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HomeBlog Blog“I have $1,000.00 what should I do with it? Spend or save?”
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“I have $1,000.00 what should I do with it? Spend or save?”

February 17, 2013 by National Debt Relief

happy woman with raining moneyIf you suddenly came into $1,000 what should you do with it? Should you save the money or just spend it?

Extremely low interest rates

Interest rates are very low these days. I’ve seen ads for one-year certificates of deposit with interest rates of 1% to 1.25%. Unless you could find a fairly conservative investment paying 5% or better, there may be other, better things you could do with that $1,000.
Other options

If you were willing to take more of a risk with that $1,000 you could buy gold or silver. Gold has actually gone down in price over the past six months – from a high of $1790.38 an ounce to today’s price of $1614.70 – which represents s loss of bout $176 an ounce. This means now might be a good time to buy gold as it may well go up in value over the next year. Of, course, at $1,614.79 an ounce, you couldn’t even buy an ounce with that $1,000.

Buy something that would appreciate in value

A third alternative use for that $1,000 would be to buy something you believe will appreciate in value. This could be rare stamps or coins or even baseball trading cards. However, before you invest in any of these, be sure to do your research so you can be sure they will actually grow in value . However, this will only be over the long term. I saw one baseball trading card that sold recently for more than $100,000 but was almost 100 years old.

Pay off debt

If you have high interest credit card debt (10% or higher), a better use for $1,000 might be to either pay it down or pay it off entirely – if $1,000 would be enough to pay it all off.

Comparing the two

Let’s suppose you owed $1,000 and were paying it off at the rate of $100 a month on a credit card with an interest rate of 18%. At the end of that year you will have paid $1,090.75 or about $91 in interest. As you can see, this is much more than you could expect to earn if you were to be very conservative and just buy a CD at 1.25%.

Don’t just spend it

To get back to the original question, should you save or spend that $1,000, the real answer is that there aren’t just these two alternatives. You could save the money, invest it, buy something that will appreciate in value or use it to pay down debts. However, the one thing you probably shouldn’t do is spend it. If you were to buy something for $1,000, it might feel good for a while but how will it feel a year from now? Will you still be glad you spent that $1,000 or will you have buyer’s regret and wish you had done something more worthwhile with the money?

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Easy National Debt Relief Caller: Misty Transcribed WE 1/17/2021 Misty: The call may be recorded. How did you hear about National Debt Relief? JEANETTE: I just went online looking. Misty: Was there any specific financial concerns that led you to seeking out their services? JEANETTE: Yes. I just got in over my head with credit cards and I couldn't save enough for my taxes. Misty: How was your interaction with your representative that you worked with? Was it a positive experience? JEANETTE: Yes, it was a positive experience. Misty: Would you say working with NDR has affected your daily life? JEANETTE: Well, it has taken a little worry off. I'm still tensed about it, but it has helped. Yes. And definitely, now, I can put the money aside each month for my state taxes. Misty: What are your thoughts on the cost in relation to the quality of service? JEANETTE: Well, so far, so good. That’s all I know to say. [Chuckles] Misty: That brings us to the star rating. And it's a scale of 1 to 5, 1 is very dissatisfied, and 5 is that you would recommend them to a friend. JEANETTE: 5. Misty: Are there any other comments or even any suggestions on how they might improve their service for you? JEANETTE: I haven't really thought of any recently. So far, I'm pretty happy. Misty: Would it be all right if we shared some of your review content and your star rating on the ConsumerAffairs.com website? That way, if anyone is thinking about using NDR, they can read reviews of people that have done business with them. JEANETTE: Okay. Misty: Just to let you know, it's first name only. We never use last names and don't publish private information. JEANETTE: Okay. Good. Misty: Would you like me to email you the review when it's ready so you can update it if you'd like? JEANETTE: Yes, please. Misty: Okay. Let me make sure I have the correct email address. I have jetta116thst84@yahoo.com. JEANETTE: That’s right.

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Jeanette Cook
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