<prompt> Human: So Im asking for advice. Im 18 years old, I have been recieving 500 a month for the last few months , how im getting this money takes too long to explain but its perfectly legal. Anyway, so later today i have a meeting with some guy at my Bank and i want to open a Savings Account. This will be something along the lines of Everytime i recieve 500 i want you to transfer 200 into my savings account this has something to do with my first question In a weeks time i will be recieving about 26.000 , this too i would like to save. I do have to spend some of it for a Car. But i would like to save this money for as long as possible.Now my questions: 1 Whats the smartest way i can Handle this income of 500 euros a month. 2 How can i make this money last a long time? Or do you think i should just spend as little as possible for as long as i can?  <response>: Okay, first of all: 500 euros isnt a lot of money. 26,000 euros isnt either. Not in the real world. It can seem like a lot of money when youre 18, but it surely wont last long if youre not smart about it. So, second: yes, please, save it!! I am not sure what your plans are for the near future Study? Get a job? Get a career going?, but that money can be useful in the next couple of years. Dont throw it away.Third: in most European countries, you can indeed go to a bank, ask them to open a savings account for you, and you can create an automatic transfer from one bank account to another for a specific amount per month. So Im sure if you walk into your bank, you can get a savings account as well dont forget to bring some kind of ID, by the way.Fourth: check whether the money in your savings account is ensured or insured by your government. Most European countries have a law where normal citizens like you and me will get something like 100k euros back from any bank, if that bank goes bankrupt. It protects our savings. Im not sure what country you are in, but you could google for something like how are my deposits insured in country or something like that. Fifth: Dont let the bank employee talk you into anything else but a savings account, please. More complicated products like investment accounts or insurance products are of no use to you just yet! When you need them in the future, you can always open them at that point. There is no rush! Right now, you can put that money in savings, buy a cheapish car !, and let the rest sit there until you know more about what to do with it. You do not have to act right now with the money. PS. The FAQ has a page about what to do when you suddenly have a bunch of cash - here 