Money

6 ways you could spend $1,000 instead of on an iPhone X

Apple's iPhone X is here, and it's gotten mostly positive reviews.

CNBC's Todd Haselton calls it "the best smartphone you can buy," and TechCrunch says "it really is like using the future of smartphones, today."

But, despite the good buzz, the phone's price tag is still enough to scare off many other shoppers. It starts at $999 and goes up to $1,150 for a model with extra storage. "If you don't really care about phones or about having the latest and greatest, then there's really no need to buy an iPhone X," Haselton says. "Save some dough."

Here are some alternative ideas for what you could do with $1,000.

Drink 235 pumpkin spice lattes from Starbucks

It's that time of year. At $4.25 a pop for a tall size, you'd be able to consume 235 of the fall favorites for the same price as one iPhone X.

Holiday flavors like peppermint take over for pumpkin spice around December — or whenever stores run out of supplies — so if you're committed to the autumnal staple, you'd have to make around seven Starbucks runs per day.

Eat 83 slices of avocado toast

Avocado toast doesn't come cheap, but $1,000 goes a long way. At a chain like Le Pain Quotidien, where one order of avocado toast costs $12 in New York City, you can eat breakfast for 83 mornings in a row for the price of a new iPhone.

Sail to the Caribbean

Spend seven luxurious days cruising through the Caribbean for the same price as one iPhone X. Both Norwegian and Royal Caribbean offer routes from Florida and Louisiana down through the Bahamas and other Caribbean islands for around $1,000 per person.

See Billy Joel live in concert 10 times — or up close once

Follow the trend of prioritizing experiences over things and splurge on concert tickets to see your favorite band. Tickets go for as low as $100 to see Billy Joel perform at New York's iconic Madison Square Garden, but floor seats can run up to $2,000, resale.

Spend nine days at Disneyland

Day passes for the Anaheim, California, resort run $110 per day on Fridays, Saturdays and Sundays, although normal weekdays only cost $97 per visit. Stretch your vacation even longer by purchasing a multiday pass, which discounts daily tickets, but expect to shell out for food and souvenirs.

Invest your money and watch it grow

Although a year's worth of Starbucks or a week in Disneyland might be fun splurges, if you're truly looking to put an extra $1,000 to work, one of your smartest options is to invest it.

Never underestimate the power of compound interest: $1,000 invested today will more than double over 10 years, growing to $2,225 with an 8 percent rate of return. Put away that much every month and it will only take you 25 years to become a millionaire.

Monthly contributions of $1,000 may be out of reach for you, as they are for the majority of Americans. But if you do have an extra grand now, you can use it to jump-start your retirement savings by contributing to an employer-sponsored 401(k) plan and taking advantage of any company match. Or you could put it in a Roth IRA or traditional IRA, both of which are individual retirement accounts that offer tax advantages.

If you're among the 69 percent of Americans who have less than $1,000 in savings, you can use that iPhone money to pad your emergency fund. Most experts recommend building up three to six months' worth of living expenses in a rainy day fund, but some say it's smarter to have between eight months and a year's worth of cash in the bank. Either way, an extra $1,000 is sure to help you get started.

This is an update of a previously published article.

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