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A Roth IRA might be a better choice since you will be eligible now and may not be in 5 or 10 years. I started one for my children when they first started working. I could not afford to add to it when they they graduated from high school but they know they withdraw from it now for their first house or wait and it will be available for withdrawal without having to pay federal taxes when they retire. It was always less than the five hundred dollars you have. I opened the first one at our local credit union when a local dentist paid $50 dollars for washing his office windows. Needless to say it was not his favorite present but it has been a comfort when emergency savings have a way of disappearing.

Good luck
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