Use a separate savings account at your bank or look into a money market account, but don’t worry too much about funding the highest yield right now. Starting an emergency fund can help you be prepared for unplanned expenses or loss of income that would otherwise have thrown a wrench in your financial plan. “If 2020 has taught us anything, it is to expect the unexpected. “Keeping money set aside in a bank account may not be the most exciting thing you can do, but it is one of the most important,” said Matt Hylland, financial planner at Arnold and Mote Wealth Management. If you’re not going with Hampel’s advice of paying down debt but still want to do something useful like Foguth advised, an emergency fund could be the right way to go. Withdrawing money from outdoor bank ATM 1. Read on to learn about eight other savvy maneuvers financial experts recommend to get the biggest bang out of $1,000. Money experts will also likely urge you to put the $1,000 toward paying down debt to “prevent those high-interest payments from cascading out of control,” said Daniel Hampel, director of operations at PARCO.īut paying off debt isn’t the only intelligent move you can make should you find yourself graced with a spare grand. “This $1,000 can be used in a variety of ways to help you attain your financial goals.” “If you find yourself with an extra $1,000, don’t consider it ‘extra’ and be frivolous with it,” said Michael Foguth, founder of Foguth Financial Group. What would be the best way to put that amount of money to good use?įinancial experts will surely advise you to not treat this “excess” cash as an excuse to go spend. Not enough to say, buy a house or pay for college, but enough to make an immediate difference - like $1,000. But let’s suppose you do come into some extra cash. This article originally appeared on GOBankingRates.With the economy still scorched by the pandemic and lower-income groups feeling the brunt of the burn, the prospect of having money to spare could sound like something out of a fairytale. Guns and 32 Other Things You Definitely Do NOT Need To Buy During the Coronavirus Pandemic ’ I recognized then what I know now for sure: If you can get paid for doing what you love, every paycheck is a bonus.”ĭiscover® Personal Loans: You Could Save Money on Interest While Paying Down DebtĪre You Spending More Than the Average American on 25 Everyday Items?Ħ0 Money Moves That Could Set You Up for Life I decided that no matter what job I ever did, I wanted that same feeling I got when I first started in radio - the feeling of, ‘I love this so much, even if you didn’t pay me I’d show up every day, on time and happy to be here. “And that’s when I made my peace with money. “I would have done it for free,” she wrote on. Oprah Winfrey held jobs as a babysitter and a five-and-dime store employee - jobs she hated - before landing a job she loved at 17, working at a radio station for $100 a week. Oprah Winfrey: Find a Job That Doesn't Feel Like Work Oprah Winfrey laughing during a tribute to Nelson Mandela and promoting gender equality event at University of Johannesburg in Soweto, South Africa.
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