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This is an excellent question. I think of "saving" as "deferred spending". Then, I realized that the money I'm saving has specific allocations. This follows the Every Dollar Has A Purpose (EDHA …

"Savings" are economic form of deferred gratification, and deferred gratification is the key to success in almost everything in life. Thus, start deferring gratification now. …

Thus, I suggest that you ask a parent to help you open a fee-free "kids checking account" at their bank, and an online savings account at a bank like Ally (which pays a noticeable interest rate). … This way, you can ask your parent to give you a portion (half sounds good) of your allowance in cash, and automatically transfer the rest into your new savings account. …

If nothing else, move some of it into an online bank's savings account at 1.2% and the rest into a set of "laddered" CDs at about 1.5%. …

CDs from "online" banks currently (as of January 2018) pay about 1.3% interest on 12 month CDs and 1.2% on savings accounts (some more and some less). …

I'm not sure if I should have one savings account for all things (put all $100 dollars in to it each month) or have separate savings accounts for each thing (put $25 in each). … Each savings account is free. The sad answer is that it all depends on you, and whether you think you need the "external" discipline. …

Generally speaking, if you've come into a little bit of money ..., is it better to use that money to pad your savings account or pay down your debt leaving behind very little in your savings account …

Savings accounts are just as liquid as MM accounts, and can pay a better rate. … OTOH, Ally Bank yields 1.75% on it's FDIC-protected online savings account. Other just-as-safe online banks offer similar rates. …

I just need to have this money do something and not sit around doing nothing. Perfectly understandable. I'd consider a mutual fund with "low volatility, high dividend" stocks. These were tradit …

What would be the way to maximize the long term savings in this situation? For short-term goals (next few years), save (as opposed to "invest") the money. …

What has to be considered when moving money from checking into savings? "How much do I want to move into my savings account?" That's it... Can arbitrarily large amounts be moved between the two? … In the US: Intra-bank: checking and savings account at the same bank. I don't recommend this, unless you already bank where the savings account APY is "high". …

And compared to a time deposit or regular savings? According to Bankrate.com, the average, five year CD in 2016 yielded about 0.8%. So, this investment is better than a time deposit. …

Put €300-500 in a savings account. Or -- since you already have an emergency fund -- a medium risk fund. @Relaxed is right, though: what are your future goals? …

I'd put an Emergency Fund of 3-4 months worth of expenses in a high yield online savings account (do they have those in the UK), and invest the rest for the long term in an indexed equity fund. …

A 401(k) can only be offered by a (private?) employer. Thus, while working for the State, you can't also contribute to a 401(k). As DStanley mentioned, though, you can -- and should, after maxing ou …