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Saving up $1,000 in your checking account is a big milestone. But leaving the money in checking likely doesn’t make much sense since most checking accounts pay minimal or no interest.
Once you’ve worked hard to amass $1,000, you want to put your money to work for you. Here are eight money moves you can make to get the most bang for your buck and get on the path towards a bright financial future.
1. Invest in Google, Tesla, or Amazon for just $1
Once you’ve paid all your essential monthly bills, take a look at what’s left in your bank account and come up with an investing strategy. Even if it’s not a lot of money, don’t let that stop you – you can start investing with just $1.
Stash is a great place for beginning investors to get started. You can invest in fractional shares (partial shares) in companies that are household names like Google, Tesla, and Amazon. A single share of some companies could cost hundreds or even thousands of dollars, but with fractional shares you can invest with as little as $1.
If you’re thinking about saving for retirement, you can start investing in an IRA and enjoy the tax benefits that come with retirement accounts. Stash also offers tools and guidance to help you along the way.
As a bonus, Stash will give you $5 towards your first investment after you sign up and deposit $5 or more into your personal portfolio.6
2. Cancel your car insurance
We’ve got bad news. You’re probably wasting at least $500 every year on overpriced, second-rate car insurance. And you should probably cancel your existing insurance right now, because there’s something much better.
This new tool from FinanceBuzz can tell you if you’re overpaying for your car insurance in just a few clicks. On average, we find around $500 a year in savings for drivers. And once you try it out, you’ll never have to look for affordable insurance again because we find you the lowest rates that other companies can’t match.
Oh, and it’s also free. And come on — you can’t tell us you don’t want to save $500. To find out if you’re losing $500 or more a year, just enter your zip code here, answer a few questions and see if you’re overpaying. It takes less than 2 minutes.
3. See how much money you can get back from this account
We hate to tell you this, really. But if you aren’t using the Aspiration debit card, you’re missing out on extra cash with every purchase you make. Don’t worry though… it’s easy to fix.
There’s a debit card from a company called Aspiration, and they give you up to 10% cash back every time you swipe your card. Like when you’re…
Shopping for clothes? Yep… cash back.
Going to the pharmacy? Mhmmm. Cash back.
Getting groceries for the week? Yes, cash back!
It’s so simple. Who doesn’t want extra money? To see how much you could earn, just enter your email address and link your bank account8. By the way, Aspiration is free, your money is kept safe with military-level security, and your deposits won’t fund fossil fuels.
4. Budget better and trim up to $720 from your bills
Even if you’re disciplined about saving, you’ve probably had months where you looked at your bank balance and wondered where your paycheck went. A budgeting app like Truebill can help you take control of your money — spend intentionally on the things you value and stop throwing money away on unimportant things.
Once you have a complete picture of your finances, it’s easy to see ways to save. And Truebill can help make those potential savings a reality. Their expert negotiators can call the cable company and phone company to help lower your bills. They’ll also help you cancel unwanted subscriptions and put that money back in your bank account where it belongs.
Truebill has already helped save its members over $50,000,000 on their bills without much time and effort.
5. See if you can raise your credit scores in real time
Your credit scores affect whether you can get approved for a loan, a credit card, or even a new job. Usually it can take weeks or months to improve your credit scores, but there’s an innovative new feature that could help you raise your FICO® Scores1 instantly.
Experian Boost™ can help you get credit for making on-time payments for your phone and utility bills. The process takes just minutes and if qualifying payments are identified, you can include this positive information in your Experian credit file. (Don’t worry: If you have any negative marks, those won’t count against you.)
Since launching, Experian Boost has collectively increased FICO® Scores across America by over 10 million points. It’s 100% free and new potential credit scores take effect immediately.