Five In

Five In

If you’ve been putting in the work and have saved a nice chunk of change, it’s time to consider investing. Let’s say you’ve accumulated $5,000 — quite a sizable amount. Below are some smart ways to invest it.

  • A 529 Plan. If you have kids (and have taken care of your retirement, more on that momentarily) putting at least some of the money into a 529 plan is a good idea. The college savings plan allows for tax-free withdrawals as long as they’re for educational purposes and provides a solid foundation for paying tuition and other fees.
  • A retirement plan. As US News notes, there’s no time like the present to think about your golden years. Use your money to invest in a 401(k) or IRA retirement plan. The earlier you invest that $5,000, the more time it’ll have to grow.
  • A health account. A Health Savings Account (HSA) is a good way to invest that $5,000. You can save money tax-free for out-of-pocket medical costs now, or invest the money to be used like a supplemental retirement account down the road. Note: HSA funds are yours forever, not use-it-or-lose-it like those in a Flexible Spending Account.
  • A robo-advisor. You can open an account with a robo-advisor to take care of your money. Some robo-advisors charge a management fee, but some are free up to a certain dollar amount.
  • Exchange-traded funds. Use your $5,000 to buy some exchange-traded funds (ETFs) through an online brokerage account. ETFs are a collection of securities that trade throughout the day. They typically have low or zero-commission fees and low expense ratios.
  • Articles
    These 8 Money Rules Will Help Get You Through The Pandemic
    These 8 Money Rules Will Help Get You Through The Pandemic

    It’s now September, which means we have been working from home during a global pandemic for 6 months. Through a volatile stock ma...

    Read More

    Hold Steady
    Hold Steady

    If you have a 401(k) match from your employer, thank your lucky stars. As the pandemic continues, more companies are looking to r...

    Read More

    One Million in Mind
    One Million in Mind

    Wouldn’t you love to save a million dollars? If that sounds like an unreachable goal, try breaking it down into segments. Start w...

    Read More

    The Long and Short of It
    The Long and Short of It

    Investing is a good thing. Even in times like these, you should be investing with an eye on the future. It’s simply a smart money...

    Read More

    Retirement on The Mind
    Retirement on The Mind

    According to a study from The Nationwide Retirement Institute, many Baby Boomers are planning to delay their retirement. The numb...

    Read More

    How To Focus On Retirement Savings During The Pandemic
    How To Focus On Retirement Savings During The Pandemic

    As many of the helpful provisions from the CARES Act, including the additional $600 in weekly unemployment benefits from the fede...

    Read More

    Sell Smart
    Sell Smart

    One (small) positive about the coronavirus lockdowns is the time you have to do things you wouldn’t normally do. For example: Sel...

    Read More

    Health Savings Changes
    Health Savings Changes

    The coronavirus has brought about changes to Health Savings Accounts (HSAs). The new guidelines will likely make the savings acco...

    Read More

    Think Hard
    Think Hard

    The coronavirus likely has you concerned about your finances. This might especially be true if you’re nearing retirement and stru...

    Read More

    Website Terms of Service

    Please read these "Website Terms of Service" carefully before using SavvyMoney Checkup ("site", "website"). Accessing this site, or making this site available to any third party, indicates that you have read and accept these terms.

    1. Materials. Materials in this site are copyrighted and all rights are reserved. Text, graphics, databases, HTML code, and other intellectual property are protected by US and International Copyright Laws, and may not be copied, reprinted, published, reengineered, translated, hosted, or otherwise distributed by any means without explicit permission.
    2. Links to Third-Party Sites. Linked, third-party sites from website are not under the control of the Licensor. The Licensor is not responsible for the contents of any linked site or any link contained in a linked site, or any changes or updates to such sites.
    3. Confidentiality of Codes, Passwords and Information. Licensee agrees to treat as strictly private and confidential any username, password, user ID, and all information to which you have access through password-protected areas of website.
    4. Maintenance. Licensor shall provide Licensee any new, corrected or enhanced version of the site as it becomes available. Such enhancement shall include all modifications to the site which increase the speed, efficiency or ease of use of the site, or add additional capabilities or functionality to the site, but shall not include any substantially new or rewritten version of the site.
    5. Limitation of Liability. Licensor shall not be responsible for, and shall not pay, any amount of incidental, consequential, or other indirect damages, whether based on lost revenue or otherwise, regardless of whether Licensor was advised of the possibility of such losses in advance. In no event shall Licensor's liability exceed the amount of license fees paid by Licensee, regardless of whether Licensee's claim is based on contract, tort, strict liability, product liability or otherwise.