Keeping tons of money in your checking account means you're missing out.
Last updated Feb. 26, 2024 | By FinanceBuzz Editors
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 5 money moves you can make to get the most bang for your buck and get on the path towards a bright financial future.
Pay no interest until 2025
Imagine getting an introductory 15 months with 0% interest on a big purchase or balance transfer (APR then 17.24% - 28.24% Variable). Sounds great — right? You could dramatically change your financial picture with one of the industry-leading no-interest cards — the Discover it® Cash Back(Rates and fees).
Cardholders get a generous intro APR of 0% for 15 months on purchases — that means you can cover bills, large purchases, or whatever you need to charge and not pay interest until 2025!
If you want to kick high-interest credit card debt to the curb, this is one of the leading get-out-of-debt cards available. Transfer your high interest debt to this card with a 0% intro APR for 15 months on balance transfers. Your payments can go directly to paying down your balance without incurring a pile of additional charges. That could save you hundreds of dollars in interest!
After the intro period for purchases and balance transfers, the APR is 17.24% - 28.24% Variable.
The best part? The Discover it® Cash Back card is accepted by 99% of merchants, boasts an exceptional cash back rewards rate, and there's no annual fee.
Click here to Apply Now
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 25+ major retailers, 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
Get Capital One Shopping now
Earn $200 cash rewards bonus with this incredible card
There's a credit card that's making waves with its amazing bonus and benefits. The Wells Fargo Active Cash® Card(Rates and fees) has no annual fee and you can earn $200 after spending $500 in purchases in the first 3 months.
The Active Cash Card puts cash rewards back into your wallet. Cardholders can earn unlimited 2% cash rewards on purchases — easy! That's one of the best cash rewards options available.
This card also offers an intro APR of 0% for 15 months from account opening on purchases and qualifying balance transfers (then 20.24%, 25.24%, or 29.99% Variable). Which is great for someone who wants a break from high interest rates, while still earning rewards.
The best part? There's no annual fee.
You’ll need good or excellent credit (typically 670 or higher) to qualify.
Click here to apply now.
Stop wasting money on overpriced 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. We match drivers with companies that report saving drivers up to $500 or more per year when they save! Each driver’s savings will vary by driving history and how many discounts you’re eligible for. 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.
See if you're overpaying
FAQs
Here are five excellent ways to use the money to boost your budget.
- Pay off credit card debt. ...
- Invest in the stock market. ...
- Start an emergency fund. ...
- Put it in a retirement plan. ...
- Open a CD.
How to flip $1000 into $10,000? ›
Best Ways To Turn $1,000 Into $10,000
- Flip items for profit. ...
- Start an online business. ...
- Real estate investing. ...
- Peer-to-peer lending. ...
- Stock investing. ...
- Create digital products. ...
- Flip domains. ...
- Start a blog.
How to spend $1,000 wisely? ›
10 Smart Ways to Spend $1,000
- Spend the money.
- Pay down credit card debt.
- Pay down student loan debt.
- Contribute to your 401(k), Roth IRA or other retirement account.
- Make home repairs.
- Invest in yourself.
- Open a 529 account.
- Refinance your home.
How can I be clever with money? ›
Check out our list of seven habits that might help increase your financial smarts.
- Automate whatever you can. ...
- Have specific, meaningful goals. ...
- Invest. ...
- Don't spend that unexpected cash. ...
- Prioritise high interest debt. ...
- Track your spending. ...
- Learn however you can.
Where to put $1000 right now? ›
With $1,000 in cash, here are five great ways to invest $1,000 for your future.
- Get a high-yield CD while you can. Current rates on certificates of deposit (CDs) are still relatively high. ...
- Deposit $1,000 in a high-yield savings account. ...
- Pay off high-interest debt. ...
- Invest in the S&P 500 index. ...
- Invest in your retirement plan.
How to double 1k? ›
How Can I Double $1000? If your employer offers a dollar-for-dollar match contribution, you can double $1,000 by investing it in your 401(k). Other than that, there's no easy or risk-free way to double $1,000—you can invest the money in individual stocks, but there will be risks involved.
How can I invest $1000 to make more money? ›
Here's how to invest $1,000 and start growing your money today.
- Buy an S&P 500 index fund. ...
- Buy partial shares in 5 stocks. ...
- Put it in an IRA. ...
- Get a match in your 401(k) ...
- Have a robo-advisor invest for you. ...
- Pay down your credit card or other loan. ...
- Go super safe with a high-yield savings account. ...
- Build up a passive business.
How to make money fast with $1,000? ›
- How to invest $1,000 to make money fast.
- Play the stock market.
- Invest in a money-making course.
- Trade commodities.
- Trade cryptocurrencies.
- Use peer-to-peer lending.
- Trade options.
- Flip real estate contracts.
How to turn $10,000 into $100,000 fast? ›
How To Turn 10k Into 100k
- Invest in Real Estate. ...
- Invest in Cryptocurrency. ...
- Invest in The Stock Market. ...
- Start an E-Commerce Business. ...
- Open A High-Interest Savings Account. ...
- Invest in Small Enterprises. ...
- Try Peer-to-peer Lending. ...
- Start A Website Blog.
What is the $1000 a month rule for retirement? ›
According to the $1,000 per month rule, retirees can receive $1,000 per month if they withdraw 5% annually for every $240,000 they have set aside. For example, if you aim to take out $2,000 per month, you'll need to set aside $480,000. For $3,000 per month, you would need to save $720,000, and so on.
Making $4,000 a month based on your investments alone is not a small feat. For example, if you have an investment or combination of investments with a 9.5% yield, you would have to invest $500,000 or more potentially. This is a high amount, but could almost guarantee you a $4,000 monthly dividend income.
How much is $1000 a month for 5 years? ›
In fact, at the end of the five years, if you invest $1,000 per month you would have $83,156.62 in your investment account, according to the SIP calculator (assuming a yearly rate of return of 11.97% and quarterly compounding).
What is the wisest thing to do with money? ›
Give 15% of Every Paycheck to Your Future Self
Once you're free of debt and sitting on enough savings to survive at least a quarter of a year, Ramsey says the most important thing you can do with your paycheck is to save 15% of it — each and every pay period — in a tax-advantaged account.
What's the smartest thing to do with money? ›
What to do with extra cash: Smart things to do with money
- Pay off high-interest debt with extra cash. ...
- Put extra cash into your emergency fund. ...
- Increase your investment contributions with extra cash. ...
- Invest extra cash in yourself. ...
- Consider the timing when putting extra cash to work.
How can I be super smart with money? ›
5 steps for getting smarter about everyday finances
- Get a clear picture of your financials—now and down the road. ...
- Tomorrow's plans start with today's budget. ...
- Make your money work smarter, not harder. ...
- Remember that monthly bills can impact future goals. ...
- Use a banking app to save time and stay on top of your finances, 24/7.
How can I make money with $1,000? ›
Here's how to invest $1,000 and start growing your money today.
- Buy an S&P 500 index fund. ...
- Buy partial shares in 5 stocks. ...
- Put it in an IRA. ...
- Get a match in your 401(k) ...
- Have a robo-advisor invest for you. ...
- Pay down your credit card or other loan. ...
- Go super safe with a high-yield savings account. ...
- Build up a passive business.
How banks create money from a $1000 deposit? ›
To use a classic example: If you deposit $1,000 into a savings account and the bank keeps 10% in reserves, your bank holds onto $100 and lends out $900 to another customer. That customer spends $900 on a car repair and the auto shop deposits the money. The shop's bank keeps $90 and lends out $810, and so on.
Can you take out $1,000 from bank? ›
Your ATM max withdrawal limit depends on who you bank with, as each bank or credit union establishes its own policies. Most often, ATM cash withdrawal limits range from $300 to $1,000 per day. Again, this is determined by the bank or credit union—there is no standard daily ATM withdrawal limit.
Is 1000 dollars a lot of money in the US? ›
Money is all relative. $1000 would be a significant amount for those living in poverty and even those who live from paycheck to paycheck. Someone who earns a decent living or has a decent pension, maybe not so much.