Using Your Stimulus Check Wisely

Here in the USA, the government has been providing stimulus checks to the citizens in order to boost the economy. For most, this will help keep the lights on or groceries in the house for a few more weeks. Others this has been just a payout. With the IRS guidelines on  who gets it and who doesn’t, leaves a gap in the cut off for a chunk of citizens. If you actually got a better paying job during the pandemic or simply didn’t need additional income. In the gap, it can be tempting to burn through the extra money.

Instead of wasting it on random stuff, you might consider using it to take care of things you have been putting off? One idea would be to apply it to smaller debts. If for example, you have been working diligently to pay off your debts as much as possible you might have a very small balance left on one of them. A larger lump sum like from the stimulus checks might be the answer to get rid of it once and for all.

Another idea would be to use it to start a college fund for your  kids. Simple accounts such as a 529 Savings can go a long way to helping your kids go to college and not have to endure student loans. If you were to use the money the government is giving you to get a boost of saving, you can contribute a smaller amount every month until they are at the age of 18. This is likely the time they would be ready to be going to college.

My last idea for you would be to invest it. No, I am not talking about the stock market or even cryptocurrencies. Rather, invest in yourself. Maybe there is something that has been holding you back that needs to be taken care of. Perhaps it is something that would make you more marketable in your career such as learning a new language. Use the money to invest in yourself to further you in whatever way possible.

Obviously, if the money is something you need to ensure the stability of your family, use the money for that. After all, that is what it is there for.