5 Tip For Spending Your Stimulus Checks
Millions of Americans received their stimulus checks this week. Some spent some, some spent none, but many spent all. If you haven't gotten yours yet, here's some tips on how to use it wisely.
- Take Care of Your Immediate Needs- Take care of things like food, monthly reoccurring bills, and your rent. If you're taking advantage of not getting evicted for not paying your rent, pay it. If you don't you'll find your ass on the curb the first week after this is over. If you're taken care of in those categories, take care of some of your credit card debt, or just plain get ahead on bills.
- Pay Your Taxes- The tax filing deadline got extended to July 15th. If you owe, using the stimulus check to pay those taxes makes it easy for you, because you're not losing any of your own money. Paying taxes with the house's money.
- Start, or Add To, Your Emergency Fund- A good rule of thumb is to start with $1000, and work your way to be able to cover expenses for three to six months. $1200 doesn't cover that, but it's a great jumpstart.
- Open an Investment Account For Your Kids- The stimulus package includes an additional $500 per child. If you don't need that money for necessities, start a 529 investment plan for your kids, which can be used for their education.
- Give to Those in Need- If you're one of the lucky ones who hasn't been financially impacted by this crisis, give to a local food bank or help out your friends and family who maybe haven't been able to get the supplies they need.
Read more at CNET
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