Making more than $5,000 a month 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, 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 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 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.8
Leave your family up to $1,000,000 (starting at just $8/month)
If you're young and healthy, you might not be thinking about term life insurance yet, but you should be. Life insurance companies look at a number of factors including your age, health, and weight to determine the rate you'll pay for coverage. Generally, the younger and healthier you are, the lower the rate.
Bestow offers term life insurance policies with up to $1 million in coverage starting at just $8/month. You can apply online and get a decision in just five minutes. The best part: Bestow doesn't require you to take a medical exam.
If you are between 21 and 55 years old, have never had a felony, and are generally in good health, get a free quote from Bestow today.
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.
Budget better and trim up to $720 from your bills
Ever look at your bank account and wonder where that $5k you made this month went? Poof, it's gone and you're not exactly sure where you spent it. 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.
Invest in paintings by Basquiat, Picasso, Banksy
The ultra-wealthy have been flipping art for huge profits for decades and now non-millionaires can get in on the action. Masterworks is a platform for investing in blue-chip art, an asset class that’s outperformed the S&P 500 by over 180% between 2000-2018.
Masterworks purchases multi-million-dollar paintings and divides up ownership among its members. Just like stock in a company, you can own fractional shares of artwork. If the painting sells, you make money off the appreciation.
While Masterworks requires a $5,000 account minimum to get started, you can invest as little as $20 in each work.
Skip The Waitlist: Use our link to get exclusive access to bypass the 25,000 person waitlist!
Save the $250 you'll probably pay in bank fees this year
Bank fees are annoying, so stop paying them.
The average American pays hundreds in bank fees every year. There are no hidden fees with a Chime bank account - no monthly fees, no minimum balance fees, and they even offer fee-free overdraft - up to $100.1
And no fees doesn't mean no features. With Chime, you can build your savings faster by automatically rounding up your purchases, plus get paid up to two days early when you use direct deposit.5
Apply online in just two minutes — there's no credit check required.
Get paid $100 to ditch your debit card
If you’re using your old debit card for everything, you are probably missing out on serious cash, rewards, and benefits. 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!2
You’ll also be eligible for up to 10% cash back on purchases and 1% APY on your balance – that’s 14x the national average interest rate.3
Not to mention unlimited fee-free withdrawals at over 55,000 ATMs. Best of all there’s no minimum credit score!
Get the cash you need without leaving home
If you need quick access to cash, a home equity line of credit (HELOC) from Figure is one of the simplest and fastest options available.
You can get a HELOC from Figure6 without ever leaving home. Whether you'll use the money for debt consolidation, a home improvement project, or a major purchase, you could have your money in days, not months.
Their online application is fast and easy to complete. There's no in-person appraisal needed and they even have online video notaries available in some locations. You could receive funding in just 5 days4 — get the money and get on with your life.
Checking your pre-qualified offers from Figure won’t impact your credit score,7 but you do need a credit score of at least 620 to qualify.
Bonus: Get smarter about money in just 5 minutes a day
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