To some people, $1,000 might not seem like a lot of money. However, if you’re someone who has had to save up to get to that point in your bank account, you understand that it’s a huge accomplishment. You can now go about your day and not have to worry about checking your account in a panic and fearing you might be broke.
Now that you’re on the correct path, it’s time to figure out the next step. What should you do with that $1,000? Is there a way to possibly increase it? You always hear about investments but this is all brand new to you. Thankfully, we have some ideas on what to do next.
1) Get Help Paying Off Credit Cards
Just because you have a nice chunk of change in your bank account doesn’t mean your debt has been wiped away. In fact, there are plenty of people with a few thousand dollars in the bank and several more thousand in credit card debt. While it may sound daunting to try to wipe out this debt, there is one place you can go to get the assistance you need in dealing with this. They’ll pay off your entire credit card bill. Yes, you read that right!
You might think this sounds too good to be true but it’s not. AmOne a website dedicated to helping you combat these troubles. Credit card companies get rich off of the ridiculous interest rates. AmOne will consolidate your debt (as long as it’s less than $100,000) and match it with a low-interest loan. The smaller interest rate means you can climb out of debt quicker. It leaves you with just one bill to pay each month, too, which is easier to handle.
2) Cancel Your Car Insurance
Considering the fact that it’s illegal in most places to not have car insurance, this one sounds like a pipe dream. After all, most people seem to feel like they get screwed over by their insurance company. Well, that’s what the awesome people over at Gabi are there to help with. This website does all of the heavy lifting for you and it’ll save you hundreds of dollars.
What Gabi does is take a look at your current car insurance policy. It then compares it to the ones available all over the place. It will search through hundreds and find you an insurer who will cover the same things that you currently have at a fraction of the price. Not only that, but Gabi will help you cancel your old policy and get a refund for it. People have saved an average of $825 per year with this. If you find a better rate, you can switch almost instantly.
3) Invest in Real Estate
We’re sure you’ve heard a ton about investing in real estate. It’s kind of all the rage these days. However, if you don’t know about it ahead of time, it can be really daunting to venture into. Most people think you need to be wealthy to invest in real estate but that’s not entirely true. You can take half of that $1,000 in your account and use that $500 with a special website to get started.
Utilizing DiversyFund, you can take that $500 and invest it into commercial real estate. Real estate investments, on average, yields you about a 7% annual return (adjusted for inflation). There’s no guarantee on how your investment will pan out but the annual return from DiversyFund is about 17-18%. Again, the great news is that you don’t have to be a millionaire to do this!
4) Take Money Out Of Checking Account
Once again, it’s an entry that sounds questionable. After all, how can you grow your $1,000 if you keep spending it? It all depends on how you’re spending it. For example, if you’re using the Aspiration debit card, then you can both spend and make money at the same time. That’s because the Aspiration debit card gives you up to 10% on every purchase that you make using it.
It doesn’t matter what the purchase is. It can be groceries, filling up the gas tank, or buying something nice to treat yourself. You have to buy the necessities, either way, so you might as well earn some money back for it. You can enter your e-mail on the Aspiration website and find out how much you can earn. The money is FDIC insured and totally protected under military-grade encryption, so it’s totally safe!
5) Spend $5 To Own A Piece Of A Company
This one might come as a surprise to you because owning a piece of a company for just $5 sounds like something a trickster is making up. However, it’s actually really possible thanks to an app called Stash. You can sign up for the app in just a few minutes and when you deposit $5 into your account, you also get a sweet $5 bonus for joining. However, you’re probably wondering one thing. What exactly does Stash do for you?
It simply allows you to buy a small piece of a company for as little as $1. These aren’t small companies, either. Major brands like Amazon, Google, and Apple are available, so you know that they’re established and successful. If you won a piece, even the tiniest one, you profit whenever the company does well. It may not sound like a lot but take a moment to really think about it. The richest people in the world all own at least a bit of a company. You may not reach their heights but you’ll be in better positioning from a financial standpoint.
6) Leave Your Family $1M (seriously)
It probably sounds ridiculous to think that having just $1,000 in your account means you can somehow leave your family $1 million. However, it’s actually a true possibility. The way to do it is through a company known as Bestow. You see, you won’t be able to leave $1 million in cash or an account but as a life insurance policy.
Bestow costs as low as $8 per month and trust us, that number will most likely rise over the years. It allows you to set up that life insurance policy that could end up being worth $1 million. It’s free to get a quote on how much you could leave your loved ones and it only takes a few minutes.