April 7, 2020

Hey folks is Kyle was Safe Money Partners I wanted to come to you today and give you our best tips on what to do with your upcoming stimulus check.

Everybody’s going to be getting a check for $1,200 per individual. It’s going to be $2,400 if you’re married filing jointly and another $500 for each child you have.

Now for incomes above $75,000 for the household, you will be getting a little bit less that will eventually work its way to zero but for most of us were going to be getting some kind of a check.

So when it comes to that check we have a couple of tips on what you want to do with it.

Don’t Rush

The first tip we have is don’t rush into anything. Impulse purchases are the ones we typically end up regretting the most and this is not the time to be buying things that you’re going to regret later.

Pay Your Bills

The second tip we have is pay your bills. Now as we all know landlords and mortgage companies cannot kick you out of your home for non-payment. You can’t have your utility shut-off for non-payment either.

However, those bills must get paid eventually.

So if you can just go ahead and pay it now that way you don’t have to mess with any of it later.

Build Emergancy Savings

The next step that we have is build up your emergency savings. Each one of us should have an account somewhere with some money sitting in it for whatever life throws at us. Might be something like a water heater going out.

Or maybe your car needs some repairs where you might have some medical debts that come up. Whatever it is you want to have some money sitting around so that you can pay those bills.

Pay Small Debts

The next tip that we have is pay off small debts. You might have a credit card bill or two hanging around or whatever it is you probably got a small debt or two that’s only got a couple of hundred bucks on it and you been paying on it here and there you want to get it paid off eventually.

Well if your bills are paid, if you got some money in your emergency savings, go ahead and pay those off. You can save the interest that you’re currently paying to those lenders by just wiping those off the books.

Make Your Stimulus Work For You

But the biggest thing I want to impress on you we’ve been talking to our clients about this is make sure that every single dollar from that stimulus check has a job.

That’s not just money.

It’s money that needs to work for you. This was sent to us and we need to make use of it.

So whether it is paying your bills whether it’s building your emergency savings or whether it’s paying off some debts, make sure that money has a job.

Make sure it’s going to work for you.

So that helps you, it helps your family, and it helps your financial life.

Thanks, folks this is Kyle was Safe Money partners and these are our best tips on what to do with your stimulus check take care and have a great day.

photo of Jeff Mohlman

By Jeff Mohlman

Jeffrey has developed a comprehensive network of financial planning and estate planning experts who work for their client’s short-term and long-term goals. Today, the approach he incorporates for his clients follows three basic tenets: 1) being debt-free, 2) maximizing after-tax retirement income, and 3) protecting their estate from unforeseen risks.