In the past week, the third round of stimulus checks were issued to most of those eligible recipients. For some, the stimulus checks went directly towards rent/mortgage payments or other various basic needs. For others, the payments have gone directly into bank accounts without any real need or plan. If you received a stimulus check and have no costs or payments of a high priority, consider the below ideas to wisely allocate and spend your stimulus check.
1. Pay off any lingering debt
Whether it be in the form of credit cards or outstanding loans, taking advantage of the additional funds to take absolve past debts is a smart way to spend your stimulus check.
2. Start an Emergency Fund
At CES Credit Union, we always encourage all of our members to put away a little bit of money for an emergency fund, when possible. With stimulus money now hitting our members’ accounts, we encourage you to use this as an opportunity to begin that emergency fund.
3. Plan a vacation
Although travel is still a little down at the moment, planning a vacation for the next calendar year can be great way to spend your stimulus check! Take a look at that dream vacation you’ve been thinking about and see if the money you’ve been saving over the last year can make that dream vacation a reality.
4. Invest
Now that you have some additional funds in your account, consider investing. You can invest the money in a traditional or Roth IRA and save for retirement. Investing now will help you have a more secure financial future down the road!
5. Personal Development
If you have been looking to further your education or have wanted to take some classes for a craft that you are passionate about, consider utilizing your stimulus check for a little personal and career development. Investing in yourself is never a bad idea
6. Consider charitable donations
If you are someone who has not been affected financially by the events of the last year, consider donating it those in need. Finding a charity or cause that means something important to you can be an effective use of this money.
If you have any questions or are seeking any suggestions for how to spend your stimulus check, stop in and speak with a CES Credit Union employee!