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. Use This Secret Debit Card
Here’s the deal: If you’re not using Aspiration’s debit card, you’re missing out on extra cash.
Yep. By signing up for a debit card called Aspiration, you could get up to a 5% back when you swipe at certain stores, plus they give you up to 83 times the normal national interest rate on your savings balance.
It’s an easy way to get extra cash just for buying things that are already on your list.
It’s totally free to sign up for this card. Just enter your email address here, and link your bank account to see how much extra cash you can get with your Aspiration account. And don’t worry. Your money is FDIC insured and under a military-grade encryption.
2. Cancel Your Car Insurance
When was the last time you compared car insurance rates? Chances are you’re seriously overpaying with your current policy.
If it’s been more than six months since your last car insurance quote, you should look again.
And if you look through a digital marketplace called SmartFinancial, you could be getting rates as low as $22 a month — and saving yourself more than $700 a year.
It takes one minute to get quotes from multiple insurers, so you can see all the best rates side-by-side. Yep — in just one minute you could save yourself $715 this year. That’s some major cash back in your pocket.
So if you haven’t checked car insurance rates in a while, see how much you can save with a new policy.
3. Stop Wasting Thousands Because of Your Bad Credit Score
Do you know how much money your bad credit score has cost you? Between higher interest rates on car loans or interest fees on your credit card balance, it could be thousands of dollars each year.
You know you need to fix it, but you don’t have the time, money or energy. But there’s a debit card called Extra that can help raise your credit without any of the hassle. And you could get rewards, too.
The Extra debit card is the first debit card that can positively impact your credit score without any of the risks from a regular credit card — there’s no credit check, no interest rates and no deposit required to use it. Plus, you get to keep your money in the bank account you’ve always used.
Sign up for an Extra debit card by securely connecting your bank account. You’ll get a credit limit based on your real-time cash balance. Every time you make a purchase with your Extra card, they’ll spot you the cash now and pay themselves back the next day.
At the end of the month, all of your purchases are reported to the credit bureaus as credit-worthy payments — just like a credit card company would. But you won’t be paying any interest fees since it’s your money you’re spending. You will earn rewards though!
It takes just a few minutes to sign up for an Extra debit card, and you can get all the perks of a credit card without the risks of a credit card. You can save thousands of dollars in interest, build your credit score and quite literally reap the rewards.
4. Let This Company Pay Your Credit Card Bill This Month
If you have credit card debt, you know. The anxiety, the interest rates, the fear you’re never going to escape…
And the truth is, your credit card company doesn’t really care. It’s just getting rich by ripping you off with high interest rates — some up to 36%. But a website called AmOne wants to help.
If you owe your credit card companies $50,000 or less, AmOne will match you with a low-interest loan you can use to pay off every single one of your balances.
The benefit? You’ll be left with one bill to pay each month. And because personal loans have lower interest rates (AmOne rates start at 2.49% APR), you’ll get out of debt that much faster. Plus: No credit card payment this month.
AmOne keeps your information confidential and secure, which is probably why after 20 years in business, it still has an A+ rating with the Better Business Bureau.
It takes two minutes to see if you qualify for up to $50,000 online. You do need to give AmOne a real phone number in order to qualify, but don’t worry — they won’t spam you with phone calls.
5. Get Up to $1,000 to Become a Better Investor
Are you tired of trying to game the stock market and want to actually become a smarter investor?
An app called Tornado — created by Wall Street veterans — will give you up to $1,000 just to better understand the different ways to grow your money and help you become a more educated investor.
Yep — just by focusing on understanding the why behind the stock market, making smarter trades and investments and growing your net worth, you can get anywhere from $10 to $1,000. Plus, you’ll also get a first-deposit bonus.
With your subscription, you can get expert-level insight and ask leading investors your burning questions. Plus, the Tornado newsfeed is tailored to cover your investments and your interests — think of it like a personalized replacement for your Wall Street Journal ticker (but for a quarter of the cost).
Subscriptions are $4.99 a month, but that’s it. No skimming a little off the top of your account’s growth like some of those other “free” apps. Plus, when you participate in their Learn and Earn program – which serves up professionally vetted educational content tailored to your experience level – you can earn up to $50, easily offsetting your monthly subscription cost.
So if you’re ready to become a better investor, create your Tornado account now and start improving your net worth right away with up to $1,000.
6. 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.
*The Aspiration Spend & Save Accounts are cash management accounts offered through Aspiration Financial, LLC, a registered broker-dealer, Member FINRA/SIPC, and a subsidiary of Aspiration Partners, Inc. (“Aspiration”). Aspiration is not a bank. The Aspiration Save Account’s up to 5.00% Annual Percentage Yield (“APY”) with up to 83x the national interest rate is variable, subject to change, and only available to customers enrolled in Aspiration Plus after conditions are met. Customers not enrolled in Aspiration Plus receive 3.00% APY after conditions are met. Terms & FAQ. Aspiration’s Cash Back program is subject to change at any time and without notice, including reversal of rewards for abuse, fraud, and other illicit activity. Cash Back rewards are generally credited on the first day of each calendar month. For additional Cash Back details, click here & here. Aspiration is not affiliated with any other named entity.