It used to be that $1,000 was a good amount of money. Then again, it used to be 1980 once too.
Certainly time and inflation have eroded the value of what one grand can buy, but Kiplinger’s says there are still several useful things $1,000 can do. Their list supposedly contains 37 “new” tips on what to do with $1k, but they read like a who’s who of tried-and-true tips: invest it, save in a 529, give to charity, yada, yada, yada. In other words, we started yawning on tip #3.
That said, maybe some of the “best” ways to use $1,000 are the most basic — saving it, investing it, using the money to pay down debt, and so on. If pressed to recommend what someone should do with an extra $1,000, these suggestions would probably be among the first we’d offer up.
But what would you do with $1,000? Anyone for something a bit more exciting or unusual like taking a unique trip, splurging, or starting a pretzel business?
What $1,000 Can Still Do [Kiplinger's]
— FREE MONEY FINANCE (Photo: Earth2Kim)
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I could make four car payments or pay off $1000 of my student loans.
The smartest thing you could do with it is buy a 1oz shiny solid gold coin. You’ll have enough left over for lunch and it will always be valuable.
Besides two chicks at the same time?
Three chicks at the same time?
Seriously, probably plop it in the house down payment fund and not think about it.
“Take a trip” on $1000? I think that’s pretty much impossible…
Eliminate 2 of my 4 remaining car payments.
Buy lots of groceries at Costco and Fred Meyer. Stock up for two or three months.
That’s actually only about $450 that the cat was playing with (from a yard sale, in fact). It went into the bank, then partially to pay bills, pay credit cards, and some into my high interest savings. Which is usually how I divide up my income!
How about putting at least $1000 in a high interest savings account and calling it an emergency fund.
saw the blue screen of death, and the black screen of death, and my computer is basically going to die any day now, so that $1,000 would go towards a new computer…oh please Apple, give us a second gen macbook air….
Buy a house in Detroit.
I would pay down whats left of my CC debt… but if I didn’t have debt… I’d invest in gas saving or electric saving improvements to my home or car (depending on what I could afford.)
Take two university courses.
Spend it any way that will increase your monthly cash flow by reducing expenses. (debt, energy improvements, etc)
Half a full-time semester at a community college.
Support a single mom at a strip club, thats a lot of lap dances.
I would buy a Wii with all the accessories. Mario cart all day!
feed my cat porter house steaks for a couple months to get her up to par with that ADORABLE one in the picture
actually, i’m a self proclaimed “spendaphobic.” i’d put it in the bank, or donate it.
Start a lottery at work for 2000 entrants to try and win $1000. $1 per ticket
Epic night out.
For those who are skeptical of the epicness of said night out:
1.- With a bit of creativity, you can get a lot of insanity for your money.
2.- Mexico can get cheap if you move around.
I’d get some body work on my car done I’d like the hole in my door fixed before winter comes I don’t wanna go to many winters with that hole in my door before it it causes more damage to my car.
since I can have two chicks in the same night for free… I think i would pay off my last semester at community college, take my husband to the nudie bar and watch strippers, and then buy my kids some new shoes.
anything left would be spent on hookers and blow, of course.
I would save half into my savings.
So the question for me would be: what can you do with $500?
First, I would want to have a massive splurge on good food, for eating is lovely. Of course not all in one day of course, maybe over the course of several weeks.
Second, I would like to buy that wireless reading device from Amazon, the Kindle. And buy books for it.
…Though in reality, I would probably save all of it.
I would buy a 10 Gauge Browning shotgun to go geese and Sandhill Crane hunting this winter.
support my rock band addiction.
$1000 would buy me and the wife a very nice meal at Adria’s El Bulli in Spain. We would still have to pay for the flights ourselves…
Is that cat a stripper? Because it looks like someone made it rain on her.
rent to own some 24′s for my escalade.
Buy 40 SIIG water bottles. Or 39 and enough water to fill them up. Drink deeply and stylishly.
Happy ending!
In order of what I’d do first:
Save towards grad school.
Save towards getting a car. Needing the bus sucks.
Get a real mattress/bed. Having a futon sucks.
Yarn: Opal Sock Yarn [2]
More Yarn: Some non-wool stuff like corn, bamboo, milk, silk, etc.
Addi Click Knitting Needles: [www.skacelknitting.com]
Get a TV where the picture doesn’t randomly cut out.
Seriously, anyone who thinks a grand isn’t a lot of money can always just give it to me. I know how annoying it is to have that loose change in your pocket.
Pay off the remaining $400 of one of my student loans for grad school, spread $300 of the reast between the two other loans, stick $300 into savings.
I bought a runing 1985 Trans Am for $1000 last may
buy bulk for the low, whip it and flip it like i worked at ihop.
In fantasyland, I’d buy art supplies. Lots and lots and LOTS of art supplies.
However, I recently came by an extra $1k (taxes), and I stuck it in the bank to cover the inevitable cost of one of our two clunky old cars biting the dust.
Fantasyland is sounding better and better…
Assuming that my yearly savings goals had already been met…
Canon Digital Rebel XSi and a 50mm f/1.4 lens.
I’ve pretty much pushed my point and shoot to its limits and I’ve been wanting to get an SLR for years.
Also, my wife and I want to take a trip to Europe before we have kids and having a good camera to document the vacation would be nice.
I’d give it all to Ben Popken and let him invest it for me. Although the more I think about it, his fee would be WAY too high so I would just put it in savings.
This article is very relevant to me because I just found out I’m due to receive $1k as part of a car accident settlement.
Unfortunately there is nothing I want right now and blowing money “just because” it was a surprise isn’t something I can rationalize.
Anyone who can take a “vacation” on $1k is crazy. $1k wouldn’t even cover the travel expenses…
@sawzy: I don’t live in L.A. but i just looked up tickets from there to Lima, Peru and they came under $600. $400 would last a while in Peru if you did some budget travel.
I’m inheriting $1600 next year, from my grandmom. I didn’t have the heart to tell her it isn’t exactly life changing money, when I can’t afford to move out and I have $35,000 in student loan debt. I don’t know what to do with it, it’s too much to spend on sonething fun and too little to make a difference on anything real.
@BytheSea: $1,600 in a Roth IRA would be some decent money at retirement. Maybe you could just leave it to your own grandchildren. If that doesn’t appeal, I suggest using the money for something you’ve always wanted to do, and will never forget. Flying lessons. A hot air balloon ride. A trip to a different country. Pottery lessons. A custom made suit. Honor your grandmom by making a dream come true or by giving yourself security.
Buy insulation. I just had an energy audit done and less than $1,000 worth of insulation (plus labor) would supposedly pay itself off in one year in my particular case.
Today, I’m spending $1k booking a vow renewal ceremony/photography on the beach in maui followed by dinner on the beach made by a private chef. I choked on the price but it will be unforgettable. Not to be cliche, but isn’t life for living?
Well, $1K won’t go far but I do have an idea for a product I’d someday like to sell.
Lots of talk of two chicks at once here by the way.
Maybe go to charm school to get the charm to get two girls at once (if such a thing exists outside of porn and hookers and tramps)
You could buy a good old japanese motorcycle. $6/month insurance >35mpg. =)
$1000 will pay for almost 3 months of my student loan repayments, or almost 2 months of rent.
OR, a new laptop since mine has been making unfortunate dying squirrel noises for a month.