$1,000 may not seem like a life-changing sum on its own, but how you choose to invest it can accelerate your wealth-building journey. The smartest move is to direct the money where it has the highest return on investment (ROI), not just financially but also in terms of security and future growth.

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Here are the best ways millennials can make the most of that $1,000 before the year ends.

Before investing, one of the smartest moves you can make is tackling high-interest debt. Credit card balances, personal loans, or buy-now-pay-later debt often carry high interest rates.

Paying off a balance with a 20% interest rate gives you the same benefit as earning a 20% return on your investments. So putting part or all of your $1,000 toward paying it down is an investment itself.

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An emergency fund may not sound like an investment, but without one, you risk going into debt or tapping into your investments. Experts recommend having at least three to six months’ worth of living expenses in an emergency fund. And if you put it in a high-yield savings account, your money grows while still being accessible in case of emergencies.

For millennials, time is your greatest asset. Putting money into a retirement account like a 401(k) plan or IRA allows compound growth to work in your favor for decades.

If you have access to an employer 401(k) plan with a match, prioritize contributions there. A 100% match on your contributions up to a certain percentage is essentially free money. If that’s already covered, consider maxing out a Roth IRA, where your investments grow tax-free. Investing $1,000 in a Roth IRA today could be worth tens of thousands of dollars by the time you retire.

If you want to invest in the stock market indirectly, investing in low-cost index funds or exchange-traded funds (ETFs) is a good idea. These funds spread your money across hundreds or even thousands of companies, reducing risk while still giving you exposure to market growth. Instead of trying to pick individual stocks, you’re betting on the long-term performance of the entire market.

Not all investments should show up in your brokerage or retirement account. One of the best investments with the highest ROI is investing in yourself. If you’ve been wanting to learn a new skill, get an online certification or even tools to build a side hustle, allocating $1,000 toward your career or business can pay dividends far greater than the stock market. When you increase your income, you’ll have more cash to save and invest later.