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Saving Money

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

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. Spend $5 to Own a Piece of Amazon, Google or Other Companies

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.

That’s why a lot of people use the app Stash. It lets you be a part of something that’s normally exclusive to the richest of the rich — buying 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 or Apple, for as little as $1. The best part? When these companies profit, so can you. Some companies even send you a check every quarter for your share of the profits, called dividends. 

It takes two minutes to sign up, plus Stash will give you a $5 sign-up bonus once you deposit $5 into your account.**

2. Secure Up to $1 Million in Life Insurance (Costs as Little as $8/Month)

money management steps policygenius
Johnny Greig/Getty Images

Have you thought about how your family would manage without your income after you’re gone? Chances are your checking account balance won’t last forever.

Now’s a good time to start planning for the future by looking into a $1M life insurance policy. 

You’re probably thinking: I can’t afford that! But with a company like Bestow it can cost as little as $8 per month.

Plus, the peace of mind of knowing your family is taken care of is priceless.

If you’re under the age of 54 and want to get a fast life insurance quote without a medical exam or even getting up from the couch, get a free quote from Bestow.

3. Stop Paying Your Credit Card Bill

No, like… the whole bill. All of it.

Your credit card is getting rich by ripping you off with insane rates, but a website called Fiona could help you pay them off tomorrow.

Here’s how it works: Fiona will 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.

Fiona 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 two minutes, and it could save you thousands of dollars. Totally worth it.

4. Grow Your Money 11x Faster — Without Risking Any of it

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

You’ve probably heard the best way to grow your money is to stick it in the stock market and leave it there for, well, ever.

But maybe you’re just looking for a place to safely stash it away — but still earn money. Under your mattress or in a safe will get you nothing. And a typical savings account won’t do you much better. (Ahem, .07% is nothing these days.)

But a debit card called Aspiration lets you earn up to 5% cash back and up to 14 times the average interest on the money in your account. Plus, you’ll never pay a monthly account-maintenance fee. 

Aspiration also shares part of its earnings with environmental charities, among other worthy causes. So you can stick up for the planet — without even having to write a check.

It takes just five minutes to sign up for an Aspiration Spend and Save account.

5. Get Free Stock

You may have piled up $1,000 or more in your checking account, but here’s a way to grow your net worth even faster: There’s an app that will give you free stock.

Just imagine if you had one share of Amazon when the stock first went public. Today, it would be worth more than $20,000 — despite all the ups and downs in the stock market.

An investing app called Robinhood will give you up to $500 worth of free stock in companies like Visa, Microsoft and GE, just for downloading its app and opening a free account. Your free stock might just be the “next Amazon.”

Robinhood is free and easy to navigate, which is why more than 10 million people use it — including both news junkies looking to outsmart the market and people who want to carefully put a few bucks away in a long-term investment.

It takes just a couple of minutes to sign up and get your free stock.

6. Cancel Your Car Insurance

Chances are, you know it’s entirely possible to find a better deal on some of your pesky monthly bills but what a hassle.

Here’s an easy one to start with, though: Car insurance. You should be shopping your options every six months or so. It could add a whole lot more money to your checking account.

A company called Gabi will do this for you. It makes it super easy to compare car insurance prices in a matter of minutes.

Take Lourdes Robles-Velazquez, for example. The single mom lives on a tight budget. She was paying $205 a month to insure two Toyota Priuses — hers and her daughter’s. By comparing prices, she knocked $80 off her monthly car insurance bill. That’s nearly $1,000 in savings per year.

Wondering how much you could save? Head over to Gabi for a free quote. It takes all of two minutes.

*Sage Money and The Penny Hoarder are a Paid Affiliate/partner of Stash. This material is not intended as investment advice and is not meant to suggest that any securities are suitable investments for any particular investor. Investment advice is only provided to Stash customers.

**You’ll also bear the standard fees and expenses reflected in the pricing of the ETFs in your account, plus fees for various ancillary services charged by Stash.

*** Financial investment involves the risk of loss