The COVID-19 pandemic threw the entire globe into disarray. Though many regions of the world are beginning to recover from COVID’s devastation, the current state of affairs is still relatively uncertain. Businesses and individuals alike are struggling financially due to many factors. The United States government attempted to alleviate this economic pressure by distributing $1,200 stimulus cheques. While this gesture is in good faith, many Americans argue the stimulus cheques won’t be enough. A poll by MONEY.com has shown 60% of Americans believe the stimulus cheque won’t stretch far enough.
With this in mind, if you are wondering how to make it go further and make smart financial decisions with the money - here are recommendations by the team at MONEY.com and financial experts:
- Save the stimulus cheque money Allocate it to an emergency fund. Given the future can be uncertain, especially in times such as these, experts suggest putting your cheque into a savings account in order to contribute to a six month backup plan for your finances.
- Invest in your retirement A responsible way to approach your cheque is to put it towards your retirement, especially your IRA account.
- Pay off your student loans You can also use the stimulus cheque to pay off some debts, more importantly if you have a student loan debt - you can refinance your student loan.
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