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.
Invest in Apple, 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 Apple, 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 $10 towards your first investment after you sign up and deposit $5 or more into your personal portfolio.2
Don’t risk not having life insurance
If you die, can your family survive on your spouse's income alone? If the answer is no … that could mean losing the house. A mountain of debt. No money for college. Plus the pain of you being gone forever. What would it mean to your family if you left them with nothing?
With life insurance offered by Bestow, you could help protect your family if you die. And the younger you get it, the more likely it is you could still get insured while potentially locking in a lower rate. Applying takes minutes and policies could cost as little as $10 a month. There are also options that could pay your family up to $1,500,000 if you die.
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. 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 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.
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!3
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.
Bonus: Build wealth better than the 1%
The 1% doesn’t deserve all the riches. So why do we keep letting it happen?
Worthy is an email newsletter that teaches you how to invest smarter, earn more money, and live the life you want. It’s for the rebellious, the radical, the 99%er who fights like hell to earn their keep. Easily consumed in less than 5 minutes a day, you’ll get the latest financial resources, news, and money trends that could impact your wallet for years to come.