Where should I put my money? this is what I found...?

I work two jobs and I'm able to save about 200 a month...Where should I put my extra money every month Options # 1 Regular saving # 2 ING type account # 3 Cd account # 4 mutual fund # 5 stock market = casino I think... #6 others? what do you guys think ...what should I do.. I don't really understand ..all those things ..I have a very basic understanding of those things ..i did some research on all those different options but they make less sense to now then before...so i guuess I'm looking for something more then just a saving account but something safe with low risk I guess short term ..

Public Comments

1. Well, you didn't say whether this is long-term money for your retirement, or medium-, or short-term, nor did you say anything about what your tolerance for risk was, and you also didn't say whether this was in a tax-deferred (401k/IRA) account...so we'd just be guessing. I can give you half a clue, though: If you're only planning to leave it in for less than 5 years, take the best interest rate you can get from choices #1-3. Shop around for interest rates at places like http://www.bankrate.com If you're talking about long-term retirement money, #4-5. (Oh, and by the way, most mutual funds ARE stock funds, so your remark about '= casino' is both wrong and contradictory. If you don't want to learn anything about the market, but want a compromise choice, try one of the 'target retirement' funds from Vanguard or Fidelity, or just use a S&P 500 index fund. Sincere congratulations on being able to sock away some money, though, since not enough people are saving for the future. Post again if you want to supply more background data and someone might be able to help more.
2. For the time being you should first make sure you have enough money in a regular savings or checking account to serve as a safety net in case you have some sort of emergency. If you can keep at least 2 or 3 times your monthly salary there it would be a good idea. This is money you can get to whenever you might need it. The money that you have beyond that you should put in CDs. Very safe and you will get a better rate of return than in your savings account. More important really than WHERE you invest your money is HOW you manage it. Make a budget for yourself and stick to it. Make sure money is going into the CDs every month. You don't have to be a total miser, but the more you can keep your expenses down the more you can put towards achieving financial freedom in the future. Keep credit card balances to a level where you can pay them off each month and still meet your monthly savings and investment goals. And while doing this, keep reading up on investment strategies. Stocks, mutual funds, government bonds... There's a lot of information and it takes time to digest it, but the more you understand the better investment choices you can make.
3. saving 200 a month will not do ,cut your extra expense and make it atleast 1000 a month and then invest it in a hybrid fund through SIP route it will minimize your risk and give really good return if you are from delhi contact me on 9911326886
4. If your looking for low risk than go with an ING direct type account or CD.