Monday, April 20, 2020

5 things to do with your stimulus check

Last week the majority of the stimulus checks started hitting bank accounts. No matter your opinion on these checks, if you get one you have to figure out what to do with your stimulus check. The thing about $1200 is if you haven't been financially impacted, its a lot of money to just be given to you. I think during this time of national crisis we all have a responsibility to really think about what to do with your stimulus check. Today I'm sharing ideas for 5 things to do with your stimulus check.

1. Saving - This is what my husband and I are doing with ours, and my number 1 recommendation for anyone financially impacted. I shared before that I feel very little job security at the moment, while my husband and I do still have jobs I've taken a pay cut and a good portion of his is based on reaching sales goals. We've decided to put our stimulus check in savings until the end of the summer; by that time hopefully we feel better about this whole thing and can use it for something fun.

2. Investing - Stock prices are starting to rise but are still below where they were a month ago. If you've ever been interested in the stock market I think now is a good time to invest if you can leave the money for the long run. This is for sure not a get rich quick plan! Another way to invest is to "invest" in yourself and put your stimulus check toward paying off debt. PS: Has anyone used Robinhood for this? I'd be really interested in your experience.

3. Eating - This is the more responsible way to spend your stimulus check. Use it to get takeout from your favorite local restaurants once a week. Or maybe tip extra when you get delivery. I read something recently that said since the contactless deliveries have started the average tip has actually gone down because people don't feel the need to tip someone they don't see.

4. Shopping - The key to this one is to support made in America products and small shops. Sure you could shop the big department stores and luxury brands, but that's kinda defeating the point of this stimulus check. If you want to shop hit up local boutiques (most are still taking online orders and doing curbside pickup or front porch drop off) or etsy shops and support someone instead of a large corporation.

5. Donating - Maybe this has made you appreciate your blessings and you're feeling generous. Local food banks domestic violence shelters are being hit especially hard right now and would appreciate the extra funds to restock. Other good ideas would be animal shelters/rescues, churches, or non-profits that have probably seen a decline in their usual donations.

What are you planning to do with your stimulus check?

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