Have you gotten your stimulus check yet? Whether you have already received it or you are still waiting for it, here are some ways you can maximize your stimulus check based on your needs.
1. Use it For Essentials
If you have lost your job or gotten your hours cut due to COVID-19, use this money to fill the gap in your paycheck. It is always important to be cognizant of your spending, but it is especially crucial now to only purchase necessities that can help you get by.
2. Start an Emergency Fund Account
It is always a good idea to save and with extra stimulus money, it is the perfect time to add it to an emergency fund. Just like with COVID-19, you never know what could happen, which is why it is wise to build your savings while you can.
3. Pay Down Debts
It is never a good feeling knowing that you have debt. With extra income from the stimulus check that you don’t normally have, it may be beneficial to pay down your debt. It is also a great time to do so because many lenders and credit card issuers are offering relief during this time in order to help you from having to pay as many fees. If you do decide to take this route, make sure to pay down the debt with the highest interest rate first.
4. Invest it
If you are financially stable at this time, you may want to consider investing the stimulus check money. You can put the money towards an IRA account or you can save it for your kid’s college expenses in the future.
5. Donate it
If you do not need the money, think about donating it to those who are struggling and to those who have and will continue to do so much for the community. It would be much appreciated by many who are facing unforeseen circumstances.
If you have other ideas that could help, please let us know! We would love to share your ideas with the community. Otherwise, if you need help with your finances feel free to speak with one of our Member Advisors, visit us online at caminofcu.org, or give us a call at 800-835-3400. After all, we‘re in this together.