4 Things You Should Do With Your Stimulus Check

As the latest round of stimulus checks roll out, Americans need to start thinking about what they’re going to do with this sudden windfall of money. At $1400 per person with an additional $1400 per dependent, you could find yourself with potentially quite a bit of cash.Stimulus Check

While many people will use this money to pay immediate debts or fill their fridges, others may have remained employed throughout the pandemic and aren’t experiencing financial hardship. If this sounds like you, then there may be more sophisticated ways to invest your money. Take a look at some ideas for what you could do with your stimulus check.

Put it in an Emergency Fund

You never know when life can throw something at you. It’s important that you put money aside for all sorts of emergencies, from car issues to a broken pipe in your basement. The best part about having an emergency fund is that it takes stress off your shoulders, especially if you have kids.

Most financial experts suggest putting away at least six months of salary. This isn’t always a reality for everyone, but it certainly is something to work towards. If you never end up having an emergency, great! You can put it towards your retirement once you reach that age.

Pay off Debts

Even though the first thing you want to do with your money may be buying something you’ve been wanting for a while, that’s the last thing you should do. If you have debts, you should prioritize paying them off  right now. Not only are you eating up your paycheck on your credit bills every month, but you’re likely in over you’re head in interest. Get yourself out from under the burden of debt by using your stimulus.

Put it in a Vacation Fund

Needless to say, we’ve all done considerably less traveling since the onset of COVID-19. However, that doesn’t mean that we can’t think about the future. Putting money aside for future travel is a great way to spend your stimulus money. Not only does it give you something to look forward to, but if it’s travel within the United States, then you’re pumping money back into the economy.

Buy Something For Your Health

How is your state of health mentally and physically? For most of us, we’ve had a pretty challenging time since the beginning of the pandemic.  If this sounds like you, then why not consider using your stimulus money to invest in being a better version of yourself?

Buying something for self-care is one of the best investments you can make. Whether it’s investing in some new skincare, vitamins, or even an exercise machine, putting money towards self-improvement is always worth it.