What to do with your third stimulus check? I’ll try and keep it brief, because if you’re like me, you get blog fog because you don’t have time or desire to read another article telling you what to do with your check.
What did you do with the first two checks? Do you have regrets or after thoughts? Sometimes the best way to learn is by our mistakes or successes of the past.
We may not be out of the woods yet, so be frugal. Make sure your main bills; food, shelter, utility and transportation are covered, you need those to live. Put away what you can to cover upcoming bills if you do not have an emergency fund.
What is an emergency fund? Just what it states, funds put aside for emergencies. You should have enough money put aside to cover at least 3 months’ worth of bills, (6 months is ideal), so when you are temporarily out of work, you can still cover those bills. This should also include money set aside for a major emergency like medical bills, car repair or a used car if another car is needed. (Sorry, Cable and Netflix are not emergencies) If you do not have an emergency fund, this might be a good place to put your stimulus money.
Now is not the time to be wasteful, these checks were given to help people live during this pandemic, some are really struggling, and need to budget it wisely, some are not struggling as much and should maybe consider paying off some debts, paying ahead on bills or just have extra savings. Or if you are feeling generous, help someone who is still truly struggling. Discern wisely before giving it away. The rewards are priceless.
Want to know how much you can expect, check out this article with a stimulus calculator. https://www.cnet.com/personal-finance/third-stimulus-checks-are-in-the-mail-calculate-your-payment-amount-while-you-wait/
Need help making a money management plan, contact me today for a free confidential 30-minute consult.