If I only have $50.00 per month to invest or save, where should I put it?

First thing is to make sure you have an adequate cash cushion in place. In general it is recommended that you have the equivalent of about 6 months of wages in cash savings before you start worrying about investing in stocks, bonds, or other riskier investments.

Put it in a savings account (try to get one that has no minimum, allows you to withdraw at any time, no service fees, etc)

I agree with ebaines that if you're able to afford $50 a month, stocks/bonds/mutual funds are a bit out of the question until you've made yourself a decent cushion in case of a rainy day.

There is really no way to answer this. There are a number of factors like your age, investment goals, risk tolerance and more that would have to be answered.