SAN ANTONIO – Stimulus payments could be lifesaving tools for Americans who need them the most. Others, however, may not necessarily have an urgent need to spend their $1,400 stimulus right away.
Nerdwallet is offering the following tips to make the most out of your stimulus:
The first thing you want to do when that direct deposit hits your account or your check comes in the mail is pay the urgent stuff.
Food, late rent or mortgage payments or any overdue bills are included in these urgent needs.
Paying off high-interest credit cards can also help lighten the load when it comes to your finances.
If you don’t have anything pressing that’s overdue or have any money left over, consider using your stimulus as a cash cushion for necessities later.
You can also replenish your emergency savings fund if you’re not in a critical situation. Nerdwallet says it’s a good idea to save for at least six months of basic living expenses.
If you have all that covered, you may also consider using your stimulus to add money to a high-interest savings account or a long-term savings account.
Finally, if you don’t need the money, you can always help those in the most need and donate it or use it to buy items to donate.