By: Select Preferred Network
Are You Taking Advantage of Your Stimulus Checks?
It’s been a long time since President Trump announced a national emergency due to the Coronavirus. Since then, many stimulus checks have been sent out to Americans. Each stimulus check was for about $1,400 for a single person and $1,400 per dependents in the house. These checks have revived the American economy, and now, the nation is ready to face high inflation rates. This development raises the question, "what happened to stimulus checks?"
In this blog post, we will share how Americans have spent their stimulus checks and where all the money is going. This blog post will also help you understand how to take advantage of your stimulus checks. So, keep reading to learn more.
How to Take Advantage of Your Stimulus Checks
With money in hand, the most important question now is how to spend your stimulus checks. We will share some ideas for spending your stimulus checks in this blog post, but your personal preference governs how you use your money.
Pay Your Most Urgent Dues
The purpose of stimulus checks was to protect American citizens from falling under financial burden. This amount was sent out to help people pave their way through debt. So, the best thing you can do with your stimulus check is to pay your most urgent dues. These payments will clear off your liabilities quickly, and you will have a more sound future. Saving a bit of the saved money in your retirement account is also a good idea because you won’t get free money again from the government.
Pay Off Your Credit Cards
Some people had tremendous credit card bills that were pending post-COVID-19. After all, no one knew the world would suddenly crash like that. However, your pending credit card payment is a financial burden on your family and holding back your country. Since you and thousands of other Americans have due credit card payments, banks are facing significant losses. So, it’s time to pay back the government and support your economy by clearing your credit card bills.
Create an Emergency Fund
Emergency funds rescue you and your family from falling into debt. When you have used the stimulus money to pay off your debts, you should use the remaining amount to boost your emergency fund. This is a strategic approach to protect yourself from a financial blowout. Add the extra money you have in your emergency fund because things go south without warning!
Stimulus checks were launched by the US government to aid Americans, providing them relief from debt. If you have sufficient money before and after receiving your stimulus checks, it’s best to add them to your savings. Moreover, you should donate some money to the ones who are in need. However, it all depends on how you want to spend your stimulus checks.