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 six money moves you can make to get the most bang for your buck and get on the path towards a bright financial future.
Invest like a real estate mogul with only $500
Real estate can be a great investment because there's only a limited amount of land available. Land has inherent value and, over time, that value usually rises.
Traditionally, investing in real estate was expensive. But thanks to Fundrise, you can now get started with as little as $500. You can browse different real estate investments, including commercial buildings or apartment developments, and put your money into projects that seem interesting to you.
If you have money in stocks and bonds through a 401(k), IRA, or brokerage account with a robo-advisor, Fundrise also makes it easy to diversify your portfolio.
Save up to $516 on car insurance
Car insurance can be expensive, so you want to make sure you're not overpaying on your current premium.
It's easy to search and compare quotes with Provide Insurance. Think of it as Kayak, but for car insurance.
They can help match you to insurance carriers and regional agencies to help you save on your car insurance. Provide can save drivers up to $516 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.
Turn your $1,000 into $2,000 without even thinking about it
Now that you've saved up your first $1,000, you've hopefully got the savings bug and are ready to start putting aside much more for your future. Digit can make that easy by analyzing your spending behavior and automatically moving available funds to savings.
One of the hardest parts of saving money is forcing yourself to transfer funds to a savings account instead of doing something more fun with the money in your checking account. With Digit, you don't have to be disciplined enough to move your money over. Instead, you'll set your goals and Digit will move spare cash into an FDIC insured bank account.
With the $1,000 cushion you have in your checking account, you'll have a good start for your savings and Digit will make sure to invest appropriate sums so you grow it without overdrafting. Digit has already helped its members save over $1 billion.
Buy a piece of Apple or Amazon for just $5
Stock shares in companies you trust, such as Apple or Amazon, can be very expensive for beginning investors to buy.
The good news is, Stash allows you to start investing with just $5 and you can buy fractional shares so you can afford to get a piece of companies that are household names. You can also use automated investing tools to build a portfolio automatically. And if you opt to bank with Stash and get a debit card, you can get rewarded with stock when you shop with different merchants.
For a limited time Stash will give you $5 when you make your first investment.
Get paid $150 to ditch your debit card
Debit cards typically provide limited or no rewards, but you don't have to use a debit card when you spend. Instead, you can sign up for Capital One® Quicksilver® Cash Rewards Credit Card to earn 1.5% cash back on all purchases. You can also earn a $150 cash back bonus after spending $500 in the first 3 months and there's no annual fee.
Of course, using a rewards card pays off only if you pay the balance in full each month. Otherwise, any rewards you earn are dwarfed by the interest — 15.49% to 25.49% (variable) — you'll pay. Fortunately, with the $1,000 you have in savings, you can make sure you pay your balance in full whenever you charge as long as you keep your spending limits in mind.
Add up to $500 to your savings with Truebill
Truebill has helped save its members over $50,000,000 on their bills without much time and effort.
With the help of Truebill, you can automatically negotiate your internet and phone bills down without lifting a finger.
They work with all major providers - including Comcast/Xfinity, Verizon, AT&T, Time Warner, and DirecTV - so you can finally stick it to the cable company!
Open an account today and see how much you could be missing out on.
Move your money and earn 20x more interest!
The CIT Savings Builder account pays up to 1.80% APY as well as short term and long-term certificates of deposit.
You can move your money into a CD or into high yield savings to earn these better returns and won't have to do anything but watch your pile of cash grow. Try CIT today to get started on boosting the money your $1,000 in savings can earn for you.
Leave your family up to $1,000,000 for just $5 a month
Life insurance is an essential purchase if you currently have anyone who depends on you or if you plan to have a family in the future. By getting insurance, you can make sure your family doesn't suffer financially if something happens to you. A policy could help you make sure your spouse can pay off your mortgage, your kids can pay for college, or your aging parents can get help from a professional caregiver if you aren't there to assist them.
Buying life insurance doesn't have to be difficult. Bestow allows you to apply for a policy online in just five minutes. You won't need to worry about a doctor's visit or doing tons of paperwork, and policies start at just $5 per month. Shop for coverage today with Bestow so you can make sure your family is protected.