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. Fund Your Retirement with Amazon, Google and Netflix
Saving for retirement is smart. Having your company contribute to your 401(k) is helpful. But having an ownership interest in a Fortune 500 company that you don’t even work for help get you to your retirement goal? That’s awesome.
And it’s surprisingly easy to make happen, with an app called Stash.1 It lets you own pieces of well-known companies, like Amazon, Apple, Google and more for $5 or less.
Seriously — with only a few dollars, you can invest in thousands of stocks and ETFs, which can help you grow your investing portfolio and reach your retirement goals. The best part? Some companies may even send you a check every quarter for your share of profits, called dividends. If these companies profit, so can you.
It takes two minutes to sign up, and your investments are protected. With Stash, investments are held by their custodian, Apex Clearing Corporation, a member of the Securities Investor Protection Corporation (SIPC) — that’s industry talk for, “Your money comes with protection.”2
Plus, when you use the link above, Stash will give you a $5 bonus once you deposit $5 into your account.3
2. 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.”
3. This Investing App Could Earn You 38% More
What are your real financial goals? A better car? A post-pandemic dream vacation? An emergency fund or a college fund? A comfortable retirement?
To reach your goals, you’re going to need to invest and grow your money. If you’re new at investing — or even if you’re not — you should look into an investing app called Betterment.
It’s easy to use; it has low fees; and it does all kinds of important and tricky work for you. Because of all those factors, over the long term, you could earn an estimated 38% more than a typical investor, Betterment says.
Just answer some questions about your age and income, when you hope to retire, and your tolerance for risk. Based on your answers, Betterment’s sophisticated software funnels your investment money into a portfolio of low-cost index funds that track the stock market as a whole.
You can set up auto-deposits to steadily feed your investments. No minimum balance is required. Betterment only charges an annual 0.25% fee, so if you invest $1,000, you pay just $2.50 a year.
Just enter your email address here to get started. It takes just a few minutes, and you could be on your way to hitting your goals — and earning 38% more on your investments.
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. Cancel Your Car Insurance
When was the last time you compared car insurance rates? Chances are you’re seriously overpaying with your current policy.
If it’s been more than six months since your last car insurance quote, you should look again.
And if you look through a website called Pretected, you could save yourself up to $500 a year.
It takes just two minutes to answer some questions, and Pretected’s smart matching technology will show you the insurance companies that are the best fit for you. And don’t worry — Pretected uses the most advanced data security and encryption technology, so all your details are safe.
The website is free to use and can even save you up to an additional 20% if you add another vehicle to your policy. That’s a decent chunk of money to put back in your pocket!
More than 10 million Americans have already used Pretected’s smart matching technology to find affordable car insurance. See how much money you could save with a new policy.
6. 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?
Now you can invest like the 1% does, and all you need to get started is $500. 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.
1Not all stocks pay out dividends, and there is no guarantee that dividends will be paid each year.
2To note, SIPC coverage does not insure against the potential loss of market value.
For Securities priced over $1,000, purchase of fractional shares starts at $0.05.
*Offer is subject to Promotion Terms and Conditions. To be eligible to participate in this Promotion and receive the bonus, you must successfully open an individual brokerage account in good standing, link a funding account to your Invest account AND deposit $5.00 into your Invest account.
The Penny Hoarder is a Paid Affiliate/partner of Stash.
Investment advisory services offered by Stash Investments LLC, an SEC registered investment adviser. This material has been distributed for informational and educational purposes only, and is not intended as investment, legal, accounting, or tax advice. Investing involves risk.
1According to a GOBankingRates savings survey
2Round Ups automatically round up debit card purchases to the nearest dollar and transfers the round up from your Chime Spending Account to into your savings account. Save When I Get Paid automatically transfers 10% of your direct deposits of $500 or more into your savings account.