So, you’ve been working your behind off and finally managed to save up a little cash. Now what?
While it feels great to see $1,000 in your bank account, you shouldn’t just let it sit there.
Here are six ways to make your cash grow and crush your financial goals.
1. Save another $1,000 on home insurance
Home insurance premiums keep going up, so the "trick" to keeping your insurance low is to compare insurance companies.
SmartFinancial will automatically compare over 200 insurance companies, and will even check for discounts.
It just takes a few minutes to find the best rates available in your area.
2. Check if your car insurance company is overcharging you
Car insurance shouldn’t really be a “set it and forget it” kind of thing. Experts say it pays to check every six months to avoid overpaying — and that’s where SmartFinancial's quote comparison tool comes in handy. SmartFinancial shops through multiple insurance providers to present the lowest rate available to you.
In just a few minutes, you can make sure you're geting the best price for the coverage you actually need. Drivers who comparison shop can save an average $1,127 a year, a study by CarInsurance.com found.
3. Invest in real estate like a mogul
Real estate is a great investment for long-term growth, but until recently you had to be very wealthy to buy in. And that’s without even getting into the thorny issues that come with managing a property
But that was then. Now, with Fundrise, you can own a stake in high-end real estate properties without being a millionaire. You won’t have to manage any properties, just enjoy the returns.
You can start building your real estate portfolio for as little as $500 — what are you waiting for?
4. Buy a company (even if you're not a millionaire)
Thanks to an app called Robinhood, you can buy and trade stocks, options, exchange-traded funds (ETFs), and even cryptocurrencies without paying commission or trading fees.
That means if you put your $1,000 into the market, investment earnings go directly to you — you’ll never have to give a cut to a broker.
Robinhood is super easy to use. Just download the app and fill out an application form to open an account.
Once your application is approved, you can transfer funds to your account and start investing right away.
As a plus, Robinhood automatically puts a free stock into your account. It works on a lottery system, so if you’re lucky the stock you get could be for a major company, like Visa, Microsoft, or even Facebook.
You don’t need to have any money in your account to claim your free stock, just download the Robinhood app, sign up using this special link, and it’s yours.
5. Know your credit score
Lenders (like wireless carriers, banks, credit unions and credit card companies) and even landlords rely on credit scores to decide on whether to do business with you.
Credit Sesame will give you a free look at your current credit score and give you tips to improve it. That will let you borrow more money at a lower cost.
All you need to sign up is verify your identity by entering your email address and SSN (this is standard when setting up credit score monitoring and 100% secure). It only takes a few minutes.
So, take advantage of a free credit score from Credit Sesame and look your best for lenders. What's more, thanks to a current promotion, you can earn up to $100 in 30 days for improving your score.
6. Leave your family $1.5 million
Life insurance is important, especially if you have a family to look after. But when you think about buying insurance, the words “quick” and “easy” probably aren’t the first things that come to mind.
Well that's changed. With an online life insurance company called Bestow, you can get a free quote on your phone in seconds.
And life insurance doesn't need to be expensive, your peace of mind can cost less than a monthly Netflix subscription.
Bestow’s policies run from $50,000 to $1.5 million, with terms including 10, 15, 20, 25 and 30 years — and premiums start as low as $10 a month.