On April 15th, the first Economic Impact Payment checks were direct deposited into bank accounts. Since then, more direct deposits have been made and paper checks should start being mailed out in May 2020. These checks are part of the government’s relief efforts to help the economy as a result of COVID-19.
I am noticing online that lots of individuals are talking about how people should use their stimulus checks to support the economy by spending the money or giving it away. While there is nothing wrong with this advice, I think it removes some of the “personal” nature of personal finance. Not everyone’s situation is the same, and not everyone has the same needs. The best way to use this money is however you NEED to use it. With this in mind, I created a list of some things that you could use your stimulus check to do. This list is not written in any particular order, mix and match to find solutions that best apply to your situation.
- Pay Your Rent: With job changes and reduced hours in March and April, some people struggled to make rent payments. Your stimulus check could help you catch back up on your rent or at least help reduce the amount that you owe. If your other needs are taken care of, you might want to use your check to pay your rent.
- Pay Down Credit Card Debt:<