Many have started receiving their stimulus checks over the past few days, while others are about to get them any day now. But what should you do with the money once you get it?
In the current state of uncertainty with this pandemic, financial experts suggest first taking care of your bills, putting food on the table, and buying necessities. Once these are taken care of, work on paying down high-interest debt, especially credit cards. It’s important to get ahead of these debts so your purchases don’t cost more than they should in the form of interest payments.
For this second round of payments under the Cares Act, individuals making less than $75k will get $600, and couples making less than $150k will get $1200. Those who qualify and have dependent children under the age of 16 will received an additional $600 per child.
If you are fortunate enough to have money left over after taking care of your needs, and you don’t have massive amounts of debt to tackle, save or invest what you have left. Or you could use some to purchase something you have been putting off, which will help stimulate the economy.