Money Magic: What Would You Do with an Extra $1,000 Each Month?

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Have you ever stopped to think about what life would be like if you had an extra $1,000 in your pocket each month?

Sure, having more cash can make life a lot easier and open the door to all kinds of possibilities.

But it’s not just about buying new things. Learning how to strategically use that money can really pay off in ways you’d never expect.

In this article we’ll explore ideas on how to turn this extra cash into smart investments with long-term rewards so that you can truly take advantage of this newfound financial headspace!

#1. Get Their Teeth Fixed

It’s no secret that healthcare is unaffordable for most in the U.S. 

But while healthcare is often highlighted, dental care might not be as discussed. 

The reality is that dental care is often less accessible and more expensive than healthcare, especially if you haven’t been able to get proper care for a while and your oral health isn’t as good as it should be. 

While it will take a bit to save up the thousands needed, many people agreed they would use the extra money to fix their teeth. 

#2. Get Their Hair Cut and Colored Professionally

Hair care can add up quickly, especially when you’re a woman. 

A good cut and color at a professional salon can easily cost over $100. 

Add this up each time you need to get it done, and that’s a nice chunk of change stashed away. 

There are a lot of women who do this on their own at home who would gladly use the extra $1,000 each month to get it done instead of having to do it all themselves. 

They’d still have a ton of money for all kinds of things. 

#3. Reach Out to a Therapist

We’ve already covered healthcare and dental care. 

But what about mental health care?

The reality is that resources in the mental health space are often hard to find, very expensive (if you can’t find a therapist that works on a sliding scale or free resources), and may result in additional costs (specialists, medications, etc.). 

Even though it’s essential, it’s often out of reach financially for many. 

Whether it’s getting their own care or helping someone else, plenty of people would use the extra $1,000 to access mental health support. 

#4. Make Mortgage Payments Ahead of Time

Mortgages are more desirable to those stuck renting because they’re often cheaper than rental payments. 

Still, affording a mortgage can be tricky, and missing payments means losing your home. 

Rather than falling behind or remaining stagnant, some wish to leverage the extra $1,000 they would receive to get ahead on their mortgage payments. 

This would give them greater peace of mind knowing they’re chipping away at their loan to own their house outright and reduce overall costs. 

#5. Move Somewhere and Retire

$1,000 a month is a great bonus. 

Some would put it towards various wants and needs, but others have become more crafty. 

Some have said that they would take that money and retire. 

Where? 

Likely a place that’s both nice and has a much lower cost of living, like the Phillippines. 

Even though $1,000 isn’t much here in the U.S., the dollar would stretch further.

#6. Get Laser Eye Surgery

Optical care is expensive, especially throughout life, as you get new lenses and glasses. 

Sometimes, people may not even like the look and feel of glasses. 

This is why laser eye surgery was a response for some. 

It’s a reasonably affordable procedure, super quick, and would make it so that they wouldn’t have to wear glasses or contacts to see the world around them. 

#7. Upgrade to a Better Living Situation

Depending on how much you’re spending on rent, an extra $1,000 could make all the difference. 

Some respondents immediately said they would spend money finding a better place to live. 

With that extra $1,000, they could get some new furniture and other essentials. 

#8. Work Fewer Hours

This ties in with spending more time with family and less stress, but many people called this out specifically. 

With more money in the bank, they could step away from spending so many hours on side hustles or their full-time job to relax and do whatever they wouldn’t otherwise be able to.

#9. Pay Off Debt

An extra $1,000 a month goes a long way, especially when you have debt. 

Many people would use that money to pay off debt that they’ve defaulted on and work towards getting caught up on existing debts. 

Some of the most common debts people would pay off first include student loans, credit card bills, and car loans, to name a few. 

#10. Build Their Savings

Inflation and economic stagnancy have made it much harder for people to live on the same amount of money that they used to. 

Unfortunately, it’s also made it difficult to put money away so that people can work towards their goals or stay prepared in case of emergencies. 

This is why building savings would be one of the top activities if people had access to an extra $1,000 every month. 

#11. Spend More Time With Loved Ones

Not everyone who works hard is necessarily compensated for what they should be getting. 

Because of this, people need to work long hours regularly to get their hands on the money they need to survive. 

For many, an extra $1,000 a month would be life-changing, allowing them to spend more time with their loved ones and treat them to things they might not be able to with the money they’re currently earning. 

#12. Stress Less

Living on a low income can produce several adverse side effects, but arguably one of the worst is chronic stress. 

Chronic stress can do a number on both physical and mental health, and the burnout that comes with it makes it harder to get work done and navigate daily life. 

One of the most significant impacts that an extra $1,000 a month would have on the lives of those getting it would be that they could stress less. 

They would have more room in their budget, less anxiety about their finances, and more time to relax. 

Learn How To Save $100K

Saving money can be hard, especially if you are looking to have $100K in the bank.

But while it feels difficult, don’t let this stop you. Here is how you can save $100,000 in nine steps.

HOW TO SAVE $100,000

Time vs. Money

We all exchange time for money, but few of us stop to think about if our time is better spent doing the things we love instead of taking care of chores.

If you learn to stop thinking of things costing money and think instead of what you get in terms of time for paying for things, you could be much happier.

TIME VS. MONEY

Best Ted Talks On Personal Finance

Ted Talks are a great way to learn about a new topic in a short amount of time. They can be a springboard to getting better educated in many areas of life.

One great example is money. Here are the best Ted Talks on money that will help you start improving your finances so you can live a better life.

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Get Free PayPal Money

If you have a PayPal account, you can get companies to give you money.

Here are some ways to get cash deposited into your PayPal account.

FREE PAYPAL MONEY

Cash Stuffing Budget

Cash stuffing is a trendy budgeting method that makes better use of the envelope system.

By using cash, you not only avoid debt, but you have greater control over how you spend money.

Find out why so many people have fallen in love with it.

CASH STUFFING 101

This thread inspired this article.