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 three money moves you can make to get the most bang for your buck and get on the path towards a bright financial future.
Prepare for market volatility by diversifying in gold
Stock market volatility can be financially damaging, especially as you near retirement. You could move your investments into a savings account, but have you seen interest rates lately? Another option to consider — diversify with gold.
Gold values are inversely correlated with the stock market and the dollar. When one goes down, the other usually goes up. If you want to protect your retirement funds, having diversified investments may be able to help you weather market swings.
Gold Alliance is a reputable precious metals dealer that specializes in precious metals IRAs. They make it simple to transfer funds from your current retirement account (like a 401(k) or IRA) into a precious metal IRA — with no taxes or penalties.
Gold Alliance offers a free gold information kit to help you learn more about why gold and silver could be a smart choice for diversifying your portfolio, and how the process works.
Cancel your car insurance
We've got bad news. You could be wasting $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. We match drivers with companies that report saving drivers up to $500 or more per year when they save! Each driver’s savings will vary by driving history and how many discounts you’re eligible for. 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 up to $500. To find out if you're losing up to $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.