRobot » Child Investment Accounts » Help?!?!? When should I open my piggy bank?

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Old   #1 (permalink)
 
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Default help open my piggy bank

I plan on buying a camera that's $500, I began saving in October 2013, I want to have it for my uncle's wedding in March but I'm not sure when I should open my piggy bank. Help?!?

Cash754 is offline   Reply With Quote
Old   #2 (permalink)
 
Posts: 2,526
Default help open my piggy bank

Is your piggy bank actually a bank account or any interest bearing account? If so, technically you should wait until just before your uncle's wedding to withdraw funds and buy your camera. If you buy your camera now, it will immediately depreciate in value, and you won't take advantage of any interest gains.

500$ is a small enough amount of money, however, that your interest gains will be negligible between now and March. Buy the camera now, enjoy it, learn how to use it properly before the wedding.

PS, If you are actually using a piggy bank to save money in, then I would suggest researching ways to make your money work for you. Unless, of course you are a child, in which case congratulations on saving up 500$ at such a young age.
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Old   #3 (permalink)
 
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Default help open my piggy bank

Open it now and see if you have enough money to buy the gift.
Beauty2000 is offline   Reply With Quote
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