Have $1,000 and want to take steps to boost your finances? You can put the funds in a bank account, invest to earn a return, or start paying down debt. Or you can use the money to invest in your personal well-being. Or any combination of the above!
The choice is yours, but here’s some additional guidance to help you make the best use of $1,000.
Improve Your Finances
Consider these simple actions to improve your financial health.
Open a Bank Account
Why not stash your cash away to keep it safe and where you can spend it while earning rewards? The top drawer in your bedroom probably isn’t the best idea. Consider opening a bank account to protect your dough and make it easier to manage.
MoneyLion offers the RoarMoney banking account that grants you access to a ton of perks. You can take advantage of mobile banking and earn debit card rewards on everyday purchases. Account holders who set up direct deposit also have access to their paychecks up to 2 days early. Best of all, there are no hidden fees, and you can withdraw your cash for free at any time from over 55,000 Allpoint ATMs around the world.
You can make your money work harder for you with smart investments. Don’t know where to start? Consider opening a Managed Investment Account from MoneyLion. It only takes a few minutes of your time to sign up, and you will be asked a series of questions regarding your investment goals and priorities. MoneyLion will use this information to build a balanced portfolio based on your preferences.
This option is excellent for beginners as there are no account minimums, and you can earn more than you would with a traditional savings account. Plus, with Auto Invest you can automate contributions to take the hassle out of remembering to make transfers. Choose from weekly, biweekly or monthly transfers from your bank account to your Managed Investment Account.
Start with a small amount and increase, decrease, or cancel your contributions as you see fit.
Pay Down Debt
Tired of drowning in debt? An influx of $1,000 can help jumpstart your debt payoff efforts. But first, you will need a solid plan to follow. And don’t forget to keep some cash on hand if life happens and you need to cover an unexpected expense. Our interest-free cash advances can help with that.
Build Your Credit
You’ve managed to save $1,000 but have you given thought into improving your credit? Your credit score is a big part of your overall financial health and will help you gain access to loans for automobiles, housing, and more. If you have little to no credit history or a few past financial missteps, your score could be suffering.
But this doesn’t have to be the case for much longer. A Credit Builder Loan from MoneyLion is an easy way to start building or repairing your credit. You could get a credit builder loan up to $1,000 that reports to all three credit bureaus.
You don’t need perfect credit to qualify – a steady source of income from employment, government benefits, child support or alimony will suffice.
You might be thinking “I’ve saved $1,000, why do I need to take out a loan?”
The answer is that you will receive some extra funds into your account, this loan will improve your credit, and because a portion of your loan is held in an interest earning Credit Reserve Account, you’ll be saving at the same time.
Here’s how it works:
- Download the MoneyLion mobile app.
- Create a personalized profile.
- Apply for the Credit Builder Plus membership.
- Receive a portion of the loan proceeds in your checking account right away. (The remaining portion is held in an interest-earning Credit Reserve account and is yours to keep when the loan is paid in full).
- Watch your credit score grow when you pay on time.
The Credit Builder Plus membership also grants you free access 0% APR cash advances, weekly credit updates, and Lion’s Share cash rewards up to $19.99 per month.
Is there something you’ve been putting off? Maybe there are some items on your to-do list that involve your you overall well being or future plans. Consider using your savings to improve yourself with some of the suggestions below.
Take an Online Course
Interested in a new career, side hustle or hobby? Or maybe you want to sharpen your skillset to get a raise or promotion with your current employer? Take an online course to jumpstart your journey. They’re available for all skill levels and budgets and your current employer might even be willing to subsidize a portion or all of the course (It never hurts to ask!).
Look for courses on Udemy, Linkedin Learning, or Masterclass. Courses from the aforementioned companies are often on sale with hefty discounts. We’ve seen courses in marketing, design, IT, and more all for under $100.
Purchase Life Insurance
Do you have dependents who rely on your income to cover their basic needs? If you haven’t yet purchased a life insurance policy, now’s a perfect time. Explore your options to find a policy that meets your needs and offers low premiums.
Single with no dependents? You may also want to consider life insurance to cover final expenses. Consult with a licensed insurance professional for additional guidance.
Show Your Friends How To Budget
It doesn’t cost anything to teach your friends how to budget. Beyond a basic notebook and writing utensil, the biggest investment is your time. It’s a small price to pay for the benefit they’ll receive from learning how to manage their money and make it work harder for them while meeting financial goals.
Make a Contribution to a Charity
Lend a helping hand to those in need by donating a portion of your savings to charity. You can make a lump-sum contribution or set up monthly contributions.
Make Your Money Work Hard for You
Saving $1,000 is a huge accomplishment that deserves a pat on the back. You can make money go even further with MoneyLion. Consider opening a RoarMoney account and growing your money with a managed investment account.