DOGE dividend checks might happen. If so, you could get a $5,000 payday, as part of an effort to give 20% of government savings realized by Elon Musk’s department back to taxpayers.

Read Next: US Senator Warns of ‘Backdoor’ Way Trump and Musk Could Destroy Social Security — Is She Right?

Find Out: 9 Downsizing Tips for the Middle Class To Save on Monthly Expenses

As of May 11, DOGE has uncovered an estimated $170 billion in savings, according to its website. This amounts to an estimated $1,055.90 per taxpayer.

Receiving a $5,000 check might feel like a hearty bonus, but it doesn’t have to stop there. Consider storing your newfound funds in one of the following seven places to make even more money.

To grow your $5,000 for short-term goals or an emergency fund, consider putting it in a high-yield savings fund, said Daniel E. Milks, CFP, founder at Fiduciary Organization and Woodmark Advisors, based in Greenville, South Carolina.

“These accounts are FDIC-insured and currently offer 4-5% APY, making them a safe and accessible option,” he said.

“If you want safety with a bit more yield than a savings account, T-Bills are a great option,” Milks said. “Backed by the U.S. government, they’re short-term, low-risk and currently offering competitive returns.”

You can buy treasury bills through a TreasuryDirect account — non-competitive bids only — or through a bank, broker or dealer — competitive and non-competitive bids. Offered in electronic form only, terms range from four weeks to 52 weeks.

If you want to turn your $5,000 into a long-term investment, Milks suggested an option like an S&P 500 index fund — offering growth through potential compounding. He said there’s a risk attached to it, but over time, it presents a higher upside.

Don’t get too excited — Milks didn’t advise spending the money on flashy purchases. However, he said using it to pay down high-interest debt or boost your education, skills or career can bring substantial value.

“It’s not flashy, but the ROI on self-improvement often beats the market,” he said.

It might not be a long-term solution, but while you’re deciding what to do with your $5,000, Noah Damsky, CFA, principal at Marina Wealth Advisors in Los Angeles, suggested parking it in a money market fund. He said interest rates are currently averaging over 4%, allowing you to earn more in interest than you would with a traditional low-rate bank account.

If you’re not currently saving for retirement — or want to put aside even more money — consider putting the $5,000 toward your golden years.

“If you’re considering a taxable savings account or a Roth IRA, I prefer a Roth IRA,” Damsky said. “Since you can access principal contributions after five years without penalty, it’s like a checking account with a soft lockup, but it has the upside of long-term tax-free growth.”

Invest in your children by front-loading their 529 plans, Damsky suggested. He said making larger contributions upfront allows you to maximize compound interest, which can mean you’ll need to make fewer contributions in the future.

Preparing for your children’s college education now can allow you to reap the maximum tax benefits, he said.

More From GOBankingRates

• Here's How Much Cars Made in the US Cost Compared to Mexico, Canada and China

• 25 Places To Buy a Home If You Want It To Gain Value

• 4 Grocery Items To Buy Now Before Tariffs Raise Prices This Summer

• 6 Popular SUVs That Aren't Worth the Cost -- and 6 Affordable Alternatives

Sources:

• USA Today, “Are you waiting on when DOGE $5000 dividend checks might come?“

• DOGE, Savings

• Treasury Direct, “Buying a Treasury Marketable Security“

• Treasury Direct, “Treasury Bills“

• Daniel E. Milks, Fiduciary Organization and Woodmark Advisors

• Noah Damsky, Marina Wealth Advisors

This article originally appeared on GOBankingRates.com: 7 Best Places to Store Your DOGE Dividend Check and Make More Money