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Question for the Money Doctors

Question submitted on Mar 30, 2014.

Question

Hi,
I am a single mom recently out of a long term relationship and have very little money saved. My future budget-once I am on my own will leave my with $200 a month to save.
Do you have any sugestions on the best (and fastest) way to build my savings with such a minimal amount?
Thank you,
Desperate

Answer

I don't have a lot of specific background to go on regarding your circumstances, but I would suggest you contact a low cost mutual fund provider, such as Vanguard, Fidelity, Schwab, etc, and begin investing in a balanced fund that would be appropriate for your circumstances. While you may feel you are behind the 8 ball to some extent, the sooner you start the better off you will be.


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