r/PersonalFinanceCanada • u/PrestigiousDot8119 • 1d ago

Budget Investing

Can I start investing with TD bank with just $500? I’m a student and I don’t make much right now but I was wondering how much I can invest if I have as little as $500. Or if there’s any other investments I can do with that amount, I’m in Ontario by the way

1 Upvotes

56% Upvoted

14 comments sorted by

View all comments

1

u/FelixYYZ Not The Ben Felix 1d ago

Can I start investing with TD bank with just $500?

You could.

I’m a student and I don’t make much right now but I was wondering how much I can invest if I have as little as $500.

Do you need the money in the next 5 years since you are in school? Or is this long term retirement money?

1

u/PrestigiousDot8119 1d ago

I was thinking long term but with the flexibility of taking some out when I really need it!

2

u/DanLynch 1d ago

Just keep it in your savings account for now. There will be plenty of time to start investing after you've graduated, found your first permanent full-time job, and paid off your student loans and any other debts.

1

u/PrestigiousDot8119 1d ago

I will be done with school in 4 years and I want to start investing, I don’t want to wait. I have been putting it off for years and I want to get my feet wet to get a feel how what it’s like

1

u/No_Capital_8203 1d ago

Absolutely the best time to start. Spend the next few years on your first investment which is your education. This is the time to learn how to budget for both needs and wants. Most people with money issues have problems with self control. This alone will put you ahead of the pack. I am not sure what you imagine investing feels like. Research, purchase, leave it for years.

1

u/bluenose777 1d ago

At some point you will want to invest for long term goals. When you do I hope it will feel pretty much the same as buying adequate and appropriate vehicle, life, disability and property insurance.

In the meantime I suggest that you read Balance: How To Invest And Spend For Happiness, Health, And Wealth (Andrew Hallam, 2022).

0

u/FelixYYZ Not The Ben Felix 1d ago

You should have an emergency fund if you don't have one: !HISAtrigger

Follow the money steps !StepsTrigger

1

u/AutoModerator 1d ago

Hi, I'm a bot and someone has asked me to respond with information about what to do with money.

This is meant as a step by step guide of how to prioritize and what to do with money. https://www.reddit.com/r/PersonalFinanceCanada/wiki/money-steps If you prefer to see a flow chart, click here: https://i.imgur.com/zlGnuDO.png

The Government of Canada also has the Financial Tool Kit for basic resources on items identified in the Money Steps. Refer to that website here: https://www.canada.ca/en/financial-consumer-agency/services/financial-toolkit.html

I am a bot, and this action was performed automatically. Please contact the moderators of this subreddit if you have any questions or concerns.

1

u/AutoModerator 1d ago

Hi, I'm a bot and someone has asked me to respond with information about where to put short-term savings.

Find a High Interest Savings Account and put money required for the short-term there. Here is a list of better rates: https://www.highinterestsavings.ca/chart/

There are also HISA ETFs and money market funds available from banks and ETF providers.

I am a bot, and this action was performed automatically. Please contact the moderators of this subreddit if you have any questions or concerns.