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10 of the Smartest Things to Do with an Extra $1,000

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Kristina ByasGuest Blogger
July 22, 2016 · 1.1k Views

It's not everyday that people find themselves with spare cash in their bank account. After paying bills, taking trips to the grocery store and filling up your gas tank, very rarely will you look at the money you have and see that you have a little something left over that you can use on whatever you want. When this does happen, you may be quick to make frivolous purchases, but there are actually several things you can do with the extra money you have in their pockets. Check out these 10 ways to make your extra $1,000 even better.

1. Save it.

Source: Money Rates

Just because you have a few extra dollars in your pocket, doesn't mean you have to spend it. It may be tempting to run to the nearest mall and go on a shopping spree, but saving it is the smart move. If you can't resist, even putting away $500 is better than spending it all on things you don't need.

2. Pay off a bill.

Student loans, credit card debt, cell phones and more. There are many bills that everyone will find themselves paying for the next few years. Should you have an extra $1,000, consider paying off a bill or at least putting the money towards a large bill. This way you will be on step closer to being debt free.

3. Invest it.

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What better way to use your money than to invest it and possibly earn more? If you find an investment opportunity, such as stocks, remember that there is a chance that you could lose money. However, the chance of you earning more makes the risk worth it.

4. Do a home improvement project.

Have you been considering making some changes to your home, but haven't had the money? With an extra $1,000 and proper planning, you can start and complete your home improvement project. Depending on what they project is and how much materials cost, you may actually have some money left to spend on something else or save.

5. Add it to your kid's college fund.

Source: Star Tribune

If you have kid there is a good chance they will go to college when they grow up and graduate high school. There is financial aid, but that isn't alway guaranteed and it may not cover the entire cost of their college education. With the price of college being pretty high no matter where it is located or what people study, any bit is helpful.

6. Plan the trip you haven't been able to afford.

Many people would love to go on vacation, but when it comes to paying for it, they may not be able to afford it. However, with some extra cash and some insider secrets to booking cheap flights, you can make it happen. Spending your $1,000 on your dream vacation is a smart thing to do because there may not come a time where you have the money to do so.

7. Get a personal trainer.

Source: iesteam

Getting healthy is something that many people want to do, but don't exactly know how to go about it. With the help of a personal trainer, those who have wanted to eat better and exercise have been able to reach their weight loss goals. The difficult part isn't just making the lifestyle changes, but also paying for the trainer, which is something you can do with your extra cash. 

If you don't want to go for the route of a personal trainer, you can still use the $1,000 to invest in a gym membership. Of course, there are ways to make the gym more affordable, such as using coupons at Gold's Gym, Planet Fitness, and 24 Hour Fitness.

8. Get your car repaired.

Having car trouble? Maybe you should consider getting your car repaired. Even though $1,000 won't buy you a new one, it can rid you of the headache and the stress that comes with not being able to afford getting your car fixed. You can find coupons to use towards your car repair from shops like Pep Boys and AutoZone.

9. Update your home office.

Source: Fresh Home

If you work from home, you want to ensure that you produce the best work possible. The furniture and other items in your space should be conducive to a comfortable, relaxing work environment, which means organization is key. Look into a new computer chair and desk, or even a new laptop, and consider spending your money on these things instead of something you don't need.

10. Help out a friend or loved one.

Not everyone likes to give their money away, but if you have a friend in need, this is a great way to use the extra money. This can be especially helpful to you friend or family member if they have fallen on hard times and just can't afford the things they need.


 

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Kristina Byas is a Milwaukee native who has written for Female Intel, Shepherd Express, Scandalous Women and more. She suffers from a severe case of wanderlust and has difficulty purchasing items at full price. You can learn more about her by following her on Twitter: @KristinaByas

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