8 Clever Moves When You Have $1,000 In The Bank

Keeping tons of money in your checking account means you're missing out.
Last updated Sept. 29, 2022 | By FinanceBuzz Editors
$1,000 in Checking Account

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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.

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.

See if you're overpaying

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. 

Get your free guide now

Crush your credit card debt with a historically low interest loan

If you’re looking for a chunk of change and earn more than $20,000/year, a personal loan could be a good option.

Our partner Payoff will match you with a loan to pay off your credit card faster. In only 2 minutes, you could get a loan up to 40k with rates as low as 5.99%.

If you have a 600 or higher credit score why not see if you qualify? It will NOT affect your credit score.

Get a loan offer here 

See how much passive income you can earn

Passive income. Is it even realistic? Or is it just reserved for the 1% who can already afford the investments that make it possible? Here’s the truth. While it might *feel* elusive, building passive income is achievable. And diversifying your portfolio with alternative assets could help you get there.

These assets — think art or real estate — typically have low correlation with swings in the stock market. This makes them potentially attractive investments for diversification. Hedge funds and the ultra-wealthy know this and have dominated these assets for years. Until now.

Yieldstreet is a platform that gives you access to these alternative assets for as little as $2500. Their products span a range of investments with varying yields, durations, and minimums to help you diversify, and they even have a passive income simulator that shows you potential returns over time. To date, Yieldstreet investors have earned $164 million+ in interest.

Join YieldsStreet and start building passive income

Pay no interest until July 2024

Imagine getting a break from paying credit card interest.  You could dramatically change your financial picture with this industry-leading low-interest card - the BankAmericard® credit card.

If you want to kick high-interest credit card debt to the curb, this is one of the best get-out-of-debt cards available. Transfer your high interest debt to this card with an intro APR on balance transfers and purchases. (See terms for APR details.) Your payments can go directly to paying down your balance without incurring a pile of additional charges. That could save you hundreds of dollars in interest!

The best part? There's no annual fee.

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