What to Do With the Stimulus Check That You Received
Use it to pay down debt, buy household supplies, or pad your savings.
If you're an American due a stimulus check from the government, you may have already seen the sum deposited in your bank account. If you're waiting on a check, it should be arriving soon as long as you meet eligibility requirements. Determining the best way to use the money awarded to you can be challenging. Many people see it as a windfall and opt to spend it on frivolous items.
There are some things you can do to get the most mileage out of every dollar that you receive. Being mindful of the amount of money you have available in stimulus funds and your monthly budget can help you make a decision quickly. If you're out of work due to COVID-19, it's safe to say that the best use of the money will be paying your bills and taking care of your household obligations. Still, you can do whatever you want with the money as the government is not restricting your use of the funds.
So, what options do you have when it comes to using your stimulus check? It's a matter of personal need and preference. Some of the wisest options are listed below for your consideration.
Pay off your credit card balance.
You'll then have your credit card to use whenever you need it because you won't owe the company anything.
Get ahead on your monthly bills.
Pay all of your accounts in advance. Save the money you make if you're still working.
Buy extra food to stock your pantry.
Have enough groceries to see you through several weeks without revisiting the store. Take advantage of sales and coupons.
Invest in a tool or appliance that ultimately saves you money.
You can afford it. It's an investment that pays off quickly in the amount that you don't spend each month.
Put the money into a savings account for emergencies.
Only access it if you need to do so. Have a portion of your paycheck direct deposited into the account to grow your savings fund.
How Will You Spend Your Stimulus Check? We Want to Know
The way that you choose to use the stimulus check you've received can get you ahead financially. It can provide you with a great deal of security if used the right way. Now that you have several options to explore, which feels right for you? Are you planning on paying down debt, stocking your pantry, or having a small amount of savings to fall back on? We'd love to hear from you.
For help on reducing your debt and improving your financial health contact Madison Monroe and Associates today.