If You Have More Than $1,000 in Your Checking Account, Make These 6 Moves
You’ve done it. You’ve built up a little cushion in your bank account — $1,000! It feels good, right? Those days of checking your account balance in a panic are behind you.
Congrats! You’re on the right path. Now it’s time to think about some longer-term goals. What do you want to accomplish next with your money? Do you need to save more? Do you want to buy a home someday? Invest?
What’s the next step you should take? What are some specific things you can do to take your finances to the next level?
We’ve got some ideas for you:
1. Invest in Real Estate (Even if You’re Not a Millionaire)
The stock market can be a scary place. Stock prices shoot up and down like a roller coaster ride, and who knows when the whole thing might crash?
It would be nice to diversify and invest some of your money in real estate, but don’t you have to be wealthy to do that?
A company called DiversyFund will invest your money in private real estate — specifically, in apartment buildings it co-owns with its investors — and you only need $500.
You can see exactly which properties are included in your portfolio through their online dashboard — like a 54-unit apartment complex in Salt Lake City, Utah, or a 30-unit waterfront property in Stuart, Florida. And you don’t have to experience the headaches that come with being a landlord — DiversyFund does all the heavy lifting for you.
DiversyFund can’t guarantee how its investments will perform in the future — no one can — but historically, real estate has outperformed the stock market for the past 30 years.
So you don’t need a fortune to invest in real estate. All you need to get started is $500. Sign up here to start investing today.
2. Cancel Your Car Insurance
If you really want to get the best price on car insurance, experts say you should be shopping twice a year.
OK, we can hear you laughing from here. Who has time to do all that?
But seriously, insurance companies take a lot of factors into consideration, and they change all the time. Ipso facto — you’re paying too much.
Thankfully, a free website called The Zebra will do the shopping for you — in just two minutes.
All you have to do is enter basic information about your car and driving history, then The Zebra compares prices from more than 100 companies to find you the best price.
The Zebra says it saves its users up to $440 a year. So if you haven’t checked car insurance rates in a while, see how much you can save with a new policy.
Who’s laughing now?
3. See if You Can Get More Money From This Company
Here’s the deal: If you’re not using Aspiration’s debit card, you’re missing out on extra cash. And who doesn’t want extra cash?
Yep. A debit card called Aspiration gives you up to a 10% back every time you swipe.
Need to buy groceries? Extra cash.
Need to fill up the tank? Bam. Even more extra cash.
You were going to buy these things anyway — why not get this extra money in the process?
Enter your email address here, and link your bank account to see how much extra cash you can get with your free Aspiration account. And don’t worry. Your money is FDIC insured and under a military-grade encryption. That’s nerd talk for “this is totally safe.”
4. Add up to 300 Points to Your Credit Score
You might not think your credit score is that important. In fact, you might not think much about it at all. But what happens when you want to buy a car? Or a house? Unfortunately, those three little numbers play a huge role in whether you’ll be able to do that.
And if you have an error on your credit report (one out of five reports do), that could stand in your way.
Thankfully, a website called Credit Sesame will help you detect any errors — for free. It shows you why you have the score you do and gives you personalized tips to steer you in the right direction.
Salome Buitureria, a working mom in Louisiana, found a major error on her report this way. Using Credit Sesame, she was able to fix the mistake and take additional steps to raise her credit score from 524 to nearly 700.
Now she and her husband feel like they’re in a better position for their biggest goal — purchasing a house. It only takes about 90 seconds to sign up.
5. Let This Company Pay Your Credit Card Bill This Month
No, like… the whole bill. All of it.
While you’re stressing out over your debt, your credit card company is getting rich off those insane interest rates. But a website called Payoff could help you pay off that bill as soon as tomorrow.
Here’s how it works: Payoff can match you with a low-interest loan you can use to pay off every credit card balance you have. The benefit? You’re left with just one bill to pay every month, and because the interest rate is so much lower, you can get out of debt so much faster. Plus, no credit card payment this month.
If your credit score is at least 640, Payoff can help you borrow $5,000 to $40,000 with fixed rates starting at 5.99%.
Payoff won’t make you stand in line or call a bank. And if you’re worried you won’t qualify, it’s free to check online. It takes just a few minutes, and it could save you thousands of dollars — and raise your FICO score by up to 40 points. Totally worth it.
All that credit card debt — and the anxiety that comes with it — could be gone by tomorrow.
(Payoff operates in every U.S. state except Massachusetts, Mississippi, Nebraska and Nevada.)
6. See if You’re Wasting $690/Year on Homeowners Insurance
You’re probably wasting money right now. And it’s probably on something you’d never expect — your homeowners insurance policy.
This isn’t something you actively think about — you just know you’re required to have it.
The problem is, you’re paying too much. Luckily, an insurance company called Policygenius makes it easy to find out how much you’re overpaying. It finds you cheaper policies and special discounts in minutes.
In fact, it saves users an average of $690 a year — or $57.50 a month. It’ll even help you break up with your old insurance company. (You’re allowed to cancel your policy at any time, and your company should issue you a refund.)
And just because you’re saving money doesn’t mean you’re skimping on coverage. Policygenius will make sure you have what you need.
Just answer a few questions about your home to see how much money you’re wasting.
Capital One Shopping compensates us when you sign up using the links we provide.
*Past performance is not indicative of future results. The publicly filed offering circulars of the issuers sponsored by Rise Companies Corp., not all of which may be currently qualified by the Securities and Exchange Commission, may be found at www.fundrise.com/oc.