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What Are the Best Ways to Use Your Stimulus Money?

Mar 22, 2021 Personal Finances

Unsure how to use your most recent stimulus check? Here are four things to consider.

A woman sitting on a couch and working on a laptop.

Government stimulus checks are essential for those needing funds during the COVID-19 pandemic. For others, you might be in between spending and saving and wondering how best to use those dollars.

Here are some ways you can make the most of your stimulus check.

Pay Outstanding Bills

After taking care of immediate needs, paying any outstanding bills should be first on your list. Focus on debts that most directly affect your credit rating, such as utilities, cable, or phone bills.

If you need additional financial assistance, contact your service providers to see if they’re offering relief during the pandemic.

Reduce Debt

Paying down credit card or loan balances is a good way to relieve some of the pressure on your financial health. High credit card balances aren’t good for your credit rating. Paying down the principal on any sort of debt can help reduce your interest payments over time.

Save, Save, Save

If you don’t need the stimulus money to cover immediate needs, it’s a good idea to save it for the future.

Treat Yourself

It’s okay to treat yourself with your stimulus money if you have the essentials covered. If you do treat yourself, make sure it’s not something that could cause financial stress in the future.

Stay Protected

Unfortunately, stimulus checks give scammers another avenue to try to steal your money and personal information so it’s important to protect yourself and monitor your credit scores. Staying on top of your credit scores and monitoring your credit report can bring peace of mind, especially during these difficult times.

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