Well Tyler, since you're already 18, I'll assume that you've been saving up for your mission for a few years already. The things I'm gonna say apply to missions or pretty much any big event that is coming up in your life, like a trip across Europe or buying your first home.

     My usual answer would be this: put the money into the stock market. The stock market is still a good idea, but it has been having some ups and downs lately. You most always want to put your money into the stock market if you're going to be investing for a long time, like 10 years or more, because over the long term the market does earn you more money than anything else.

     If you're planning on needing your money sooner, or if you know that you absolutely have to end up with at least the same amount of dough you started with, then you're better off putting your money in the bank. But the bank doesn't give me as much money back as interest you say? That can be true sometimes, but take a look at what the stock market has given back lately! Banks protect your money first, ensuring that you'll always have the money you put in, and then they pay you a good rate of interest as well. The stock market is more of a gamble sometimes; you have the chance to get much more money out of it, but you are putting all of your money (called your initial investment) at risk. If the market dives, you could lose all of that money! Not a good scenario if you're months away from going on a mission!

     Don't worry too much though. With the Internet around, banks have found ways to energize traditional savings and checking accounts with even better interest rates. How can they do this? Well, some banks have accounts that are only accesible through the Internet, meaning that if you want to know how much money you have in your account, you need to check your account online rather than go to the bank itself, wait in line, and ask a bank teller. Because you're not going to use up some of the bank's time and services (remember the teller?) the bank is going to pass along those savings to you in the form of a better interest rate on your account. It's a win-win situation, especially for people who open accounts who happen to live outside the state the bank is in. They really couldn't go ask a teller anything anyways!

     Want to know where these special "Internet" accounts are? Ask your bank, or go to a website like Bankrate.com. They list all of the highest earning banks and their accounts by interest rate. Setting one up is easy, most banks have it right on their website, you can get an account in your pajamas!

     Since you're so close to going on your mission, Tyler, you're not looking at earning gobs of free interest unless you've already been doing this savings-thing for a few years. Let that be a good lesson for the rest of us, the earlier you start the easier it is and the more you'll earn! Good luck, and send us a postcard from wherever you end up!

Did You Know?

This may sound weird, but saving up for something you want actually makes you appreciate it better, you want to take better care of it. You've sacrificed, and that makes it mean more to you than if you had just put it on credit!