Many of us have received or will be receiving our federal stimulus check, as we see the American Recuse plan take effect.
For many, this will be a welcome bonus in this time of uncertainty. If you’re one of the 160 million Americans receiving a stimulus check, here are some thoughtful ways to spend the money.
If you’ve had a reduction in income and have been struggling to pay bills, put this money towards covering monthly fixed expenses. It will help you to rest easy knowing that you’re on top of things.
COVID-19 relief programs are still in place, which could reduce the burden. Check out what the Treasury Department is offering.
If the pandemic has made a dent in your Rainy Day fund, consider adding a healthy amount of your stimulus check.
Your emergency fund could be a helpful cushion if your employment changes suddenly or an unexpected emergency pops up.
Unfortunately, the most expensive kind of debt is credit card debt! If your Rainy day fund is in good shape, then it could benefit you to reduce the debt.
Be sure to prioritize your debt by least to most healthy before paying it off, so that way you can pay off the debt that is causing the most harm to your credit score and your wallet!
Investing could pay off big time down the road, especially as interest rates are at an all-time low. You can now invest in big companies for as little as $1 with fractional shares, it’s a no-brainer.
But make sure you ask yourself one question before you do, “Can you afford to lose the money?” If not, then stick to the other options we’ve outlined would be a better option.
If you’re in a financially secure position and your Rainy Day fund is healthy, then spending this money is fair game!
It’s easy to make a mindless and random purchase, so take your time over what you’re going to buy. Make sure it enhances and supports your life!
At the end of the day, we want you to make the most out of the money, by managing and growing it so you’re always on top.
If you want an easy and automated way to manage your money and your stimulus check, then we can give you a helping hand. Our mission is to make money management effortless, and with our newest feature “Autopilot”, this is now possible. You can sit back and relax while your finances are automatically managed and growing without lifting a finger. Find out how Autopilot can work for you by reading our blog.
As always, we love to hear your feedback - got some ideas and suggestions or general feedback? Please email our product team at email@example.com.