What Do You Do with an Extra $ 500?

What do you do with an extra $100?

Suppose you were to scare up an extra hundred dollars.  What’s the best use for it?

FranckCushner, president of Ensemble Financial, says it could be seed money for starting an emergency fund.  “Two-thirds of Americans would have a difficult time coming up with a thousand dollars for an emergency,” he notes.  “And that’s not just millennials.  That’s everybody.  Households making up to $100,000 a year, only 38% of them say they could come up with $1000.” 

Or you could use the spare C-note to make a dent in your debt.  Big debts like student loans may not be the best place to start.  Cushner says, “Short-term debt in the case of credit cards which are 18 to 30% interest” are a bigger immediate problem.  “They’re just ridiculous usurious rates.  But you’ll never yourself get out of that hole without paying off that short-term debt first.”


Cushner says $100 may not seem like much, but it can be part of the bigger picture. “Everyone should have a budget,” he says.  “You should have a financial plan in place and you should follow it. These are all [such] basic principles that it just takes a little time and experience to work through the steps.” 

Cushner says it’s best to start young.  “If you can actually set up a budget and be fiscally responsible at a much younger age, which these parents should actually work on doing,” he says, “then the children are going to be in a much better place.”  He recommends maxing out your 401(k) from the earliest age possible. 

He adds that if you can put aside, not just an extra $100, but an extra hundred a month, that could make a life-changing difference.


1140 Ave. of the Americas, 10th Fl, Ste 956, NY, NY 10036

Ph. (212) 489-1800

Ensemble Financial © 2022



All Securities and Advisory Services provided under the name Ensemble Financial, Inc. are offered through Titleist Asset Management, Ltd. ("TAM"), a Registered Broker/Dealer & Registered Investment Advisor and member FINRA & SIPC. Customers working with Ensemble Financial, Inc. will be dealing solely through TAM with respect to their investment, brokerage and securities transactions. TAM does not offer or provide legal or tax advice. Please consult your attorney and/or tax advisor for such services. Member FINRA and SIPC.