5 Smart Things You Can Do With $1,000 Right Now
It's not every day that $1,000 falls in your lap, but if you're looking at a bonus, commission, or even a generous gift, it pays to use that money wisely. Here are some of the best things you can do if you suddenly find yourself $1,000 richer.
No matter how much money you earn, you need some sort of backup plan in case an unexpected expense hits you where it hurts or you lose your job without warning. That's why you should have an emergency fund with enough cash to cover three to six months of living expenses. Now the good news is that an estimated 31% of adults have enough savings to hit that six-month target. On the other hand, more than 50% of Americans don't have the money to reach even the lowest end of that range. If you're behind on emergency savings or, worse yet, have no cash reserves to show for, then the question of what to do with that $1,000 is a no-brainer: Stick it in the bank.
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Source: Fool.com
