Getting Stimulus Money? Spend This Money Wisely

The third and possibly final stimulus check from the federal government is on its way. Most people will get their stimulus money via direct deposit to tens of millions of bank accounts.

The stimulus money is part of more considerable fiscal support targeted to boost consumer and business spending. As the economy grows, more people will work.

1. Prioritize Your Everyday Bills

You want to avoid being late paying bills and affecting your credit score. It never hurts to try to do that at a time when people are most understanding.

2. Paying Off Your High-Cost Debt First

Interest rates are low for mortgages, car, and student loans, so your best bet is to reduce your credit card balances.

3. Neglecting Any Car Repairs?

If you are not following through with tune-ups, you can damage your vehicle in the long run. Do you have any car repairs you postponed but now can bring into the shop?

4. Replenish Your Emergency Funds Or Start One

It is time to reassess your emergency savings. Refill this fund so you can cover six months of your basic living needs should something unforeseen happen.

5. Add To Your Retirement Savings Whenever you have extra money from a bonus, overtime, or raise, consider adding some of this money to your retirement savings.

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