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5 Tips For Your Stimulus Checks
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You may have received the economic impact relief payment also known as the stimulus check. This was money deposited in your account. Eligible individuals received $1,200 and married, filing jointly, received $2,400.
So what you can do with your stimulus check?
Here are 5 Tips providing you have all of the essentials you and your family. The tips are not in any particular order. The tips can also apply if you are receiving unemployment benefits given the fact those benefits have been increased by $600 a week.
1. EMERGENCY FUND
Start or increase your emergency fund. The goal is to have 6 - 9 months in a high yield online savings account. How do you determine how much to save? To create an emergency fund you should use your budget FREE BUDGET SHEET to determine what your total monthly expenses are. Once you determine the monthly expense number and times it by 6 or 9 months.
Here is an example of a 6 month emergency fund for someone with a total expenses of $1,000.
$1,000 (monthly expense) x 6 (months) = $6,000
If you don't already have an online saving account try either Capital One 360, Ally or Marcus by Goldman Sachs.
Someone asked, "Do I need to work with a professional to invest?" The answer is yes, you can use a professional and you have the ability to purchase individual stocks from several different apps as well. One of my favorite app is Robinhood. Here is a link to ROBINHOOD. Using this link, you can open an account at Robinhood and as a result of doing so both you and I will get a free share of stock of a random company.
There is also an investing course called Perfect Portfolio that can give you tips to determine how to chose stocks that may work for you. Try PERFECT PORTFOLIO
3. PAY DOWN CREDIT CARDS
Pay down credit card debt. The best way to get the quickest wins is to pay off credit card debt that have the lowest balance due. Once paid it will give a great sense of accomplishment. Usually the suggestions given encourages you to pay debt with the highest interest rates however in these case it is about erasing the debt. Given that fact, if a lower interest rate card a smaller balance lets you knock that out and be done with it. Example: If you have 2 credit cards:
4. START A BUSINESS
What is that business that you have been wanting to start? Do you cook, do you bake do you sew, do you know how to create presentations? What other skills do you have? Well it is time to get started. Ensure you get set up structurally. Name your business, get an employee identification number (EIN) and open a business bank account.
Yes, donate. It is always good to give back. The amount doesn't matter it is the gesture that matters. Pick an organization or people locally that you know that are in need. They can be a part of your community, your church, or an oraginaztion that aligns to your heart and help out.
I hope this inspires you to use the economic relief money or stimulus check to pay off credit cards and create additional streams of income for you and your family. Also, if you have not received your check the IRS has a website site which you can check the status of your payment. Go here to CHECK STATUS
People who currently receive social security benefits will receive their stimulus checks within the next two weeks. They do not need to do anything to receive it. For those that will get a paper check, those will start to be mailed later.
4/20/2020 05:59:56 am
Wow! This is great! So informative and well written. I haven’t received my check but I am trying to decide the best way to spend it. These are great tips. Definitely gives me something to think about.
4/22/2020 05:15:43 pm
4/25/2020 11:19:47 pm
Aw, I enjoy reading this. Great tips!! I definitely agree about the donating part. Thanks for sharing.
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