Where would you put an extra $1,000? It depends. Here are what financial advisors say are your best options

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An extra $1,000 might not sound like a life-changing amount of money, but put it in the right place and it could give your finances a meaningful boost. The key is figuring out where it will do the most good.

For someone living paycheck to paycheck, $1,000 in the bank could provide some breathing room the next time an unexpected bill arrives. Meanwhile, if you're carrying a burdensome credit card balance, that same money could help reduce the amount of interest you're paying. And if your short-term finances are already in good shape, investing the money could give it years to grow.

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In other words, there isn't one answer that works for everyone. Your savings, debt, existing investments and even when you expect to need the money can all change what makes sense.

That's why it helps to look at your finances in a certain order before deciding where to put the money.