Ways to spend a thousand dollars wisely.
Imagine if you suddenly received a small windfall of around $1000.
It does happen. It could be from an unexpected bonus at work, or from a tax rebate, a shares dividend or something that a relative has left you in their will. It's the sort of relatively small amount that is won on the lottery every week, or even a figure which you could go about raising yourself should you need to.
So think about that thousand dollars. How would you spend it?
Here are 20 ways to spend a thousand dollars wisely
While you could go purchase a new watch or a few pairs of nice shoes, there are other alternatives that can make a more positive difference in your life.
1. Get a physical fitness check
Many middle aged and older folks haven't had a thorough physical in many years. While it's not a fun way to spend your thousand dollars, it has the potential to save you much more over the long haul by correcting and preventing physical ailments before they cost you much more than $1,000.
The long-term savings from medical expenses can be significant and just having a health check could lower any insurance premiums you might have.
2. Invest in an adventure.
Have you ever wanted to go skydiving, whitewater rafting, or visit the ruins in Guatemala? Now might be the perfect time to finally do something adventurous that you'll remember forever. Your new perspectives can carry over to many areas of your life.
3. Make a micro-loan.
There are many websites that will allow you to make small loans to people all over the world. You get the wonderful feeling of helping someone realize their dream or help them out of tragedy. You receive regular progress reports as your money is being repaid.
With a micro-loan you can make money and enjoy the feeling of helping someone else.
4. Invest in your career
A professional certification might be just what you need to take your career to the next level. A public speaking course or class at the local university might be another option.
5.Invest in a "second career"
Consider ways of earning money which you could do outside of your regular job or when you retire, and get some training
What about training to be a counsellor, or a life coach, or a book keeper?
Now is your chance to add another string to your bow
6. Consider a low-risk mutual fund.
There are mutual funds that only invest in companies with the lowest volatility over the previous 12 months. These funds tend to do as well as the market overall with much less risk.
Most of the stocks held by this type of fund pay dividends. If your portfolio is a little heavy with risk, this can be a good way to have a lower-risk investment.
7. Get in shape.
When was the last time you really considered yourself to be in shape? When was the last time you were proud to walk around in your bathing suit at the pool or beach? Let this be the year that you finally get your weight and conditioning under control.
Get a gym membership for a year or invest in a personal trainer, or if you have the space get some home gym equipment
Studies have shown that you're less likely to get sick or die if you're in good shape. You'll save on medical bills many times over.
8. Weatherproof your home.
Replace the weather-stripping around your windows and doors or maybe you need new windows altogether. The payoff can be great over the next several years.
9. Support a local attraction
Not only can you help to support your local sources of culture, but you can also make great connections to take your career or business to the next level.
These types of organizations can be magnets for the "who's who" of your local area. In many cases, it really is about who you know.
10. Set the money aside for your social life.
Investing in relationships can be just as important as any other type of investment.
Take your spouse out for a date once a month.
Even if you're not married, getting out of the house on a regular basis is important for your happiness and emotional health.
11. Get a new computer.
Is your computer several years old? Does it seem to be a lot slower than it should be? Is it crashing every other day? It might be time for a new computer.
You'll not only be more productive, but you'll also be much less likely to lose your hard work when the hard drive dies on your old computer.
12. Hire a skip and get rid of your clutter
Hire a waste disposal container or skip and have a massive clearout of your stuff from your house.
You may also be able to make a bit of money from selling some of the stuff you no longer need - books, CDs and video games for instance
13. Pay for your house to be cleaned
Pay for your house to be spring cleaned really well. You'll feel much better for it..
14. Start an online business in your spare time
You can at least in theory start an online business for less than $50 but $1000 would pay for some decent training and start getting customers to your website
15. Invest in art or collectibles
Many people go round flea markets or car boot sales looking for bits of art or trinkets or collectibles which they can then sell on for profit.
Of course a little "up front" investment is required and $1000 might be just perfect
16. Start a new hobby
Invest in yourself by starting a new hobby
Many hobbies have knock-on benefits such as a social element, health benefits, or the potential to make some money
- What about golf lessons?
- Or taking a course in jewelry making?
- Or buying a new mountain bike?
17. Invest in your property
Is there one thing on your property which you have always considered to be a "nice to have" but which would add to the value
- Maybe a new driveway, decking or patio
- Or a new boiler or windows or a new bathroom
- Or get your house repainted or redecorated
Think about "non-essential ways" you could invest and add value to your property
18. Put it towards funeral costs
Maybe something you don't want to think about but you could use this as an opportunity to "get your house in order" for when you die, including making a will and funeral costs
19. Review your insurance >
Is there an insurance policy which, if taken out, could save you in the long run??
Pet insurance comes to mind. Or mobile phone insurance. Or personal accident insurance
20. Pay a Bill For a Year
You could simply pay one of your bills for the complete year. $1000 equates to about $85 per month whch if you say paid the electricity bill in one go, you would have an additional $85 available to you each and every month
What's the point of this exercise?
Well, if you do have $1000 then great - you have some ideas as to how to use it.
If you don't have a "spare" $1000 then thinking about what you would really like to do with it if you did have it may just give you an extra incentive to go out and raise the extra money somehow, especially if there is something on the list that you really really want (or need) to do
There are many ways to spend a thousand dollars wisely and sensibly.
Consider these ideas or make your own list. Even a relatively small amount of money can make a big difference in your life.