Seven wise uses for your $600
April 22nd, 2008 | by mbhunter |I did a Google search on “$600″ and the first result was for an article on the “Top Ten Things to Buy With $600.” This is exactly what the powers that be want us to do with our “economic incentive” money, and that’s a misleading, if not downright self-serving, message. I’m certainly not well-heeled enough to do anything with the money except sock it away, get it out of my sight.
Here are some good ways to put that $600 toward your financial future instead of blowing it:
- Open an ING Orange Savings Account if you don’t have one. The $600 check will leave you plenty of room to get a $25 ING Bonus (you need to make an initial deposit of at least $250). That’s an instant 10% return on your deposit, and you’ll have an account with an online bank that has a long track record and a solid user interface.
- Pay down a credit card balance or another consumer loan. Punch a high-interest credit card balance down a bit, or give a “Finish him!” kick to a low-balance debt. This will give you more breathing room and will allow you to spend more, later.
- Start a tax-advantaged retirement account or college savings account. Or contribute your check to one of these as a 2008 contribution if you haven’t already reached your limit.
- Buy something that you kind of need but have been putting off. Like tooth fillings, or maintenance on your primary vehicle. Teeth and cars are two things that really don’t fix themselves, and the fixes get more expensive as time goes on.
- Invest it in your favorite vehicle, like a mutual fund, bond fund, a fund that shorts the S and P index, gold bars, silver, euros, whatever.
- Invest in yourself. Six hundred bucks will let you take a class in something that will pad your resume or enhance your skills.
- Invest in a home business. You can use a fraction of that for web hosting and a domain name, or buy some inventory, and still have money left over for your business licenses and Quicken Premier Home and Business.
3 Responses to “Seven wise uses for your $600”
By Turn One Pound Into One Million on Apr 22, 2008 | Reply
Whenever people say what would you do with $x I would always pay my mortgage off first. It is now my main goal in life. Buying something for myself or the children is not an option for me. Once it is paid off I still want to wise with money and have some good investments so I would probably use it to buy shares or premium bonds.
By SavetotheFuture on Apr 22, 2008 | Reply
I love the “invest in yourself” option. I had thought about all other things to do with the money but this one really struck a cord with me. Think about it. $600 can be the starting point to a new and better job.
By Elizabeth on Apr 23, 2008 | Reply
I intend to our $600 straight to Kroger and earn a quick 10% by exchanging it for a $660 grocery gift card. You can’t use it for alcohol, tobacco, or at the pharmacy but none of those exclusions are an issue for me.
The one thing I know we’re going to need are groceries and since I’m a Kroger shopper already that extra $60 sounds like a sweet deal.