While plenty of folks have gotten their returns, there’s still a LOT to be sent out. If you have already received it, then hopefully this little list reaches you in time, but if you’re still waiting, here’s a few of the best things you can do now with $1,000.
It’s really your own money and not some sort of bonus gift, but it might feel like one. Here’s what to do with it.
- Stash it. In case of a calamity or job loss, you could need money for up to six months’ worth of expenses set aside. Saving account interest rates are up.
- Pay an extra payment on your mortgage. Being a month ahead is handy in case of an emergency and in the end, you save on interest.
- Buy a gym membership. You’ll feel good and save money on medical expenses. A person who is five feet 10 inches tall and weighs more than 209 pounds spends an average of $1,429 more on health care costs in a year than someone who weighs 174 pounds or less.
- If you are age 50 or older, put the $1,000 into your individual retirement account.
- Pay the $1,000 on your highest interest-rate debt. The interest you save, say 18-29 percent, is the same as getting a guaranteed 18 to 29 percent return on any investment. Remember, eighteen percent is now common for credit cards.