Relief is on the way in the form of a second-round and potential third-round of stimulus checks. Payments of $600 per eligible person, plus an additional $600 for each child were sent out in early January. There are current talks about another round of stimulus payments that could happen in the next few weeks or month. Whether you’ve already received your payment or are still waiting, here are a few ways to utilize your payment.
Meet Your Immediate Needs
Your number one priority should be to ensure that all your most basic needs are met. This includes things like your rent or mortgage, monthly bills, and food. What you received may not be enough to take care of all of these needs, it’s best to prioritize your spending. There are local, state, and federal programs set up to offer relief during the pandemic whether that’s rent or mortgage assistance, eviction stays, or the Supplemental Nutrition Assistance Program.
Pay Down Debt
Paying down a decent chunk of your high interest debt can save you additional interest in the long run. However, before you decide to dump some funds into your credit cards or other bills look to see if they are offering deferred payments or are waiving interest.
Give It Away
If you’ve been financially stable, able to cover necessities, and up-to-date on bills consider donating your stimulus to those who weren’t so lucky.
Support Local Businesses
Small businesses have been hugely affected by COVID and its aftermath. Show some support of your local community by grabbing takeouts, picking up a gift for a loved one, or stocking up on gift cards to use down the road.
Your stimulus check could be a great starting point for an emergency fund if you don’t already have one. For those that already have one in place, replenishing your account is important especially if you’ve had to dip into it over the last year.
We’re Here For You
Let’s connect you with the resources that you need! Through our partnership with GreenPath Financial Wellness, we are able to provide free financial counseling.
GreenPath’s counselors are available to talk and help you through these uncertain times. They can help you figure out your plan and will walk through your whole financial picture to help you identify options that can relieve stress and make it easier to bounce back.