We're reader-supported and only partner with brands we trust. When you buy through links on our site we may receive a small commission at no extra cost to you. Learn More. Product prices and availability are accurate as of the date and time indicated and are subject to change.

At KCL, we’re all about shopping smart so you can save big and live life to the fullest. And, let’s be real, once you really tap into couponing, you can start saving money like it’s your job.

With uncertainty surrounding matters like income and employment during the COVID-19 pandemic, we hope these tools will get you thinking about future savings now — especially if you’re unsure of how to spend (or invest) your stimulus check.

So what should you do with $1,000 once you have it in your savings account? I’ve listed seven great money moves you should make below, like investing your money in life insurance, paying off your credit card debt, or just saving more!

But before you dive in, be sure to download the KCL app to learn how to save every day!


1. Spend your spare change on investments with Acorns Invest.

If you’re new to investing and not sure how or when to get started, look no further than Acorns Invest.

By linking up your credit or debit card and checking account info, Acorns Invest rounds up each of your purchases to the nearest whole number and then invests the difference into Exchange-traded Funds (ETFs) — all for just $1 a month.

If you want to make quicker financial gains from the app, you can set up small, automatic recurring payments in addition to the money pulled from your daily transactions.

It’s a slow, safe way to invest your money, so you should get started now!


2. Purchase $1 million life insurance from Bestow starting at $5 a month.

Now’s a good time to consider applying for a term life insurance policy. If you’re like me, you’re probably thinking you don’t have the time or money to spend on a life insurance policy. That’s where Bestow comes in.

With Bestow, you can pay as little as $5 a month for up to $1 million in coverage for your family. Not happy with your policy? You can change or cancel your plan at any time.

The best part is that you can do it all online in five minutes. So, if you’re under the age of 54 and want a life insurance quote minus the medical exam and sales calls, get a free quote from Bestow.


3. Download Stash and start saving for retirement.

If you’ve yet to start saving for retirement, there’s no better time than now. With Stash, you can open your retirement account for just $5.

Monthly plans range from $1 (“Beginner”) to $9 (“Stash+”). Once you get started, you can choose from several account types, including banking, investment, retirement, and custodial.

With a retirement account, you can choose to start either a Roth IRA or a traditional IRA.

Starting with a minimum of $5 in your account, you then set up automatic recurring payments that go into your retirement fund.

If you’re not sure how much to save, or how often, their retirement calculator will give you a realistic idea of how long it will take to reach your retirement goal based on the recurring amount you set up.

You can change the amount whenever you want, and you can invest up to $6,000 a year (or $7,000 if you’re 50+).

It’s the quick, budget-friendly way to start saving for your future!


4. Trade cryptocurrency with the Robinhood app.

If you’re more familiar with investing, you should check out Robinhood.

It’s a free stock-trader app that allows you to trade stocks, funds, and options without paying for commissions or fees. Another feature that makes Robinhood stand out, though, is the fact that you can also buy and sell cryptocurrency on their platform for free.

With no account minimum, it’s quick and painless to get started. Plus, the site provides resources written by financial experts so you can educate yourself as you invest.

RELATED: Ways to Save Without Clipping a Single Coupon


5. Pay off debt and make savings goals with Qapital.

The Qapital app makes saving money fun and intuitive by allowing you to create savings goals and rules that align with your lifestyle.

For example, you can customize savings goals so that you draft a certain amount into savings every time you Tweet or work out. Cool, right?

Whenever you save money, the funds go towards a goal you customize in the app as well. Planning a trip to Europe next summer? Set a financial goal for the trip in the app, and gradually work towards it as you save through your rules.

Getting started is easy, but you need a few days for the app to link up with your debit or credit card and bank account.

It’s also not free. A basic account costs $3 a month, and it has limited features, but you really don’t need the other features to save towards goals, be it paying off your student loan debt or saving for a new computer.



6. Put money into a real estate investment trust (REIT) with Fundrise.

Real estate investment trusts (REIT) let you invest money into actual real estate as if it were stocks. As an investor, you reap the benefits without having to deal with the properties themselves.

The tricky part of investing in REITs is that they often are only open to “accredited investors,” or people who have a net worth of $1 million or more.

Thankfully, online platforms like Fundrise target non-accredited investors. For a minimum of $500, you can start investing in “eREITs” today with a starter portfolio.

There are some fees to be aware of, but you can sign up in less than 10 minutes and get started with a low-cost investment. Plus, there’s a 90-day money-back guarantee, so what’s there to lose?


7. Do your money homework with the Atom Finance app.

Atom finance app shown on an iPhone screen

The Atom Finance app and website gives you a ton of tools so you can research investments and better understand what’s happening with your portfolio. When you sign up, you can follow stocks or link your investment accounts. You get alerts with news analysis, price changes, earnings statements, event updates (e.g. earnings calls or filings). The best part, you get access to the same tools the big dogs on Wall Street use.


UP NEXT: Keep saving money with these savings tips!

hand writes a check
What Should You Do with $1,000? Here Are 7 Ways to Invest It