5 Genius Moves Everyone in their 60s Should Make.

Finance - Health

Keeping tons of money in your checking account means you're missing out.

Last updated Jul 30, 2020 | By Yaz Alabed

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Saving up $1,000 in your checking account 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 to amass $1,000, 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.

Let's take a closer look at some of our top picks:

1. Invest in Apple or Amazon for just $1

If you aren't investing yet, it's definitely not too late to get started. All investments come with risk, but thanks to the magic of compound interest, if you invest your money you could see it grow more quickly than if you keep it in a savings account.

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.*

Sign up for Stash now

2. Leave your family up to $1,000,000 starting at just $8 a month

If you own a home or have kids and you don't have a life insurance policy, it's time to take a closer look. A life insurance policy can help ensure that your family is taken care of in the event of your death. While no one likes thinking about that possibility, it’s important to be prepared for it nonetheless.

Luckily, you don’t have to spend a fortune or fill out lengthy paperwork to apply for coverage. With Bestow, the premiums start as low as $8/month. If approved, you can see your actual policy within just a few minutes and obtain coverage from the comfort of your home. There's no medical exam required.

Get a quote from Bestow now

3. Save on your car insurance with rates as low as $19 a month

Car insurance can be expensive, so you want to make sure you're not overpaying on your current premium. The money you save can go straight to your savings, bringing you closer to your goals.

It's easy to search and compare quotes with The Rate Chopper. 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. The Rate Chopper can save drivers hundreds per year compared to their current insurance premiums.

It takes less than 2 minutes to fill out the form and you’ll receive a list of matches that show you online, email, and potentially phone quotes.

Click here to get started

4. Budget better and trim up to $720 from your bills

Ever look at your bank account and wonder where your paycheck 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.

Download Truebill now

5. Save the $250 you'll probably pay in bank fees this year

Bank fees are annoying, so stop paying them.

The average American pays hundreds in bank fees every year. There are no hidden fees with a Chime bank account - no monthly fees, no minimum balance fees, and they even offer fee-free overdraft - up to $100.¹

And no fees doesn't mean no features. With Chime, you can build your savings faster by automatically rounding up your purchases, plus get paid up to two days early when you use direct deposit².

Apply online in just two minutes — there's no credit check required.

Sign up for Chime now

Bonus: Get your FICO® score & start improving your credit instantly

Your credit score affects whether you can get approved for a loan, a credit card, or even a new job. Usually it can take weeks or months to improve your credit score, but there's an innovative new service that could help you raise your FICO® score instantly.

Experian Boost™ can help you get credit for making on-time payments for your phone and utility bills. The process takes just minutes and if qualifying payments are identified, you can include this positive information in your credit file. (Don't worry: If you have any negative marks, those won't count against you.)

Since launching, Experian Boost has collectively increased FICO® Scores across America by over 10 million points. It's 100% free and new credit scores take effect immediately.

Sign up for Experian Boost now

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