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Expect another economic impact payment to be agreed upon for weeks to come. The federal government is on course to approve the second wave of stimulus checks as part of the coronavirus relief plans.
And if you still have no concrete plans on what you should do with the $1,200 stimulus check that you’ll get, here are some essential ideas.
Spend It For Immediate Needs
It makes sense that you and your family’s needs should be put on top of priority when it comes to spending money in times of crisis. It includes buying food or paying for your monthly dues, mortgage, or rent. But before spending money on rent above anything else, keep in mind that a handful of companies offer financial leisure during the pandemic.
Secure Payment on Debt
A useful avenue to safeguard your financial stability is to lessen your debt on any possible opportunity. If you haven’t paid your credit card and loan in a while, you may want to consider going to the bank and reduce your outstanding balance. As you lessen the interest you are obliged to pay, you won’t have to handle too much stress over your funds in the future.
Open an Emergency Fund Account
If you’re working to provide for your family, you must quickly realize how important it is to obtain an emergency fund as soon as you can. With a handful of financial challenges presented due to the coronavirus outbreak, it goes to show how a single circumstance could change the future.
Considering that the $1,200 won’t likely cover all the expenses, it should be acknowledged that you’ll only use it as a base fund for a downpayment.
It would be best if you immediately came up to your senses. Now is the perfect chance to keep your spare cash. If you happened to have an emergency fund already, consider other investment options to secure your wealth in the coming years.
Secure Tax Payment
Those who have yet to file or pay income taxes will automatically owe the government a considerable amount of money. The stimulus check that is set for distribution can be used to cover the tax payment. If you’re unable to save up federal and state income taxes, this is the perfect opportunity to pay the government dues.
Donate for Those in Need
If you are fortunate enough to sustain your everyday needs and wants without having to deal with much financial struggle, consider donating your stimulus check for those who experience the opposite. Finding a charity or non-profit group of your choice to give, not just through cash, but also in other ways like foods or clothes, must be included in your options.