By Christy Rakoczy vai Finance Buzz
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Making more than $5,000 a month 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, you want to put your money to work for you. Here are eight money moves you can make to get the most bang for your buck and get on the path towards a bright financial future.
1. Invest in Apple or Amazon for just $1
Once you've paid all your essential monthly bills, take a look at what's left in your bank account and come up with an investing strategy. Even if it's not a lot of money, don't let that stop you — you can start investing with just $1.
Stash is a great place for beginning investors to get started. You can buy fractional shares (partial shares) in companies that are household names like Apple, Google, and Amazon. Normally a single share of these companies would cost hundreds or even thousands of dollars, but you only need $1 to get started with Stash.
If you're thinking about saving for retirement, you can start investing in an IRA and enjoy the tax benefits that come with retirement accounts. Stash also offers all kinds of tools and guides to help you along the way.
For a limited time Stash will give you $5 to invest when you make your first investment.*
2. See if you can save up to $610 on your car insurance
While you stop to assess your budget, be sure to take a close look at what you're paying for auto insurance. Car insurance can be expensive, so you want to make sure you're not overpaying on your current premium. Any money you save can be invested toward your financial goals.
It's easy to search and compare quotes with Provide Insurance. Think of it as Kayak, but for car insurance.
They can help match you to insurance carriers and regional agencies to help you save on your car insurance. Provide can save drivers up to $610 per year compared to their current insurance premiums.
It takes less than 5 minutes to fill out the form and you’ll receive a list of matches that show you online, email, and potentially phone quotes.
3. Budget better and trim up to $720 from your bills
Ever look at your bank account and wonder where that $5k you made this month went? Poof, it's gone and you're not exactly sure where you spent it. A budgeting app like Truebill can help you take control of your money — spend intentionally on the things you value and stop throwing money away on unimportant things.
Once you have a complete picture of your finances, it's easy to see ways to save. And Truebill can help make those potential savings a reality. Their expert negotiators can call the cable company and phone company to help lower your bills. They'll also help you cancel unwanted subscriptions and put that money back in your bank account where it belongs.
Truebill has already helped save its members over $50,000,000 on their bills without much time and effort.
4. Invest in paintings by Basquiat, Picasso, Banksy
The ultra-wealthy have been flipping art for huge profits for decades and now non-millionaires can get in on the action. Masterworks is a platform for investing in blue-chip art, an asset class that’s outperformed the S&P 500 by over 180% since 2000.
Masterworks purchases multi-million-dollar paintings and divides up ownership among its members. Just like stock in a company, you can own fractional shares of artwork. If the painting sells, you make money off the appreciation.
While Masterworks requires a $5,000 account minimum to get started, you can invest as little as $20 in each work.
Skip The Waitlist: Use our link to schedule a call with Masterworks today, and get exclusive access to bypass the 8,000 person waitlist!
5. Get paid $100 to ditch your debit card
If you’re using your old debit card for everything, you are probably missing out on serious cash, rewards, and benefits. With an Aspiration Spend & Save account, you’ll get $100 for opening a new debit card - just open an account, use your Aspiration debit card to make at least $1,000 in purchases within 60 days and you’ll get $100!
You’ll also be eligible for up to 10% cash back on purchases and 1% APY on your balance – that’s 14x the national average interest rate.^
Not to mention unlimited fee-free withdrawals at over 55,000 ATMs. Best of all there’s no minimum credit score!