6 Smart Things to Do With $1,000 Right Now

You just got an extra $1,000 from a bonus, tax refund, inheritance, or some other windfall. What do you do with the money now? Of course, your first thought may be to spend it all, especially since it's "found" money.

But wait. There are better choices. Here are six smart ways to use that money to achieve impressive benefits and a fair dose of instant gratification.

1. Pay down credit card debt. This should be at the top of your list. Paying off a high-interest credit card saves you money down the road.

2. Start an emergency fund. If you don't have one, $1,000 is a great starting point. The general consensus is that you need at least six months of living expenses saved in case of an emergency or job loss. Getting started now, or even beefing up an existing fund, will allow you to rest more easily.

3. Put it in an IRA. If you don't have one, take that $1,000 and start one. Studies have shown that Americans don't have anywhere near the savings they should at retirement. If that sounds like you, this is your chance to catch up.

4. Upgrade your home appliances. If you have anything around the house that's giving you trouble or is about to, $1,000 can go a long way toward fixing the problem and giving you peace of mind. Doing home improvements now will pay dividends over time, and you'll enjoy a more comfortable home in the meantime.

5. Go back to school. If your financial house is in order, how about investing in yourself? Using some of the money to take some weekend or night classes is a way to upgrade your professional credentials or check out other career options. This could be a great way to leverage that $1,000 into a promotion, a raise, or better job down the road.

6. Join a gym or buy a bike. Either option improves your physical fitness, and riding a bike gives you the added benefit of saving money on gas and car repairs. Moreover, studies have shown fitness and health have a positive effect on productivity. However you do it, an investment in your health can reap big rewards.

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