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.

If you and your family qualify for the most extensive distribution, you likely have some immediate or future needs.

Whatever you decide to do, strategize to spend this money wisely.

If you have outstanding household bills  for your rent, mortgage, or utilities that need attention, consider  negotiating with your providers.

Prioritize Your Everyday Bills

When you carry a lot of debt–credit cards, car, mortgage, student loans, or personal loans–can be overwhelming. Your stimulus money may not stretch that far.

Paying Off Your High-Cost Debt First

If you are not following through with tune-ups, you can damage your vehicle in the long run.

Neglecting Any Car Repairs?

Refill this fund so you can cover six months of your basic living needs should something unforeseen happen.

Replenish Your Emergency Funds Or Start One

Whenever you have extra money from a bonus, overtime, or raise, consider adding some of this money to your retirement savings.

Add To Your Retirement Savings

Open a 529 savings account to set aside some money for your children’s college fund.

529 Savings For College

Swipe Up To Read More