Top Ten Things To Do With $1,000

$1,000 is not a small amount. If you have saved it, or you have received it as your birthday check, don’t let it simply go waste. Instead, spend it in a wise manner. Here are few things you can do with your $1,000.

Strengthen Your Emergency Fund

Dont fret if you dont have an emergency fund. You have a great opportunity to start with $1,000. if you already have it, add this amount to your fund. The best part about emergency fund is they can be used any time, any where during emergencies. You don’t have to liquidate it like other investments. Hence, having such a fund should be your priority.

Consult a Financial Planner

You can skip this step if your finances are in place. However, if you have accumulated enormous debt, and don’t know how to repay them, consult a financial consultant, who can help you get out of such situation. Often, we don’t visit a consultant because their hourly charges are around $200. But when you have $1,000, don’t bother about the fee.

Invest in Top Fund

Hire a portfolio manager and invest your money in top performing mutual funds. One of the best products you can invest in is a non-managed low cost mutual fund. There are many other funds you can invest in, which can provide you high returns as well as tax-breaks.

Home Appliances

If you have a computer at home that needs upgradation, spend few hundred bucks on it. You can spend the remaining amount on replacing existing, worn out items into more energy-efficient gadgets. Instead of using a simple bulb, you can replace them with CFL bulbs.

Help People

if you have enough money, you can spend this $1,000 to help people who are deprived of things that you are enjoying today. If you don’t want to give it all as charity, you can finance a business project on Kiva, plant some trees, or buy sheep for farmers. If you give it as charity, you can expect a good tax deduction in this financial year.

Join a Fitness Club

However, do not pay for the entire year if you are not sure about your commitment. But investing in your health is better than investing in stocks, bonds, or mutual funds. Find a good gym with all necessary equipments, join it, and visit regularly. You will be pleased with your decision once you notice changes in your body fitness.

Retirement Fund

If you have thought about your retirement fund yet, start planning it today. The earlier you start, the more benefits your will receive in future. Open an IRA account or invest regularly in your employer 401k plan. Any amount invested today will only help you to have a better life tomorrow.

Repay Your Credit Card Debt

This should have been on the top of the list. If you are still reading, and if you have debts to repay, put the entire amount toward repayment. This will also help you save additional dollars as you wouldn’t have to pay interest.

Sharpen Your Skills

You can use this $1,000 to learn new skills. Take up a crash course in computers, or learn to play a musical instrument. There is so much to learn, if you are ready to spend some time and money. You can also have financial magazine subscriptions that can help you make better investment or debt repayment decisions.

Invest For Your Kids

If you have kids, invest in their names, for their better future. You can have their portfolio designed, with investments in low risk products.

There are probably many other things you can do with unpredicted $1,000. However, spending it carelessly wouldn’t be a wise idea.