8 Clever Moves When You Have $1,000 In The Bank
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Saving up $1,000 in your checking account is a big milestone. But leaving the money in checking likely doesn’t make much sense since most checking accounts pay minimal or no interest.
Once you’ve worked hard to amass $1,000, you want to put your money to work for you. Here are eight money moves you can make to get the most bang for your buck and get on the path towards a bright financial future.
1. Build your credit with a debit card
Bad credit history? That means credit anxiety … and not getting approved for things like car loans or apartment leases. But if you aren’t using the Extra Debit Card, you’re missing out. It lets you build credit with your everyday debit purchases. Don’t worry though … it’s an easy fix.
Extra helps you build credit every time you swipe your card. Just sign up by connecting your bank account, and they’ll give you a spending limit based on your bank balance and other factors. No credit check is required. Then, just spend like normal. At the end of the month, they total up all of your transactions and report them to credit bureaus as credit-worthy payments.
In addition to building your credit, you also get perks just like a credit card. You can earn up to 1% in points for everyday purchases like rideshares, coffees, and your phone bills. And there are no credit checks, no deposits required, and you’ll pay 0% interest.
2. Cancel your car insurance
We’ve got bad news. You could be wasting $500 every year on overpriced, second-rate car insurance. And you should probably cancel your existing insurance right now, because there’s something much better.
This new tool from FinanceBuzz can tell you if you’re overpaying for your car insurance in just a few clicks. On average, we find around $500 a year in savings for drivers. And once you try it out, you’ll never have to look for affordable insurance again because we find you the lowest rates that other companies can’t match.
Oh, and it’s also free. And come on — you can’t tell us you don’t want to save up to $500. To find out if you’re losing up to $500 or more a year, just enter your zip code here, answer a few questions and see if you’re overpaying. It takes less than 2 minutes.
3. Invest in famous art (even if you’re not a millionaire)
With the stock market as volatile as ever, Bloomberg asked investment experts where they’d invest $100,000 right now. They favored alternative investments, which included art.
After all, the ultra-wealthy, from the Rockefellers to Jeff Bezos have collected art.
And for good reasons:
- Blue-chip art prices have appreciated 13.6% annualized (1995-2021)
- Some billionaire collectors allocate 10–30% of their portfolios to art
- Low correlation to stocks historically, according to Citi
Thanks to Masterworks, the fintech unicorn from NYC, you can invest in art without needing millions. By offering shares of investments in works by artists like Warhol, Basquiat, and Picasso, everyone can be a bona fide art investor.
In fact, their $7.4M Banksy offering “Exit Through The Gift Shop” sold out in less than 3 hours.
4. Stop overpaying when you shop online
Shopping online has its perks. It’s super convenient, but it can be time consuming to find the best deals. Instead of hunting for coupon codes (that don’t always work!) and opening tons of browser tabs comparing prices, you can try Capital One Shopping.
Capital One Shopping makes saving money effortless. Just add the browser extension and when you check out, it’ll scour the internet for coupon codes to help you save cash. And before you check out at favorite stores like Amazon, Target, Home Depot, and Best Buy, Capital One Shopping will notify you with a friendly pop-up if the item you’re buying is available cheaper somewhere else.
Capital One Shopping is free to use and won’t show you ads. Add it today and stop overpaying!1
5. Tap into your home’s value without taking out a loan
If you own your home, you know it’s a valuable asset, but tapping into your home’s value without selling it can be a challenge. If you need money for home improvements, to pay off debt, start a new business, fund your retirement, pay for education, or more, there’s a new option to consider.
Hometap is an alternative to traditional home equity loans. Instead of loaning you money that you need to pay back in monthly payments, they make an investment in your home. If qualified, they’ll give you the cash now in return for participating in the proceeds when you sell your home.
To be eligible, you need to own at least 25% equity in your home. You can request a free estimate of your home from H
