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 Apple or Amazon for just $1
Once you’ve built up your savings, one important next step is to come up with an investing strategy. Even if you decide not to invest 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 buy fractional shares (partial shares) in companies that are household names like Apple, Google, and Amazon. Normally a single share of these companies would cost hundreds or even thousands of dollars, but you only need $1 to get started with Stash.
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 all kinds of tools and guides to help you along the way.
For a limited time Stash will give you $5 to invest when you make your first investment.1
2. 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.
3. Save up to $500 on car insurance
Car insurance can be expensive, so you want to make sure you’re not overpaying on your current premium.
FinanceBuzz has made it easy to search and compare quotes. Think of it as Kayak, but for car insurance.
We can help match you to insurance carriers and regional agencies to help you save on your car insurance. FinanceBuzz can save drivers up to $500 per year compared to their current insurance premiums.
It takes less than 5 minutes to fill out the form and you’ll receive a list of matches that show you online, email, and potentially phone quotes.
4. Stop overpaying when you shop online
Shopping online has its perks. It’s super convenient, but it can be time consuming to find the best deals. Instead of hunting for coupon codes (that don’t always work!) and opening tons of browser tabs comparing prices, you can try Capital One Shopping.
Capital One Shopping makes saving money effortless. Just add the browser extension and when you check out, they will automatically add the best coupon code in their extensive database to help you save cash. And before you check out at favorite stores like Amazon, Target, Home Depot, and Best Buy, Capital One Shopping will notify you with a friendly pop-up if the item you’re buying is available cheaper somewhere else.
Capital One Shopping is free to use and will never show you ads. Add it today and stop overpaying!4
5. Get paid $100 to ditch your debit card
Make sure you’re keeping that $1,000 somewhere that will reward you for your money. If you’re using a traditional bank account, you might not only be missing out on rewards, you’re probably paying unnecessary fees.
With an Aspiration Spend & Save account, you’ll get $100 for opening a new debit card – just open an account, use your Aspiration debit card to make at least $1,000 in purchases within 60 days and you’ll get $100!6
You’ll also be eligible for up to 10% cash back on purchases and up to 1.00% APY on your balance – that’s 14x the national average interest rate.7
Not to mention unlimited fee-free withdrawals at over 55,000 ATMs and best of all there’s no minimum credit score!
Source: Finance Buzz / Featured image by fanjianhua – freepik.com