How to spend your stimulus check wisely according to experts
COLORADO SPRINGS, Colo. (KKTV) - Millions of Americans are starting to get their $600 stimulus payments after a lengthy battle in Washington D.C.
But how can you get the biggest bang for your buck? We sat down with a local financial expert to find out.
“Ideally if you could save it, put it in the bank in case this happens again, that would be the ideal situation. However, we know that that’s just not possible for everyone,” Jamie Bartels- Giddings a financial planner said.
Bartels-Giddings is a financial planner here in Colorado Springs, she says this year has been rough for peoples wallets--which is why planning ahead is best. She recommends having an emergency savings account with three to six months worth of expenditures.
“I would advise those who have been able to work to save it if they can. Just because we don’t know what’s going to happen.”
But some can’t--in those cases she says take care of yourself first-- like taking care of bills and more.
“Before you go out and pay, you know, JC Penney’s or other businesses, just to buy other things that may not be necessary, pay yourself first by putting that into savings and investments,” she explained.
Supporting small businesses is also important she says and she hopes this money will help those who need feel a little more financially sound.
“I really hope this stimulus helps them. I mean, but that probably will only make up a very, very small amount of their income. But I think anything is going to be beneficial. "
Americans who are making less than $75,000 are eligible for the payments.
If you have not yet received yours, the IRS has until January 15th to send them.
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