Many Americans have either received their stimulus check or are expecting one shortly.
People have very different views about how to utilize the funds and some are better than others.
Avoid spending it all on your mortgage. Stimulus money should be spent on near term bills. Right now the mortgage shouldn’t necessarily be a priority. While falling behind on your mortgage is generally a bad thing, there is no fear of foreclosure at the moment.
Many people will be inclined to invest their money in hopes of growing it. Prior to investing your stimulus check, make sure you are set on emergency savings with a minimum of 3 to 6 months worth of living expenses in case we ever fall into a dangerous economic depression.
Don’t forget about your long term savings goals. If you are fortunate enough to be keeping up with your bills during this time, take a look at your long term goals before spending your stimulus money on something “fun.”
“The stimulus checks that have recently started going out to desperate Americans are, for many, a lifeline. For others, it’s money to play with. No matter which camp you fall into, consider your choices wisely before you decide what to do with that cash.”