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. Buy a Company (Even If You’re Not a Tycoon)

Take a look at the Forbes Richest People list, and you’ll notice almost all the billionaires have one thing in common — they own another company.

But if you work for a living and don’t happen to have millions of dollars lying around, that can sound totally out of reach.

But with an app called Stash, it doesn’t have to be. It lets you be a part of something that’s normally exclusive to the richest of the rich — on Stash you can buy pieces of other companies for as little as $1.

That’s right — you can invest in pieces of well-known companies, such as Amazon, Google, Apple and more for as little as $1. The best part? If these companies profit, so can you. Some companies even send you a check every quarter for your share of the profits, called dividends.1

It takes two minutes to sign up, and it’s totally secure. With Stash, all your investments are protected by the Securities Investor Protection Corporation (SIPC) — that’s industry talk for, “Your money’s safe.”2

Plus, when you use the link above, Stash will give you a $5 sign-up bonus once you deposit $5 into your account.*

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

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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. 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

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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

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Here’s the thing: your current car insurance company is probably overcharging you. But, who has the time to look around for around a new company?

A company called The Zebra will do it for you for free in just two minutes. It gets people an average of $670 back in their bank accounts a year — and you can get the same coverage you already have.

It doesn’t matter when you last renewed; you can get a check from your old company for the time left on your previous policy. (Read: They probably owe you money.)

You don’t have to make any calls or fill out any forms. It takes two minutes to see how much The Zebra can put back in your pocket. And the best part? Because we’re driving less, some insurers are slashing prices this month.

6. Own a Piece of a Warhol as an Investment. Seriously

You might be thinking you need at least a few more zeros in your checking account before you can even start thinking about investing in art. Warhol? Monet? Banksy? Yeah right. You just managed to finally put away $1,000. Those guys are way out of your league, right?

Wrong. You could still get started with what you’ve got. Seriously.

A company called Masterworks is helping us average folk invest in multimillion-dollar works of art — traditionally one of the most lucrative investments that’s only available to the super rich. But you don’t need hundreds of thousands of dollars to buy a masterpiece outright; with Masterworks, you can buy shares instead.

Here’s why it’s a good option: Fine art can potentially earn you more money than the stock market. Over the long term, the stock market will earn you an average annual return of 7%, but Masterworks lets you invest in art that has historically seen a 10% to 25% price appreciation.

This is a long-term strategy, so patience pays off here — literally. But once your piece of art sells, you get your cut of the profits. 

It takes less than a minute to request an invitation, and you could become a Masterworks member by the end of the day.

 

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.