Investing with TFSA - please help me I’m financially illiterate
Background: I’m a stay at home mom. I make a small income of a couple hundred dollars a month. My husband makes enough income to handle all of our expenses. I contribute $50 monthly into a TFSA with my bank, but it just sits there. Honestly I didn’t know the purpose of a TFSA and treated it like a basic savings account. I want to somehow grow this small contribution- is this even possible?
What is my next step? Open a wealth simple or quest trade account? And then start investing into a S&P EFT like Vangaurd? Do I set it up so they auto take $50 monthly from my TSFA with my bank? Can I stop investing whenever I want to? (In case I no longer receive this extra income)
Is a XEQT or SP500 better for a beginner, very small investor like me?
Is this worth it? Any advice or comments appreciated!
EDIT * thank you so much for all of the insightful comments! I clearly have a lot to look into, but grateful I am in a position to get started with investing… even if it’s just a little. I appreciate you all!!