If You Have More Than $1,000 in Your Checking Account, Make These 6 Moves

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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. Become a Local Business Investor for as Little as $100 

Investing in Wall Street is fine, but it doesn’t do anything for your community. That’s why a company called Mainvest is making it easy to invest in local companies and earn solid potential returns*.

With as little as $100, you can invest in small businesses like bakeries, restaurants, cannabis stores, breweries and beauty products — and the opportunity to earn returns quarterly while the business grows and generates revenue. 

And if you live locally, you can sip, eat and shop to support them, too. It’s a double-dipping situation when it comes to helping your community. 

But just because Mainvest works with small businesses doesn’t mean the potential for returns is small. For example, Ivyee’s Everything Honey in Boston offered 1.5 times returns on investment. So if you had invested $1,000, they would have shared their quarterly revenue with you until they paid you back $1,500. 

Some investments offer other perks for their investors (in addition to earning money!) like invitations to grand openings, branded merchandise or even free pizza for a year.

Growing your investment portfolio with Mainvest is a great opportunity to build passive income. Sign up for a free account and see what small businesses you want to invest in.

2. See if You Can Get More Money From This Company

a woman logs into her bank account on her cell phone.
Tina Russell/The Penny Hoarder

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. 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.

If you find a policy you like, you can sign up online instantly.

Who’s laughing now?

4. Stop Wasting Thousands Because of Your Bad Credit Score

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Do you know how much money your bad credit score has cost you? Between higher interest rates on car loans or interest fees on your credit card balance, it could be thousands of dollars each year.

You know you need to fix it, but you don’t have the time, money or energy. But there’s a debit card called Extra that can help raise your credit without any of the hassle. And you could get rewards, too.

The Extra debit card is the first debit card that can positively impact your credit score without any of the risks from a  regular credit card — there’s no credit check, no interest rates and no deposit required to use it. Plus, you get to keep your money in the bank account you’ve always used.

Sign up for an Extra debit card by securely connecting your bank account. You’ll get a credit limit based on your real-time cash balance. Every time you make a purchase with your Extra card, they’ll spot you the cash now and pay themselves back the next day.

At the end of the month, all of your purchases are reported to the credit bureaus as credit-worthy payments — just like a credit card company would. But you won’t be paying any interest fees since it’s your money you’re spending. You will earn rewards though!

It takes just a few minutes to sign up for an Extra debit card, and you can get all the perks of a credit card without the risks of a credit card. You can save thousands of dollars in interest, build your credit score and quite literally reap the rewards.

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.

Payoff can help you borrow up to $40,000.

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.

6. Find Out if You’re Overpaying for Homeowners Insurance

If you’re a homeowner, you probably have home insurance, but you hardly ever think about it. That’s good — it means you haven’t needed to use it. But it also means you don’t know if you’re being overcharged for it.

It’s easy to find out, though. To see if you’re overpaying for your policy, check out  a website called SmartFinancial. It’s a digital marketplace where you can get quotes and compare rates to make sure you’re getting the best price.

Homeowners can save hundreds of dollars when they switch home insurance companies this way.

It takes just two minutes to get quotes from multiple insurers, so you can see all your options side-by-side. Get started here.

 

*All of the investment opportunities on Mainvest contain risk, and it is not guaranteed that any investment will generate a return. Only invest if you can afford to lose your entire investment