What is the best way for me to save my money?

So i'm 18 and I have a very nice job. I still live at home so my only expense is gas and buying lunch a couple days a week. I currently have a checking account, but it has no interest and I have saved, and continue to save money. I want to know what would be the best thing to do with my money. I'm not sure if it would be a CD or savings or money market. I want to keep adding to it, and I don't plan on touching it. So what would you recommend/what banks?|||I recommend using ING Direct for your savings account. It provides a pretty good interest rate, but the best part is that it's free and you can set up separate funds withing your account (IE: vacation, car, family, home improvements, school... whatever you want.) This helps me to stay organized and then give me the opportunity to add to these funds on a regular basis with automatic deposits so that I don't have to remember to save.





After you have saved a good chunk of money, I would consider following an investment plan or meeting with a financial advisor in your area.





Good investment plan I follow: Soundmindinvesting.com


Place to find financial advisor: http://www.wiseradvisor.com/find_advisor鈥?/a>





Good Luck! Hope this helps.|||Open a regular vanilla run of the mill savings account at whichever bank you have your checking account. Things like CDs and monkey market funds and interest rates matter way less than just moving your money out of your checking account so you can't spend it. Right now, it doesn't matter where you choose to park your money, interest rates are dreadful. Don't worry about rate of return, just worry about putting it someplace you can't spend it.|||What you need to do is shop around for a bank account. Make it an account that has no monthly fees, only fees for withdrawals. That'll be a disincentive to withdraw money. Make it a passbook account or some other kind of account that you can't access easily. Have no internet banking or debit card attached to the bank.





Then, get your employer to transfer at least 10% of your income on payday into that account, before you get paid the rest. That way, you save automatically and you don't have to think about it. Also, you don't have to pay a transfer fee because the money goes in there automatically. After a few weeks you'll be used to living on less money. If you're living at home, you could probably afford 20% of your pay. I hope you are also paying board to your family. As an adult you need to show your responsibility and pay your own way.





When you get several thousand saved, you should go into the bank and ask if they have a financial planner on staff. Often it is a free service. They get paid by commission to set up your investment. They can help you find a mutual or managed fund that you can invest in. Then, you can make monthly contributions (out of your special savings account, so it all happens without you thinking) and your investment will grow. Hopefully they can spread your money over a higher risk investment so you get higher returns, and some lower risk investments, like cash and property funds. You are young and can afford to be more adventurous with your money, because time will even out the booms and busts. Split your money into higher risk and lower risk investments. That will give you growth (which you'll need to stay ahead of inflation) and access to your money. A financial planner will be able to give you really good advice.





You should go to the local library and get some books out on personal finance. They are free, and they can give you a really good idea of how finance works.





I'm an Australian so I'm not sure what banking products are available where you are, I'm afraid. But the advice I've given you will work just about anywhere.





Good luck